Enlarge / The sun sets beyond an oil pumping unit, also known as a pumping jack, at a drilling site operated by Tatneft OAO near Almetyevsk, Russia. (credit: Andrey Rudakov/Bloomberg) Russia’s economy is in shambles, and the value of the ruble has plummeted as the country finds itself increasingly isolated from global trade in the […]
Enlarge President Joe Biden announced today that the US will ban imports of Russian oil, natural gas, and coal. The UK will follow suit, according to a Politico report, phasing out Russian oil and gas purchases over the next several months. The coordinated moves will add further pressure to Putin’s regime after he ordered the […]
Enlarge / A low-temperature isomerization unit at the Novokuibyshevsk Refinery, a subsidiary of Rosneft Oil Company, in the Russian city of Novokuibyshevsk. (credit: Yegor Aleyev / TASS) Shell announced today that it would be pulling out of the stalled Nord Stream 2 pipeline and seeking to sell its stakes in various oil and gas projects […]
Right now, a lot of the methane created or extracted during other activities goes to waste. (credit: Lawrence Berkeley Lab ) The EPA announced new rules today that would slash methane leaks from the oil and gas sector, a significant source of carbon emissions that represents 30 percent of methane pollution in the US. Nearly […]
Enlarge Past projections of energy costs have consistently underestimated just how cheap renewable energy would be in the future, as well as the benefits of rolling them out quickly, according to a new report out of the Institute of New Economic Thinking at the University of Oxford. The report makes predictions about more than 50 […]
What comes up might go back down. (credit: Pete Markham) Yesterday was a bad day to be an oil company. First, a court in the Netherlands ruled that Royal Dutch Shell needs to slash its emissions more than it had planned in order to meet Paris Agreement targets. The court ordered the oil supermajor to […]
Oil demand is anticipated to have a years-long reach from COVID-19–along with also oil-dependent export countries must fundamentally alter their markets to fulfill that fact. He cautioned that petroleum demand, as a result of COVID, will probably be feeble in the next few years. But {} the pandemic (ideally ) fades off, the economy prospects […]