Tag: oil

Oil Prices Fall, Tesla Robotaxi Debuts, & Trump Media Grifts | Prof G Markets

Posted on by Lone Candle

Trump Media Group grifting Trump supporters by a large buyback. Instead of investing in the businesses, the company is raising money to put it in Trump’s pocket. Trump owns 60% of the stock, so a buyback makes him richer. Buybacks are normally done by profitable companies to reward their shareholders. Trump Media Group is not profitable. They raised money via an equity sale and then bought back their stock, essentially transferring some of the money raised into Trump’s pockets. (Discussion of this begins at 21:37).

https://www.youtube.com/watch?v=G0KLHBPsObc

Trump signs measure blocking California’s ban on new sales of gas-powered cars

Posted on by Lone Candle

“Trump signed a resolution on Thursday that blocks California’s first-in-the-nation rule banning the sale of new gas-powered cars by 2035.

The state quickly announced it was challenging the move in court”

https://www.yahoo.com/news/trump-sign-measure-blocking-californias-160449512.html

Trump Is Sabotaging His ‘Drill, Baby, Drill’ Agenda

Posted on by Lone Candle

“”I have never felt more uncertainty about our business in my entire 40-plus-year career,” said one survey respondent. Another respondent called “uncertainty” the “key word to describe 2025,” adding, “There cannot be ‘U.S. energy dominance’ and $50 per barrel oil,” a stated goal of the Trump administration. (The current cost of oil is about $70 per barrel.) At that price, “We will see U.S. oil production start to decline immediately and likely significantly (1 million barrels per day plus within a couple quarters). This is not ‘energy dominance.'”

“The administration’s chaos is a disaster for the commodity markets. ‘Drill, baby, drill’ is nothing short of a myth and populist rallying cry,” one comment succinctly said.

It’s not just Trump’s rhetoric that has the energy industry on edge; it’s his trade policies, too. One respondent noted that tariffs “immediately increased the cost of our casing and tubing by 25 percent.” Another said, “Washington’s tariff policy is injecting uncertainty into the supply chain.””

https://reason.com/2025/03/28/trump-is-sabotaging-his-drill-baby-drill-agenda/

Trump pulls Chevron license to export Venezuela oil, reversing Biden deal

Posted on by Lone Candle

“President Donald Trump said Wednesday the United States will end the Biden administration’s concessions aimed at promoting free elections in Venezuela, canceling a license that allowed U.S. oil company Chevron to produce and export oil in the country.”

…

“Chevron’s oil exports out of Venezuela reached 294,000 barrels a day in January, the highest level since it resume shipments from its operations there in early 2023, Reuters reported earlier this month citing data from Venezuela’s state-owned company PdVSA. That crude oil went to refineries in the United States, according to the data.
Venezuela produced just over 1 million barrels a day of oil in January, according to data it reported to OPEC.”

https://www.politico.com/news/2025/02/26/trump-reverses-biden-era-concessions-allowing-venezuela-oil-exports-00206273

Trump’s Trade War Will Make Energy More Expensive

Posted on by Lone Candle

“the U.S. is heavily reliant on Canadian crude oil to make liquid fuels and other petroleum products. Most U.S. refineries were built in the 1970s to accommodate heavy oil from the Middle East and Canada. This was well before the American shale boom, which brought lighter-grade oil to the market. In 2023, nearly 60 percent of crude imports came from Canada and July 2024 saw a record 4.3 million barrels of oil per day imported from the country.
“Canada is by far our largest supplier, and we build refineries specifically to refine heavier Canadian crude,” explains Nick Loris, the executive vice president of policy at C3 Solutions, a free market energy think tank. “Depending on the tariff rate and how long they’re in place, gas prices could rise anywhere from 10-30 cents per gallon, with the Midwest and the Rocky Mountain Region getting hit the hardest,” Loris tells Reason.”

…

“tariffs could also harm American nuclear power. Despite generating the most nuclear energy in the world, the U.S. relies on other nations for uranium to fuel its fleet. Canada is the largest supplier of raw uranium (27 percent of imports in 2022), followed by Kazakhstan (25 percent) and Russia (12 percent), the latter of which the U.S. depends on for roughly a quarter of its uranium enrichment needs.

With last year’s passage of a bill to ban imports of Russian uranium signed into law, Canada is primed to play an increasingly important role in America’s uranium supply. Tariffs would threaten this and could increase fuel costs for American nuclear power producers”

https://reason.com/2025/02/04/trumps-trade-war-will-make-energy-more-expensive/

Why Does The US Import Oil When They Produce So Much?

Posted on by Lone Candle

Despite producing tons of oil, the U.S. still imports a lot of oil. The stuff we produce can’t be refined by our refineries, so we ship it out to be refined and import foreign oil to refine here.

https://www.youtube.com/watch?v=evIAnt5mNGI

We were supposed to hit peak emissions. Why won’t they stop rising?

Posted on by Lone Candle

“The big reason is that fossil fuel consumption is up. Oil and gas account for the bulk of this increase in emissions, with coal a distant third. While greenhouse gasses in the atmosphere are rising, their output is level or falling from some of the largest historical emitters. The European Union’s emissions are declining. US emissions are holding steady. China, the world’s largest greenhouse gas emitter, is on track to see its output grow by just 0.2 percent this year, one of the tiniest increases in years.
Bucking this trend are many developing countries like India, currently the world’s third-largest emitter. India has seen a huge increase in renewable energy deployment, but its still developing energy from all sources, including fossil fuels. The Global Carbon Budget found India’s fossil fuel emissions are on track to increase 4.6 percent this year.

There are a few additional factors that drove up emissions this year. The lingering effects of El Niño helped push global temperatures to record highs. Extraordinary heat waves in India and China pushed up energy demand for cooling, and that meant burning more fossil fuels. “We’re beginning to see some of those negative feedback loops where the climate crisis itself is impacting on the energy system and making it harder to reduce emissions,” Grant said.

Still, there are glimmers of good news. More than 30 countries have already managed to grow their economies while cutting carbon dioxide pollution, a clear sign that coal, oil, and natural gas are not the only paths to prosperity. These countries have already summited their emissions peaks and are now on the descent, breaking a pattern that has held for nearly two centuries.”

https://www.vox.com/climate/385183/cop29-climate-change-emissions-rising-trump-baku

Trump wants a big expansion in fossil fuel production. Can he do that?

Posted on by Lone Candle

“There’s only so much the administration can control, however. Although Trump can take notable steps to try to increase fossil fuel production, actual upticks in oil and gas extraction will depend heavily on the private sector and the economics of the industry.
Still, while Trump faces some constraints, he has significant policy levers he can pull to encourage production of fossil fuels. Wright, Burgum, and Zeldin have also signaled they’re prepared to execute on the president-elect’s vision, including changes to drilling on public lands and speedier permitting for oil and gas projects.

“President Trump and his energy team — Mr. Burgum, Mr. Wright, Mr. Zeldin — can go to considerable lengths to make expanded production attractive and relatively easy,” Barry Rabe, a University of Michigan environmental policy professor, told Vox.”

https://www.vox.com/politics/386462/trump-fossil-fuels-gas-oil