America’s oil and gas industry employs over 11 million people and is worth more than $1.6 trillion, making the energy transition more difficult than it may seem.
A federal judge in Louisiana has blocked President Joe Biden’s suspension of new oil and gas leases on federal land and water, delivering a setback to the administration’s efforts to clamp down on fossil fuels.
After earlier this week US Secretary of State Antony Blinken somewhat pessimistically portrayed that it remains "unclear" whether Iran is actually willing to restore the nuclear deal, prompting angry words from Foreign Minister Javad Zarif who again pointed out that it's only Washington not in compliance due to Trump-era sanctions which the Biden White House refused to "bury" in order to make a renewed deal possible, Blinken's newest statements are pouring more cold water on all the recent speculation that prematurely hailed a Vienna agreement as imminent.
Whether you think global warming is a hoax and no technology has done more to uplift billions of people out of abject poverty than the harnessing of fossil fuels, or you think the burning of fossil fuels is irreversibly destroying the planet and urgent action to halt their use should be the top priority of humankind, or even if you think both of these things, this article is for you.
Toward the end of Q1, Goldman Sachs along with virtually every other major bank, predicted that oil had nowhere else to go but up, with bank after bank hiking their oil forecast.
Crude and fuel price rose on Monday as one of the largest fuel pipeline systems in the US remained largely shut down after a reported cyberattack. The US has declared a state of emergency in 17 states due to the situation.
The price of crude continued to rise for a third day on Wednesday amid reports of a sharp drop in US stockpiles and expectations of a summer surge in fuel demand.
