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Tuesday, Sep 02nd

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Domestic natural gas: From boom to overkill

Natural gas overkillNot long ago, the domestic supply of natural gas was so limited that facilities were constructed in U.S. ports to import natural gas. However, fracking changed the supply situation. Now, the United States produces more natural gas than it can use. As a result, prices have plummeted to approximately $4 per thousand cubic feet.

In 2012, during the worst of the glut, the Henry Hub price dropped below $2 per thousand cubic feet. The spot price for gas is set in the New York futures market, based on trades at a Louisiana collection center known as the Henry Hub. Comparatively, the industry is generally profitable when gas is sold between $4 and $6.

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U.S. makes $1 billion in gulf lease sale

Gulf of MexicoOil companies paid more than $1 billion collectively to acquire 1.6 million acres of oil and natural gas blocks in the Gulf of Mexico, the U.S. government said.

The U.S. Interior Department's Bureau of Ocean Energy Management published the final tallies from a March 20 lease sale for the central Gulf of Mexico.

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Changing climate poses threat to power plants, US report says

climate change threat to power plantsPower plants across the country are at increased risk of temporary shutdown and reduced power generation as temperatures and sea levels continue to rise and water becomes less available, the Department of Energy said Thursday.

By 2030, there will be nearly $1 trillion in energy assets in the Gulf region alone at risk from increasingly costly extreme hurricanes and sea-level rises, according to the Energy Department report on the impact of climate change on energy infrastructure.

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Solar Powered Plane Finishes Final Leg Of Flight To New York City

Solar powered planeA solar-powered aircraft completed the final leg of a history-making cross-country flight Saturday night, gliding to a smooth stop at New York's John F. Kennedy International Airport.

The Solar Impulse touched down at JFK at 11:09 p.m., completing the final leg of the cross-continental journey that started in California in early May. For Saturday's final leg, the aircraft left Dulles International Airport a little before 5 a.m.

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How a secret pact formed a cartel that controls the world's oil

Seven sistersOn August 28, 1928, in the Scottish highlands, began the secret story of oil. Three men had an appointment at Achnacarry Castle - a Dutchman, an American and an Englishman.

The Dutchman was Henry Deterding, a man nicknamed the Napoleon of Oil, having exploited a find in Sumatra. He joined forces with a rich ship owner and painted Shell salesman and together the two men founded Royal Dutch Shell.

The American was Walter C. Teagle and he represents the Standard Oil Company, founded by John D. Rockefeller at the age of 31 - the future Exxon. Oil wells, transport, refining and distribution of oil - everything is controlled by Standard oil.

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Iraqi oil: Once seen as U.S. boon, now it’s mostly China’s

Iraqi oilTen years after the United States invaded and occupied Iraq, the country’s oil industry is poised to boom and make the troubled nation the No.2 oil exporter in the world. But the nation that’s moving to take advantage of Iraq’s riches isn’t the United States. It’s China.

America, with its own homegrown energy bonanza, isn’t going after the petroleum that lies beneath Iraq’s sands nearly as aggressively as is China, a country hungry to fuel its rise as an economic power.

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Oil and electricity: A compare-and-contrast tale of 2 regulators

Jon WellinghoffAn obscure federal regulator of electricity markets has emerged as a tough cop on the beat, taking on Wall Street banks and big energy firms alike for market manipulation. That aggressive approach stands out when it’s compared with that of the regulator in charge of looking for manipulation in the oil and gasoline markets.

Whether manipulation accounts for volatile oil and gasoline prices in recent years is a hotly debated topic since prices began their steep climb in late 2005. Last year’s West Coast price spikes amid ample supplies added to the urgency in determining whether excessive financial speculation is driving price volatility.

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