The oil and natural gas industry is expected to continue on its growth trajectory next year even though production increases will likely keep oil prices in the $40-to-$60-per-barrel range through 2019, according to the Moody's oil outlook for 2018. Exploration and production companies and oilfield service firms could see earnings rise by 10% to 12% in 2018, with the North American onshore market providing the best opportunities for growth.
Congressional leaders must get past their "nostalgia" of a US economy rooted in fossil fuels and come to the realization that innovation in clean energy is the driver behind job creation, falling electricity prices and other benefits, writes Melissa Malkin-Weber of Durham, N.C. "America deserves a smarter energy policy that takes us into the future," she writes.
The Kraft Heinz Co. is making progress on its sustainability goals, according to its inaugural corporate social responsibility report. It's reducing greenhouse gas emissions and energy usage, as well as improving the sustainability of its supply chain.
Love Beauty and Planet is the latest line of beauty products from Unilever, and it's built around sustainability. "We believe as a brand that we have a responsibility to the planet and we're really honest about the fact that we're at the beginning of a journey," said Molly Landman, global marketing director for the line.
US oil drillers deployed two new rigs to US oilfields last week, bringing the US oil rig count to 751, while the number of natural gas rigs remained unchanged, according to Baker Hughes. The Permian Basin and the Eagle Ford Shale led the gains with three rig additions each, offsetting losses in Colorado, North Dakota, Oklahoma, Ohio and Kansas.
In a complaint with the Federal Energy Regulatory Commission, oil major Chevron, oil refiner Valero Energy and the trading division of Delta Air Lines accused Colonial Pipeline of charging rates that "greatly exceed just and reasonable levels." The three fuel shippers say Colonial charged them a combined $64.1 million more than it should have between Oct. 1, 2015, and Sept. 30, 2017, and are asking FERC to probe Colonial's current rate structure.
The Trump administration is considering using federal authority to circumvent state decisions in a bid to fast-track pipeline projects. "We have to break that logjam, to stop one state from having virtual veto power," said Natural Gas Supply Association President Dena Wiggins.
San Francisco Bay Area public transit provider Bay Area Rapid Transit has signed two new long-term power purchase agreements, one with NextEra Energy Resources' 61.7-megawatt Sky River wind farm, and another with a 45-MW solar site. BART said the agreements support its 100% renewables by 2045 goal.
Energy Secretary Rick Perry's proposed rulemaking rewarding nuclear and coal-burning power plants has united groups with different ideologies concerned that the proposal is both unnecessary and expensive. "The bottom line is that this proposed rule would raise costs to consumers by as much as $10 billion, while not providing any meaningful increase in resiliency," said Affordable Energy Coalition spokesman Michael Steel.
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