oil and gas

Update April 28, 5:24 p.m. ET: The US Senate has voted 52-42 to reinstate regulations on methane emissions, a harmful greenhouse gas that traps 84 times more atmospheric heat than carbon dioxide. The Senate voted on a Congressional Review Act resolution led by senators Martin Heinrich (D-NM), Angus King (I-ME), and Ed Markey (D-MA). Or, as King put it, “a repeal of a repeal.”

This is a hugely impactful decision that should result in immediate emissions reduction in the US.

In today’s Electrek Green Energy Brief (EGEB):

• The Navajo Nation will build two more solar farms that will create jobs, revenue, and electricity.
• Joe Biden’s infrastructure plan includes funds for capping oil wells, but who should pay?
• UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.

In today’s Electrek Green Energy Brief (EGEB):

• The first-generation Irene Vorrink wind farm is coming down. What happens next?
• The SEC rules that Chevron must allow a shareholder proposal asking for a transparent account of how a net-zero by 2050 scenario will affect its operations and performance. 
• UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.

Japan plans to phase out sales of new gasoline-powered vehicles by the mid-2030s, according to Japanese public broadcaster NHK.

The plan is not yet finalized (expect more info by the end of the year), and will still allow for sales of conventional gas-powered hybrids. So this is a step forward, but resembles China’s recently announced gas car ban that doesn’t actually ban gas cars.

Jim Cramer, the host of CNBC’s Mad Money, cofounder of the Street, and former stockbroker and hedge fund manager, spoke with Katherine Ross, correspondent at the Street, earlier today. Here’s what Cramer had to say to Ross about Joe Biden, Janet Yellen being chosen for secretary of the treasury, green energy, General Electric, and Big Oil.

The UN’s International Maritime Organization (IMO) approved a ban on Friday of ships’ use and carriage of heavy fuel oil (HFO) in Arctic waters after July 1, 2024. However, since it includes exemptions and waivers — loopholes — a complete HFO ban would only come into effect in mid-2029.

Donald Trump’s administration is bulldozing through a last-minute gas and oil drilling-rights auction in Alaska’s 19-million-acre Arctic National Wildlife Refuge before President-elect Joe Biden takes office. Biden vowed to block oil exploration in the largest national wildlife refuge in the country.

China plans to require that all new cars sold after 2035 be eco-friendly “new energy vehicles” according to Nikkei Asia. The plans were announced in a future road map for new energy vehicles and will be regulated under China’s Ministry of Industry and Information Technology.

The specifics of the plan state that as of 2035, 50% of new cars sold in the country will be either electric, plug-in hybrid, or fuel cell vehicles, and 50% of new cars will be conventional hybrids, which still run entirely on gasoline.

Chevron Corp (CVX.N) and Exxon Mobil Corp (XOM.N), the two largest US energy firms, have increased their share of campaign donations to Democrats in 2020, according to the latest filings.

• Royal Dutch Shell will cut up to 9,000 jobs by 2022 due to the pandemic and lack of oil demand.
• Turntide’s Smart Motor System has the potential to reduce global electricity consumption by 25%.
• Sustainable technology company Furrion launches a solar cooler that also packs a charging station.
• Arcadia Power is committed to making clean energy work for the planet and your bank account — all without changing your utility company. Sign up to receive your $20 Amazon Gift Card.

Norway announced today that it will finance 16.8 billion kroner (US$1.8 billion) out of an estimated total investment of 25.1 billion kroner for the world’s first full-scale carbon capture and storage (CCS) project.

The project is named Longship after the Viking ships.

BP stated in a forecast published today that oil may have reached its peak due to the pandemic and that renewables will take the place of fossil fuels.

The Japanese MV Wakashio, owned by the Nagashiki Shipping Company and operated by Mitsui OSK Line, has spilled oil off the Mauritius coast after hitting a reef near the Blue Bay Marine Park on July 25. This is Mauritius’ first oil spill, a country with a population of 1.3 million people.

In its first corporate sustainability report, the federally owned utility Tennessee Valley Authority (TVA) says it’s on track to reduce emissions by 70% below 2005 levels by 2030.

But on Monday, Donald Trump fired two members of its board of directors, including its chair, on the grounds that it’s hiring low-cost foreign labor. The TVA says that’s not true. So what’s really going on?

Starting this month, a one-time upfront registration fee of $100 will be charged for 2020 model year plug-in vehicles in California. That will be followed by an annual registration fee of up to $175 based on the vehicle’s value. The Golden State is by far the biggest market for electric vehicles in the United States.

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On July 6, the US District Court for the District of Columbia ordered the Dakota Access Pipeline (DAPL) shut down. The court said it should be drained by August 5 and the government would conduct a rigorous environmental review.

But its owner, Energy Transfer LP, a Dallas-based company run by billionaire Kelcy Warren, refuses to do so. In fact, it’s accepting requests for oil space on the pipeline in August.

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British Gas has ordered 1,000 of the new Vauxhall electric Vivaro-e vans for its engineers — the largest EV order for a commercial fleet in the UK. They’ll arrive over the next 12 months.

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Dominion Energy Inc. and Duke Energy Corp. are canceling the $8 billion, 600-mile Atlantic Coast Pipeline. The natural gas pipeline was to run 600 miles from West Virginia, through Virginia, to eastern North Carolina.

Duke Energy Corp has a net zero by 2050 goal in accordance with the Paris Accords. However, the reason for killing the pipeline is not environmental; it’s because of anticipated legal delays driving up costs.

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A research team at DeSmog has debunked the messaging of an organization that calls itself the “Transportation Fairness Alliance.” It proclaims itself to be in favor of “competitive and equitable transportation,” but it’s actually a powerful, anti-EV, pro-fossil-fuel lobbying group.

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Oil giant BP will cut 15% of its workforce, Reuters exclusively reports today. This is a result of the coronavirus impact on the economy, and also CEO Bernard Looney’s plan to shift the fossil-fuel company to green energy, it said today.

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