It shows the oil industry's gradual embrace of climate change as a problem the government should address.Dec 11, 2019 - Energy & Environment
Our dependence on fossil fuels has remained about the same for 30 years.Aug 26, 2019 - Energy & Environment
The number was essentially zero before 2015.Aug 2, 2019 - Energy & Environment
It's back! Or ... Maybe it's back. Or could eventually be back. Possibly.
The latest: Bloomberg reports that Saudi Aramco is "starting early preparations" for a potential listing in an international stock exchange at some point, which comes after its long-awaited debut on the Saudi exchange late last year.
Oil prices have resumed their slide in recent days, signaling renewed fears of how much the novel coronavirus will eat into demand.
Why it matters: It's a barometer of how the spreading and sometimes deadly illness is curbing global economic activity.
European-based oil giants' evolving steps on climate change are cracking — but not yet rupturing — the industry's lobbying and advocacy relationships in the U.S.
Driving the news: This morning BP said it's leaving three groups over differences on climate policy: American Fuel & Petrochemical Manufacturers, the Western States Petroleum Association, and the Western Energy Alliance.
Oil-and-gas giant BP is planning to leave at least two industry trade groups due to differences over climate change policy, The Washington Post reported Tuesday night.
Driving the news: BP is expected to leave American Fuel & Petrochemical Manufacturers (AFPM), and the Western States Petroleum Association (WSPA), they report. The WSPA confirmed to Axios that BP is leaving.
JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.
Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.
Big Tech is making splash with its aggressive carbon reduction goals, but some of its employees and climate activists are criticizing Google, Microsoft and Amazon for nonetheless partnering with fossil fuel companies to use artificial intelligence to find hidden hydrocarbons and bring them to market.
Why it matters: Big oil companies are some of the richest, most resourceful enterprises in the world. They collect multiple terabytes of data daily but don't have the capacity to analyze and efficiently utilize that volume of facts without AI.
BP's new emissions pledge could create more pressure on U.S.-based giants Exxon and Chevron.
Why it matters: European oil behemoths have been more active on climate than their U.S. counterparts.
The International Energy Agency's monthly market analysis released Thursday says global oil demand will fall by 435,000 barrels per day during this quarter compared to the same period a year ago.
Why it matters: It's the first quarterly contraction in over a decade.
BP said Wednesday that it is reorienting its business with new climate targets — including first-time emissions commitments for its products' use in the economy — and a new team to help countries, cities and other companies cut carbon.
Why it matters: It's the latest sign of how multinational oil-and-gas giants — especially European-headquartered players — are expanding climate pledges under intense pressure from activists and investors.
Oil prices are at their lowest levels in a year as coronavirus hits demand, and one side effect of the public health crisis is that it's afflicting the OPEC-Russia relationship.
Driving the news: Russia has yet to endorse recommendations from an OPEC+ technical panel to deepen the groups' production-limiting pact by 600,000 barrels per day.