Another great chart from the US Energy Information Administration, showing sources and uses of energy in the US last year. Click on image below to enlarge. You can also view it on the EIA website. Hydrocarbons continue as by far the largest sources of energy consumed by the US.
From Bloomberg Opinion: “The International Energy Agency … doesn’t think demand will have fully recovered by [the end of 2021]. In the final quarter of next year it predicts global oil demand will still be running about 2 million barrels a day below pre-pandemic levels, and more than 4% below…
US oil production fell by 300,000 bbls/day last week to 11.6 million bbls/day. US oil production peaked earlier this year at 13.1 million bbls/day–decline from that peak is more than 11%. Expect more decline to come. Crude stockpiles declined last week by 700,000 bbls. Gasoline inventories fell by 3.5 million…
Great story in Houston Chronicle. Power companies were deregulated by the Legislature to create a competitive market for retail electricity, except for some municipally owned utilities like those in Austin and San Antonio. Turns out consumers in Austin and San Antonio have the better deal. Power companies do their best…
The Wall Street Journal today published some excellent graphs illustrating the glut in world and US oil inventories. Click on images to enlarge. Article is here.
Commissioner Ryan Sitton has published his proposed conditional order imposing proration on oil production in Texas, to be considered at the Commission’s hearing on May 5. Commissioner Wayne Christian, in an op ed in the Houston Chronicle, has come out against the proposal. Sitton’s proposed order is attached to the…
The Texas Railroad Commission at open meeting today considered Pioneer and Parsley’s petition asking the Commission to institute oil proration. Commissioner Sitton moved to institute proration, conditioned on other states and countries committing to a total of 4 mm bbls/day additional reduction in oil production by June 1. Sitton’s motion…
The Texas Railroad Commission heard comments yesterday in a virtual open meeting on the proposal from Pioneer and Parsley that the Commission re-institute proration of Texas oil wells in response to the drastic reduction of world oil demand. Unsurprisingly, those providing comments did not agree. In general, the division was…
The failure of Saudi Arabia and Russia to agree on reductions in oil production, combined with the crash in demand caused by COVID-19, are blamed for the rapid decline in oil prices and the glut in supply. But looking back, it can be argued that another cause is the rapid…
From POLITICO: OIL IN THE TIME OF PANDEMIC: The global oil market is in an unprecedented situation, one that will hasten companies falling out of the sector, IHS Markit vice chairman and long-time energy industry doyen Daniel Yergin said Thursday. Yergin, in D.C. for an Energy Department board meeting, would…