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The 2013 hurricane season is shaping up to be active to extremely active, the National Oceanic and Atmospheric Administration warned Thursday. There’s a 70% chance the season, which starts June 1 and lasts through November, will see 13 to 20 named tropical storms, with winds of at least 39 miles per hour — which qualifies them for a name. Of those, 7 to 11 could become hurricanes, with winds of more [...] Storm Isaac halts 17 per cent of U.S. oil production, nearly a hurricane nearing Louisiana The U.S. government said 78 per cent of the oil production in the Gulf of Mexico has been halted in preparation for the storm as companies have evacuated 346 offshore oil and gas production platforms. That’s 17 per cent of daily U.S. oil production. Read more: http://www.vancouversun.com/news/Storm%20Isaac. Energy companies evacuate oil rigs, slash production, as Tropical Storm Isaac approaches [...] WE’RE now in the midst of the nation’s most widespread drought in 60 years, stretching across 29 states and threatening farmers, their crops and livestock. But there is another risk as water becomes more scarce. Power plants may be forced to shut down, and oil and gas production may be threatened. Our energy system depends on water. About half of the nation’s water withdrawals every day are just for cooling power [...] Norway’s government said it ordered compulsory arbitration to end an oil and gas production strike, according to a statement published on the Oslo-based Labor Ministry’s website today. To contact the reporter on this story: Josiane Kremer in Brussels at jkremer4@bloomberg.net To contact the editor responsible for this story: Christian Wienberg atcwienberg@bloomberg.net http://www.bloomberg.com/news/2012-07-09/norway-government-ends-oil-strike-lockout-averted.html http://www.twitter.com/zerohedge From Carpe Diem: The Washington Post reported recently on the new world energy map that is emerging, and it is no longer centered on the Middle East, but on the Americas: “From Canada to Colombia to Brazil, oil and gas production in the Western Hemisphere is booming, with the United States emerging less dependent on supplies from an unstable Middle East. Central to the new energy equation is the United States itself, which [...] (Reuters) – The number of earthquakes in the central United States rose “spectacularly” near where oil and gas drillers disposed of wastewater underground, a process that may have caused geologic faults to slip, U.S. government geologists report. The average number of earthquakes of magnitude 3 or greater in the U.S. midcontinent – an area that includes Arkansas, Colorado, Oklahoma, New Mexico and Texas – increased to six times the 20th century [...] UK manufacturing output fell by 1% in February, suffering its biggest monthly fall for 10 months, casting doubt on the country’s economic recovery. Factory output was also down 1.4% compared with a year ago, the Office for National Statistics said. Economists had forecast a 0.1% rise for both the month and year, but some have questioned the official data. Recent private sector surveys suggest the economy is picking up, with growth in [...] WSJ: ’The American people aren’t stupid,” thundered President Obama yesterday in Miami, ridiculing Republicans who are blaming him for rising gasoline prices. Let’s hope he’s right, because not even Forrest Gump could believe the logic of what Mr. Obama is trying to sell. To wit, that a) gasoline prices are beyond his control, but b) to the extent oil and gas production is rising in America, his energy policies deserve all the [...] AP President Obama does not “accept responsibility” for high gas prices, his spokesman indicated today, arguing that Obama has done everything he could to bring down the price of oil and blaming the high gas prices on oil price increases caused by global factors. “The president accepts the responsibility that he identified the next president should accept, back in 2008, which is the need to develop a comprehensive energy policy,” White House [...] From OilPrice.com: A funny thing is happening on the way to the clean energy future – reality is setting in. There is “incontrovertible evidence” about the economic growth and job creating effects of America’s unconventional oil and gas production boom – more than 600,000 jobs directly attributable to shale gas development. Even President Obama is praising the job creating benefits of “America’s resource boom.” America is getting its energy mojo back [...] NAMPA, Idaho—The staccato of nail guns echoes across a cavernous building here as workers piece together manufactured houses with easy-to-clean linoleum floors and rugged interiors for muddy oil-field workers. There is no oil and gas production in Idaho, but that doesn’t mean the U.S. energy boom has bypassed this bedroom community west of Boise. Fleetwood Homes of Idaho, a subsidiary of Cavco Industries Inc., has increased production by 25% since last [...] From Reuters: Chevron Corp (CVX.N) warned that fourth-quarter profit would be significantly below the previous quarter, with production still falling short of prior expectations and its refining operations about breaking even. Shares of the second-largest U.S. oil company fell more than 2 percent in after-hours trading to $105.21, or about $5 below the record high they hit last week. Chevron said “upstream” earnings from oil and gas production would be comparable to the $6.2 billion [...] Tropical Storm Don Moving Towards Texas A tropical storm warning has been issued across the Texas coast early Thursday. Tropical Storm Don is violently blasting its way into the central Gulf of Mexico and forecasters are telling those in the path of the storm to stay on alert over the coming days. Don was about 635 miles east-southeast of Corpus Christi, Texas at 5 a.m. ET, the National Hurricane [...] |
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