Residential electricity consumption rose 10% in the second quarter as the pandemic kept many people at home, new research shows.
Why it matters: The new paper from Tufts University economist Steve Cicala is another window onto how COVID-19 is shifting energy use patterns and creating financial hardship.
Shares of Concho Resources jumped yesterday on the heels of a Bloomberg report that ConocoPhillips might acquire the company.
Why it matters: The deal, if it happens, will be another sign that the pandemic-fueled industry downturn could bring new consolidation to the U.S. sector. Or maybe not.
The European Commission yesterday unveiled a wide-ranging strategy to cut methane pollution, noting it's "essential to reaching our 2030 climate targets and the 2050 climate neutrality goal."
Why it matters:Reuters flags the importance of the plan's consideration of binding standards on natural gas, noting it's a "clearer commitment than previous drafts, which shied away from methane limits on gas consumed in Europe."
Google Cloud announced Thursday a five-year agreement with the Energy Department to provide the agency with access to a "broad range" of cloud technologies.
Why it matters: The Energy Department has a vast research arm and needs highly sophisticated and powerful computing. Google said the tech will enable a wide range of "use cases."
BP is dipping into its deep pocketbooks to help state-level climate proposals around the country.
Why it matters: Oil companies — European ones especially — have said in recent years they support climate policy, but there hasn't been much action behind the rhetoric. The fact that real lobbying efforts are underway suggests change is really afoot.
Why it matters: It's another indicator of the impact of human-induced climate change. The data also illustrate this year is on pace to be among the hottest recorded, with the possibility of tying or breaking the record, set in 2016.
Arrival, the U.K.-based electric van and bus company, said Wednesday that BlackRock-managed funds are investing $118 million to help fuel its expansion, including plans to build a factory in South Carolina, as first reported by The Wall Street Journal.
Why it matters: It's the latest sign of money pouring into electric vehicle startups.
The International Energy Agency's very long-term outlook released Tuesday offers useful analyses about the cloudy future of the industry and petro-states.
Why it matters: The pandemic's long-term effects and the prospect of future climate policies are together causing a rethink of the sector's financial future.
Joe Biden certainly isn't who the oil industry wants to win the presidential election — as their political spending shows — but he might be the leader the ailing sector needs.
Why it matters: Biden is vowing new emissions regulations and new restrictions on production as part of plans to hasten a transition away from fossil fuels — but what that means for the industry and markets isn't cut and dry, some analysts argue.
