Newsletter No. 75
Good morning,
It is Thursday, July 25, 2024, and I am bringing you up to speed on all the recent news in the oil and gas sector. Here we go with the latest developments.
This Week’s Headlines
- Senators Introduce Bill to Expedite Oil and Gas Permitting
- How a Harris Presidency Could Impact Oil Industry
- Wealthy Nations Lead Global Oil and Gas Expansion Amid Climate Pledges
- Oil Prices Rebound Due to U.S. Inventory Declines, Canadian Wildfire Risks
- ConocoPhillips Secures Long-Term LNG Capacity in Belgium
- The Jay Young Show: A Conversation with Actor Todd Sandler
- The Rice Report: Government Debt and Cyber Attacks
global oil & gas news
Senators Introduce Bill to Expedite Oil and Gas Permitting
Senators Joe Manchin and John Barrasso have introduced bipartisan legislation aimed at accelerating the permitting process for energy and mineral projects across federal lands and waters. The proposed Energy Permitting Reform Act of 2024 seeks to streamline approvals while balancing environmental protections, sparking both support and criticism from industry and environmental groups.
How a Harris Presidency Could Impact Oil Industry
Kamala Harris, leading Democratic candidate, has a history of prosecuting environmental crimes and supports policies like the Green New Deal and a fracking ban. This stance could pose challenges in energy-focused states like Pennsylvania during the upcoming election. If elected, Harris likely would continue federal scrutiny of the oil industry, potentially increasing regulatory and legal actions.
Wealthy Nations Lead Global Oil and Gas Expansion Amid Climate Pledges
Wealthy nations like the U.S. and UK are driving a surge in new oil and gas exploration, set to emit nearly 12 billion tons of greenhouse gases – equivalent to China’s annual emissions. This expansion, despite their climate commitments, underscores accusations of hypocrisy as they continue to issue record numbers of extraction licenses, undermining global efforts to combat climate change.
Oil Prices Rebound Due to U.S. Inventory Declines, Canadian Wildfire Risks
Oil prices rose on Wednesday, breaking a three-session losing streak, due to significant draws in U.S. crude and fuel inventories. Brent crude futures increased by 1.3% to $82.09 per barrel, and U.S. West Texas Intermediate crude rose by 1.4% to $78 per barrel. U.S. crude inventories fell by 3.7 million barrels, surpassing expectations, while gasoline and distillate stockpiles also dropped sharply. Despite weak global demand concerns, including a slow summer-driving season in the U.S. and economic slowdown in China, supply threats from Canadian wildfires supported prices. You can see the up-to-the-minute numbers here.
MOVE TO WATCH
ConocoPhillips Secures Long-Term LNG Capacity in Belgium
ConocoPhillips has signed a deal to secure long-term LNG regasification capacity at Belgium’s Zeebrugge terminal. Starting from April 2027, the agreement enables ConocoPhillips to import and distribute 0.75 million tons of LNG annually across Europe, supporting its global energy strategy.
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HAPPENING AT KING
The Jay Young Show: A Conversation with Actor Todd Sandler
In this special episode of The Jay Young Show, I had a chat with actor Todd Sandler about his Hollywood career, sharing stories from his theater beginnings in Chicago to roles on shows like Everybody Loves Raymond and Glee. He discussed the realities of life as a working actor, post-COVID challenges, and offered invaluable advice for aspiring actors, providing a humorous and candid behind-the-scenes look at show business.
Subscribe to The Jay Young Show on Apple or Spotify, and you can watch many of the episodes on YouTube. You can also watch episodes on our website.
macro-economic look
The Rice Report: Government Debt and Cyber Attacks
In the latest episode of The Rice Report, Eric Rice discusses the current financial crisis and the high interest payments on government debt. You can watch this and more episodes of The Rice Report on YouTube and Rumble.
Also, please let us know how we are doing at King Operating Corporation. Leave a review here.
Recommended Reads
Judge Orders Oil and Gas Leases in Wyoming to Proceed After Updated BLM Environmental Analysis
PetroChina joins the world’s 2050 net zero pledge to slash oil and gas industry emissions
Revealed: wealthy western countries lead in global oil and gas expansion
Thank you for your continued support, and if you have any questions for myself or any member of the King team, please don’t hesitate to reach out.
All the best,
Jay
