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Lower U.S. Energy-Related Emissions Due to Natural Gas Use
11/01/2017
U.S. Energy Information Administration (EIA) reported 2016 data suggest that 63 percent of energy-related carbon emissions reduction can be credited to the utilization of clearner-burning natural gas for electricity generation.
It said: “Of this total, 2,007 MMmt can be attributed to the shift in fossil fuels to natural gas, and 1,169 MMmt can be attributed to the increase in non-fossil generation sources.”
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Inconvenient Time for Canadian Crude: US Gulf Coast Is Glutted
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Canadian heavy crude, being deeply discounted for several years due to a lack of pipelines, is eventually trading like a “North American” grade, moving in tandem with U.S. sour crudes sold on the GulfCoast thanks to Enbridge’s expansion of its 3 pipeline late last year. Meanwhile, the Gulf is full of sour crude over Washington’s largest-ever release from the Strategic Petroleum Reserve (SPR) that will amount to 180 MMbbl during six months, trying to tame exorbitant fuel prices after the Russian invasion of Ukraine. The market is flooded with millions of barrels of sour crude from storage caverns in Louisiana and Texas. At the world’s biggest heavy crude refining center, U.S. Gulf Coast, heavy grades like Mars and Poseidon are languishing. According to U.S. Energy Information Administration (EIA) data, Canada exports around 4.3 MMbbl/d to the United States, whereas until last year demand to ship crude on export pipelines increased capacity, leaving barrels bottlenecked in Hardisty.
Significant Rise in U.S. Crude Oil and Gasoline Inventory Levels
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This week, the American Petroleum Institute (API) reported that U.S. crude oil stocks increased by 7.168 million barrels, ending February 16. This rise exceeded analysts' expectations of a 4.298 million barrel increase. Last week, the API noted an 8.52 million barrel jump in crude inventories.
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As world leaders gather at the COP29 climate summit, a surprising trend is emerging: some of the biggest oil companies are scaling back their renewable energy efforts. Why? The answer is simple—profits. Fossil fuels deliver higher returns than renewables, reshaping priorities across the energy industry.
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The global oil market is full of potential but also fraught with challenges. Demand and production are climbing to impressive levels, yet prices remain surprisingly low. What’s driving these mixed signals, and what role does the U.S. play?
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Shell overturned a landmark court order demanding it cut emissions by nearly half. Is this a victory for Big Oil or just a delay in the climate accountability movement?