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Jennifer Granholm used her first speech as U.S. Energy Secretary to warn oil and gas companies they risk being left behind unless they embrace a transition to cleaner sources of energy, while also offering them an opportunity to partner with the new administration. Granholm’s remarks come as the Biden administration seeks to reassure hundreds of thousands of workers in oil, gas, and coal who feel imperilled by his fight against climate change, which includes a plan to rid the economy of carbon emissions by 2050.
Joe Biden’s push to slash carbon emissions may inadvertently give a short-term boost to energy companies in one of the world’s biggest polluters. Investors are betting that Russian oil giants such as Lukoil PJSC, Rosneft PJSC and Tatneft PJSC will rally as they mop up market share from rivals in U.S. and other countries seeking to switch to clean energy.
U.S. oil and gas stocks, by far the worst performers last year, are standing out as best in 2021. Companies including Exxon Mobil, Diamondback Energy and Marathon Oil have posted double-digit gains this year as a rebound in oil prices and prospect of an economic recovery have outweighed risks from Joe Biden administration. Energy Index is up 12% this year compared to 2020’s 37% plunge.
Alberta, which spent C$1.5 billion ($1.2 billion) to help jump start construction of the project, may resort to a North American Free Trade Agreement provision allowing compensation claims for lost investments, Alberta Premier Jason Kenney said. While NAFTA was replaced by the United States-Mexico-Canada Agreement during the Trump administration, the rule remains in place during a phase-out period.
As a string of infrastructure projects hits the buffers, America’s O&G industry is facing up to the uncomfortable new reality. Joe Biden moved quickly last week to cancel the contentious Keystone XL oil pipeline, delivering on a campaign promise to curb emissions by the O&G industry.
Wind farms and massive arrays of solar panels are cropping up across s the world. Joe Biden, has directed the Interior Department to identify suitable places to host 20 gigawatts of new energy from sun, wind, or geothermal resources by 2024 as part of an effort to move away from a carbon-based economy and electrical grid.
Three million miles natural gas pipelines criss-cross U.S., and fight against climate change could render all obsolete. Unlike natural gas, hydrogen can be burned without pumping carbon dioxide into air. Run it through fuel cell to generate electricity and only waste is water; produce hydrogen using electrolyzers powered by solar plants or wind farms and store amounts of renewable energy.
The Biden administration’s moratorium of oil and gas leasing on federal public land faced an legal attack from an energy industry group.Western Energy Alliance, which represents 200 oil and natural gas companies, said the administration’s suspension of leases is “unsupported and unnecessary,” and an overreach by U.S. Bureau of Land Management, according to a petition filed Wednesday in federal court.
A focus on fiscal spending, a probable lack of urgency in lifting sanctions on Iran and restrictions on the North American energy industry all combine to support oil prices. A $2 trillion stimulus package in 2021 and 2022 could boost U.S. oil demand by roughly 200,000 barrels/day and contribute to weakening dollar.
As promised, on the first day he took office US President Joe Biden rejoined the Paris Climate Agreement via executive order. In his inaugural address, he said that the planet itself is crying for survival and vowed to make fighting climate change his top priorities. The International Hydropower Association (IHA) welcomes the new move.
President Joe Biden's promised ban on new oil and gas drilling on federal lands would take years to shut off production from top shale drillers because they already have stockpiled permits. Biden's vow to toughen regulations and stop issuing new permits on federal lands, part of his sweeping plan to combat climate change and bring the economy to net zero emissions by 2050.
Incoming US president Joe Biden has drawn up a list of changes he will make on “day one” of his presidency. Biden has pledged significant changes to oil and gas leasing for US operators, but this legislation would need to pass through the US congress.This includes changes to oil and gas policies made by previous president Donald Trump.
Joe Biden’s move to block the $9 billion Keystone XL project is the clearest sign yet that constructing a major new pipeline in the U.S. has become an impossible task. Even before Biden’s inauguration, the oil and gas industry was on its back foot when it came to building major new infrastructure.