Winston Churchill led Britain through World War II by making tough decisions, projecting a sense of confidence to the country and being personally affectionate even as he was often severe about the work, writes Steve McKee. "He could get very emotional, but after bitterly criticizing you he had a habit of touching you, of putting his hand on your hand -- like that -- as if to say that his real feelings for you were not changed," British wartime official Lord Beaverbrook said of Churchill.
Chinese buyers are ramping up purchases of US crude oil as grades like Mars Sour crude and West Texas Intermediate at Midland trade at record discounts between $6 and $9 per barrel to benchmark prices. However, surging demand for crude carriers has pushed the cost of shipping US oil to China close to $10 per barrel.
The American Petroleum Institute has confirmed that President Donald Trump will hold a meeting on Friday with executives from oil companies, including Chevron, Continental Resources and ExxonMobil, to talk about energy policy. Sources say Jones Act waivers and tariffs on oil imports from Saudi Arabia will be up for discussion.
LNG titan Cheniere Energy buys nearly 10% of US natural gas production every day for its Corpus Christi and Sabine Pass facilities and has helped cut carbon dioxide emissions by 15 million tons by displacing coal with the more than 1,000 liquefied natural gas cargoes it has shipped so far, says CEO Jack Fusco. Fusco believes global LNG demand has potential to reach 500 million tons per year by 2030, with Asia continuing to drive demand growth for the foreseeable future.
US crude stockpiles rose for a 10th consecutive week last week, by 13.8 million barrels, triple analysts' expectations, according to the Energy Information Administration. Gasoline inventories also gained 7.5 million barrels, while distillate supplies were down by 2.2 million barrels.
The global oil refining industry may be forced to cut rates by at least 30% to adjust to plunging fuel demand amid the coronavirus pandemic. While strong diesel demand from trucking has given a much-needed boost to some US refiners, refineries in the US Midwest and Rocky Mountains, which mainly produce gasoline, are facing increased risk of shutdowns as the region runs out of storage space.
The wind and solar industries will continue to push for changes to the wind energy Production Tax Credit and Investment Tax Credit in the next economic stimulus package, after such provisions failed to make it into the last $2.2 trillion measure. "Making these adjustments to existing tax credits would provide the industry the flexibility needed to accommodate COVID-19 delays, without costing the federal government any additional money," says American Wind Energy Association President and CEO Tom Kiernan.
The US wind industry will thrive in the long-term, but it's facing some delays due to the coronavirus that could be offset with congressional support, says American Wind Energy Association President and CEO Tom Kiernan. "We're at near-record levels of wind farms under construction," he says, adding the industry's ongoing growth is linked to reducing carbon intensity in the US.
Wyoming has some of the best wind resources in the country, but the industry has been slow to take off in a state where the economy has been deeply rooted in coal, writes Chris Outcalt. The tide is turning, he writes, as technological advances drive down wind costs, former coal workers find new jobs in the industry and coal production continues to decline.
BayWa r.e. has finalized a tax equity deal to finance its 250-megawatt Amadeus Wind project in Texas. The project, which will feature General Electric turbines, is expected to begin operations in the fourth quarter.
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