Year: 2021

U.S. Renewable Energy Consumption Surpasses Coal For 1st Time In Over 130 Years

Admin

In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S. Energy Information Administration’s (EIA) Monthly Energy Review. This outcome mainly reflects the continued decline in the amount of coal used for electricity generation over the past decade as well as growth in renewable energy, mostly from wind and solar. Compared with 2018, coal consumption in the United States decreased nearly 15%, and total renewable energy consumption grew by 1%. Historically, wood was the main source of U.S. energy until the…

Read More

OPEC+ Compliance Continues To Exceed 100%

Admin

OPEC+ fully complied with the supply cuts in November that the group agreed on, two sources from the group told Reuters. OPEC+ is scheduled to meet on January 4 to discuss how much the group will produce in February and beyond. The group is also set to meet monthly to determine the production quotas for the following month, after weighing market conditions. According to Reuters sources, OPEC’s compliance for November reached 104%. Compliance for OPEC’s allies—a group that includes Russia—reached just 95% compliance. Combined, the overall compliance rate for November…

Read More

Exxon Set For Fourth Loss In 2020 After $20-Billion Write-Down

Admin

ExxonMobil is on track to book another quarterly loss this year—its fourth consecutive loss in 2020—announcing that it expects to book a massive up to $20-billion write-down for Q4, the U.S. oil and gas supermajor signaled in an SEC filing on Wednesday. Impairments of between $18 billion and $20 billion will weigh on the fourth-quarter earnings in Exxon’s upstream division, the company said, narrowing the previously reported $17 billion-$20 billion range announced at end-November in its first major asset write-downs in its modern history. The Q4 loss would be Exxon’s…

Read More

Possible Mine Found On Oil Tanker Off Iraq

Admin

A Liberian-flagged fuel oil tanker off the coast of Iraq has been identified to be carrying a “suspicious object” according to sailors, which could be a mine. The suspicious object was reported by authorities on Thursday, and comes as relations between the United States and Iran continue to sour. According to two private security companies, sailors think they have found a limpet mine on the tanker MT Pola, a floating fuel oil storage tanker that is Liberian-flagged but owned by a shipping company traded in the United States. The vessel…

Read More

U.S. Energy Independence Is Fueling Iran’s Middle East Power Grab

Admin

The global economy, international geopolitics, and intra-national security have hinged upon oil production capacity and petrol markets so thoroughly that it’s easy to forget that it wasn’t always this way. As the Brookings Institution once wrote of oil, “In the modern era, no other commodity has played such a pivotal role in driving political and economic turmoil, and there is every reason to expect this to continue.” Furthermore, it’s easy to forget that all of this is, in fact, quite recent history. Saudi Arabia and the Middle East may be…

Read More