President Donald Trump's 2018 budget proposal includes ending a program under which the federal government shares revenue from Gulf of Mexico oil and natural gas royalties with four of the states with Gulf shorelines -- Texas, Louisiana, Alabama and Mississippi. "Eliminating Gulf state revenue sharing for offshore energy production would punish coastal states that support and host the development of home-grown energy and jobs," Randall Luthi, president of the National Ocean Industries Association said.
The global renewable energy industry employed a total of 9.8 million people in 2016, marking a 1.1% increase from 2015, according to the International Renewable Energy Agency. "The nature of jobs is changing a little bit, with more emphasis on the installation, operational and maintenance side," Director-General Adnan Amin said.
President Donald Trump's plan to sell 270 million barrels of oil from the Strategic Petroleum Reserve over 10 years could actually bolster the OPEC's efforts to balance the oil market because of the timing. If the proposal is approved, the sales would start in 2018 with $500 million and gradually climb to almost $3.9 billion in 2027, putting downward pressure on prices in the longer run and discouraging shale drillers from boosting production.
The shale gas boom has given rise to dozens of new natural gas-fired power plants along the PJM Interconnection grid in the past two years, but there isn't enough demand in the region to justify the new capacity additions. The glut has caused spot wholesale electricity prices to halve since 2008, prompting many industry players, including Calpine, FirstEnergy and American Electric Power, to consider selling their facilities.
Improved fuel efficiency in vehicles will cause US gasoline consumption to decline over the next 30 years despite the higher number of vehicles and surge in miles traveled, according to the Energy Department. The agency predicts that the volume of gasoline needed by light-duty vehicles will plunge from 8.7 million barrels per day in 2017 to 7.5 million barrels per day in 2025 while fuel economy is seen improving from 31 miles per gallon in 2015 to 45 miles per gallon in 2025.
US crude stockpiles shrank by 1.5 million barrels in the week ended May 19, missing expectations for a 2.8 million-barrel drop, according to the American Petroleum Institute. Gasoline inventories were down by 3.2 million barrels, while distillate supplies fell by 1.9 million barrels.
EOG Resources and Carlyle Group's energy investment divisions have set up a four-year joint venture to develop oil- and natural gas-producing properties in Ellis County, Okla. Carlyle will contribute $400 million to the partnership and after certain performance hurdles are achieved, its working interests in the assets will "largely revert" to EOG.
California oil and natural gas regulators have put forward a new regulatory framework establishing stricter natural gas storage rules, standards and requirements aimed at preventing future gas leaks like the Aliso Canyon one. The regulators are taking public comments until July 13.
California's clean energy economy means the state "can dramatically expand clean energy while also growing our economy and putting people to work," said California Senate President Pro Tempore Kevin de Leon during his keynote speech at the American Wind Energy Association's WINDPOWER 2017 conference on Tuesday. AWEA CEO Tom Kiernan also spoke at the event, touting the Pacific Coast's potential for offshore wind development and how stable policies have helped the wind industry to flourish in recent years.
President Donald Trump's proposed $4.1 trillion budget for fiscal 2018 includes several major funding cuts for energy innovation programs, including slashing $2.7 million from the Bureau of Ocean Energy Management and delaying the agency's offshore wind auction in Hawaii. Interior Secretary Ryan Zinke said despite the cuts, the federal government still plans to pursue an all-of-the-above approach to energy that includes renewables.
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