Fossil fuels

SAN RAMON, Calif., May 27, 2009 - Record performance in 2008 helped enable Chevron Corporation (NYSE: CVX) to reward its investors, fund a robust capital program and position the company to capitalize on the increase in demand for energy that will come with the global economic recovery, attendees were told today at the company's 2009 Annual Meeting of Stockholders.    » read more »

ExxonMobil to invest between $25 and $30 billion annually over the next 5 years

May 27, 2009 -- DALLAS -- Exxon Mobil Corporation’s (NYSE:XOM) financial strength and industry-leading performance continues to provide shareholders with superior value while delivering energy to fuel economic growth and protecting the environment, the corporation said today at its Annual Meeting of Shareholders.

“Despite the volatile economic times, ExxonMobil remains committed to investing in integrated solutions to the energy challenge,” said Rex W. Tillerson, chairman and chief executive officer.    » read more »

Springtime Transitions

May is a time of transition as days get warmer, swimming pools open, and new graduates get ready to head out into the world. It is also a time of transition for U.S. fuel markets, as gasoline suppliers prepare for summer driving. This year, May has already brought back the traditional—but lapsed—spring transition in which the average price of regular gasoline in the United States rises above the price of diesel fuel.

U.S. Retail Gasoline and Diesel Fuel Prices    » read more »

May 18, 2009, Juneau, Alaska – Alaska Governor Sarah Palin welcomed news today that the Ninth Circuit Court of Appeals closed its review of the Department of Energy’s decision authorizing an extension of the Kenai LNG facility’s export license into 2011.

This decision resolves a long-running dispute about allowing continued export of Cook Inlet gas while also ensuring gas supplies are made available for local utilities. The foundation for the court’s decision is a recently announced agreement by ConocoPhillips to supply all of Chugach Electric’s gas supply requirements through the export term, and a large part of its needs through 2016.    » read more »

May 19, 2009 -- Washington – U.S. Senator Blanche Lincoln last week highlighted three initiatives included in her “Arkansas Plan” tax package that are designed to encourage innovation and entrepreneurship, resulting in job creation in Arkansas and lessening our nation’s dependence on foreign oil.

“As an agricultural state, Arkansas is in a position to utilize tremendous renewable energy resources and be a leader as our nation strives for greater energy independence,” Lincoln said. “Alternative energy sources, such as biomass and biofuels, offer job creation opportunities for new and expanding small businesses in our state. I will continue to push for incentives that will help build a strong alternative energy industry in Arkansas.”    » read more »

Prevent Consumers from Economic Benefits of Fuel Efficiency and Clean Car Standards

WASHINGTON (May 15, 2009) — Reps. Henry Waxman (D-Calif.) and Edward Markey (D-Mass.) today released details (pdf) of an agreement on auctioning and allocating emissions allowances in their proposed climate and energy legislation. The Union of Concerned Scientists (UCS) congratulated the two congressmen for steering this landmark piece of legislation toward passage. But experts at the science group cautioned that the some of the most recent draft allocation categories should be strengthened before finalizing the bill.    » read more »

Surplus Oil Production Capacity and World Oil Prices

May 13, 2009 -- Last month the National Football League (NFL) held its annual draft. Prior to making their selections, NFL teams evaluated the talent pool by looking at the overall performance each player delivered for his college team, and at specific indicators, such as their time in a 40-yard dash or how much they can bench press, to determine which players might be the best draft picks. In trying to forecast short-term oil prices, it is also important to consider recent market trends along with a range of more specific factors to really understand the total picture.    » read more »

SAN RAMON, Calif., May 7, 2009 - Chevron Corporation (NYSE:CVX) today confirmed a discovery within the Moho-Bilondo license in the Republic of the Congo.

The Moho Nord Marine-4 well, in which Chevron Overseas (Congo) Limited holds a 31.5 percent interest, is located approximately 46 miles (75 kilometers) offshore of the Republic of the Congo, in 3,537 feet (1,078 meters) of water in the northern part of the Moho-Bilondo license.

George Kirkland, Chevron executive vice president, Global Upstream and Gas, said, "This exciting discovery emphasizes the future potential of this region in which Chevron and its partners have already made significant energy investments, including the Moho-Bilondo project."    » read more »

Falling Prices Lead to a Reduction in Domestic Oil and Gas Drilling

May 6, 2009 -- The oil and gas exploration and production business has seen its share of booms and busts over the years. But what exactly happens to drilling for new wells when prices go on a roller coaster ride? The last 16 months are a great example.

At the beginning of 2008, Baker Hughes reported that there were a total of 1774 oil and gas drilling rigs operating in the United States, of which 18 percent were drilling for oil (316 rigs). This rig count represented a continuation of fairly high and stable drilling levels going back to 2006.    » read more »

Gulf's Deepest Production Expected to Add 125,000 Barrels of Oil Per Day

SAN RAMON, Calif., May 6, 2009 – Chevron Corporation (NYSE: CVX) has announced that it has started crude oil production from its Tahiti Field, the deepest producing field in the Gulf of Mexico. First oil from Tahiti was achieved on May 5, 2009. Daily production is expected to ramp up to approximately 125,000 barrels of crude oil and 70 million cubic feet of natural gas before the end of the year.    » read more »

Statement by Patricia Monahan, Union of Concerned Scientists

BERKELEY (April 23, 2009)—The California Air Resources Board (CARB) today passed the world's first low carbon fuel standard (pdf). The regulation, which likely will serve as a model for other states and the federal government, requires fuel producers to reduce "lifecycle" heat-trapping emissions from gasoline and diesel fuels 10 percent by 2020.

In 2007, California Gov. Schwarzenegger issued an executive order stating that California would pursue a low carbon fuel standard. CARB then made a commitment to adopt such a standard under the state's Global Warming Solutions Act. Today CARB fulfilled that commitment.    » read more »

Accounting for Biodiesel

April 22, 2009 -- Methyl Esters? No, it is not the name of the lead in a John Waters film, or of some gun-toting moll from 1940’s film noir. Methyl esters are more commonly known as biodiesel, a biomass-based fuel that is made from vegetable oils or animal fats. Biodiesel can be used in pure form (B100) or may be blended with petroleum diesel. Biodiesel and blends can be used in most modern diesel engines or burned as heating fuel.    » read more »

April 15, 2009 -- Yesterday, EIA released the April 2009 Short-Term Energy Outlook (Outlook), that includes a detailed look at the forecast for transportation fuels during the upcoming summer. This summer driving season, defined as the period between April 1 and September 30, is expected to be very different from last year. Regular-grade motor gasoline retail prices are projected to average $2.23 per gallon this summer, down from $3.81 per gallon last summer.    » read more »

Federal Recovery Act will create jobs and help municipalities save on energy costs by investing in energy efficiency and renewable energy measures

BOSTON– Thursday, March 26, 2009 – Massachusetts Governor Deval Patrick announced today that the White House has released funding amounts for Massachusetts communities under the Energy Efficiency and Conservation Block Grants program funded by the American Recovery and Reinvestment Act.    » read more »

All Eyes on OPEC

Recently, EIA and other oil market forecasters have been paying close attention to how the Organization of the Petroleum Exporting Countries (OPEC) is adjusting to lower global oil demand and weaker oil prices brought on by the global economic recession. Crude oil prices are now almost $100 per barrel off their peak level last year, and most forecasters, including EIA, are projecting 2009 global oil demand to be over 1 million barrels per day (bbl/d) lower than in 2008.    » read more »