News of the Day: The Fair Share Act has a data problem
OIL
Alaska oil prices rise smartly, but planned production cuts will continue
Tim Bradner, the Frontiersman, May 28, 2020
Prices for Alaska’s oil are headed up smartly, a relief to state officials and community leaders where the petroleum industry is important to the local economy. Alaska North Slope oil closed at $37.07 per barrel on May 26, according to Alaska Department of Revenue data. That’s sharply up from recent low prices that were as low as $10 per barrel or less. World oil markets were rising with reports of increasing fuel use as the economy in developed nations, including the U.S., showed signs of improvement.
The price still isn’t at the point where drilling and other oil field activity on the North Slope will resume, at least to get back to levels prior to shutdowns in March amid concerns for the spread of COVID-19 virus. Companies working on the slope say prices in the range of $50 per barrel or more will probably be needed. Not all companies cut back, however.
GAS
Ukrainian Government Greenlights U.S. LNG Imports
Tsvetana Paraskova, OILPRICE.COM, May 27, 2020
The government of Ukraine, which is keen to wean itself off Russian energy supplies, approved on Wednesday a plan to import liquefied natural gas (LNG) from the United States, Reuters reported, citing a televised government meeting. Under the memorandum approved by the government, Ukraine will be importing at least 5.5 billion cubic meters of LNG annually, while the seller will be Louisiana Natural Gas Exports Inc, according to acting energy minister Olga Buslavets.
MINING
HOUSE REPUBLICANS TARGET CHINA WITH CRITICAL MINERALS BILL: In a swipe at China, House Republican leaders introduced legislation Thursday to encourage U.S. production of critical minerals used in clean energy technologies to lessen reliance on Beijing.
What’s in the bill: It directs federal agencies to ease permitting for mining of critical minerals and directs the Energy Department to establish an R&D program for advanced mineral technologies. It also prevents the executive branch from making large areas of public land eligible for mineral development without congressional approval. And it directs the Interior Department to identify vulnerabilities in the domestic minerals supply chain and publish and periodically update a list of critical minerals.
Pandemic imperils mineral production: The coronavirus has already set back mining operations across the world, imperiling clean energy supply chains, the International Energy Agency recently warned.
POLITICS
In Big Oil Fight, Climate Activists Are Suddenly Preaching Against The Choir
Ed Hirs, Real Clear Energy, May 26, 2020
Climate advocates already have the employees and shareholders of oil and gas companies as allies. Guerrilla warfare against an industry that already wants positive action is just stupid. Climate advocates have expanded their targets beyond university endowments and pension funds to take on retail investment managers and their holdings in oil and gas producers. These passive-aggressive tactics generate headlines, but any victories are Pyrrhic. They are using the wrong tools against the wrong target.