The global battery economy is poised to transform into the “new oil” and will alter international supply chains, say Morgan Stanley analysts in a report. Equity analysts at the investment bank forecast that the battery economy could climb to $500 billion within the next two decades. This, they note, would be supported by greater penetration…
TC Energy Seeks to Recoup Costs From US for Cancelled Keystone XL Pipeline Project
November 23, 2021
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AMERICAbidenBusiness & EconomyCanadacancellationeconomyKeystoneKeystone PipelineMexicoOilpipelineTC EnergyTrumpUSWorldXL
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WASHINGTON—Pipeline giant TC Energy is formally seeking compensation from the U.S. government for the cancellation of the cross-border Keystone XL expansion project. The Calgary-based company has officially filed a request for arbitration in its bid for “economic damages” resulting from President Joe Biden’s decision to cancel the project. Cancelling the presidential permit issued by predecessor…
Biden Orders 50 Million Barrels of Oil Released from Strategic Reserve to Cool Surging Prices
November 23, 2021
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Business & Economyeconomic policieseconomyExecutive BranchinflationOilPoliticsStrategic Petroleum ReserveUSUS News
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President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nation’s strategic petroleum reserve (SPR) to help cool surging energy costs and ease pain at the pump. “American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are,…
Biden Orders 50 Million Barrels of Oil Released From Strategic Reserve In Bid to Cool Surging Prices
November 23, 2021
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Business & Economyeconomic policieseconomyExecutive BranchinflationOilPoliticsStrategic Petroleum ReserveUSUS News
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President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nation’s strategic petroleum reserve (SPR) to help cool surging energy costs and ease pain at the pump. “American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are,…
US SEC Charges Oilfield Services Firm, Former Executive With Disclosure Failures: Statement
WASHINGTON— The U.S. Securities and Exchange Commission (SEC) on Monday said Texas-based oilfield services company ProPetro Holding Corp. and its founder and former chief executive officer have agreed to settle charges they failed to properly disclose some of his executive perks and two stock pledges. Without admitting or denying the SEC’s findings, ProPetro and former…
Average LA County Gas Price One-Tenth of a Cent From Record High
November 22, 2021
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City Hall Los Angelesgas pricegas pricesLocal NewsLos AngelesOilRegional NewsRegional-Local NewsSouthern CaliforniaUS
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LOS ANGELES—The average price of a gallon of self-serve regular gasoline in Los Angeles County moved within one-tenth of a cent of its record high Nov. 22, increasing three-tenths of a cent to $4.704. The record price is $4.705, set Oct. 9, 2012. The average price has increased 13 consecutive days and 15 of the…
Oil Prices Under Pressure From Both Supply and Demand Factors
November 22, 2021
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AmericasAsia & PacificBusiness & EconomyBusinesses in COVID-19CCP VirusCompaniesdemandeconomic policiesEconomieseconomyGold & CommoditiesIndiaInternationalLocal NewsMarket WatchMarketsMiddle EastOilpriceRegional-Local NewssupplyTexasUKUSUS NewsWorld
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LONDON—Oil prices rose on Monday but remained under pressure from rising COVID-19 cases in Europe, raising concerns about both oversupply and weak demand. Prices of the Brent and U.S. West Texas Intermediate (WTI) crude benchmarks fell more than $1 in early trading, hitting their lowest since Oct. 1. By 1007 GMT, Brent was up 31…
Authorities Monitoring Light Sheen Spotted Off Huntington Beach
HUNTINGTON BEACH, Calif.—No additional sheen was observed today near site of the October oil leak that spilled thousands of gallons of oil into the ocean off Huntington Beach, but the area will remain under observation, officials said. The U.S. Coast Guard said Saturday that crews observed a “light sheen” measuring about 30-by-70 feet in the…
Possible New Oil Leak Investigated Off Huntington Beach Coast
HUNTINGTON BEACH, Calif.—A “light sheen” was spotted Nov. 20 off the coast of Huntington Beach—in the same region as the October leak that spilled thousands of gallons of oil into the ocean. The sheen, measuring about 30-by-70 feet, was reported to the U.S. Coast Guard at about 12:15 p.m., the agency’s public information officer said….
Japan PM Confirms Oil Reserves May Be Released to Curb Prices
November 20, 2021
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Asia & PacificBusiness & EconomyBusinesses in COVID-19ChinaChina Business & EconomyCompanieseconomic policiesEconomieseconomyfumio kishidaGold & CommoditiesInternationalJapanMarketsMiddle EastOilpricesreservesUSWorld
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TOKYO—Japan is considering releasing oil from its reserves for the first time to curb surging oil prices, Kyodo news agency reported on Saturday, as Prime Minister Fumio Kishida signaled his readiness to counter oil price hikes following a request from the United States. However, Japan may struggle to justify such a move, as under its…
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