It shows the oil industry's gradual embrace of climate change as a problem the government should address.Dec 11, 2019
Our dependence on fossil fuels has remained about the same for 30 years.Aug 26, 2019
The number was essentially zero before 2015.Aug 2, 2019
Thanks to the end of a 40-year-old crude oil export ban, a shale boom and a host of geopolitical changes.Mar 13, 2019
Facebook CEO Mark Zuckerberg said Thursday that the company is planning to shift the majority of its workforce to be able to work remotely in the next 5 to 10 years.
The state of play: It's the latest sign that remote work could become a permanent fixture of the post-pandemic landscape for substantial numbers of people whose jobs enable that luxury. That, in turn, is among the things that may act as a drag on long-term oil demand if many large employers go the same route.
Google will no longer develop new artificial intelligence tools to help oil and gas companies extract crude, the company announced Tuesday.
Why it matters: The tech giant is breaking away from Microsoft and Amazon, both of which have also developed AI in recent years to expedite oil production and make services more efficient for companies like Chevron and GE Oil & Gas. Google's 2018 contract with Total was in place as of February, a Total spokesperson confirmed to Axios at the time.
President Trump’s top energy chief speaks with Axios about America's oil boom, carbon emissions and more as they relate to the coronavirus outbreak.
Why it matters: U.S. Energy Secretary Dan Brouillette has been at the center of Trump’s efforts to help the oil industry struggling amid the pandemic.
U.S. oil prices are above $30-per-barrel for the first time since mid-March as producers cut output while demand continues recovering from its April depths as restrictions are eased.
Why it matters: The increase eases pressure on the industry, but hardly alleviates the distress as prices remain below profitable levels for many producers and analysts caution that the recovery is shaky.
Oil giants' pace of clean energy deals has slowed greatly as oil prices have collapsed, the research firm BloombergNEF said in a tally of activity by ExxonMobil, Chevron, Shell, BP and others.
What they found: "Up to 14 deals were announced in 1Q 2020, with only three reaching completion. This compares with 17 deals closed in 1Q 2019," the firm said in a brief note.
A Dallas Fed report helps put the oil industry's response to the price and demand collapse into historical context. They find that U.S. producers' capital spending will decline by at least 35% in the second quarter en route to an even steeper annual decline.
Why it matters: That's bigger than declines in the 2008-2009 financial crisis and the oil price collapse in the mid-2010s (check out the chart above).
Oil prices are recovering as producers slash output and demand starts coming back, but analysts warn there's a big asterisk next to the trend: the trajectory of the coronavirus pandemic.
Driving the news: Brent crude is trading around $31.97 this morning compared to its April trough below $20, while prices for the U.S. benchmark WTI have roughly doubled over the last two weeks to around $28.62.
Global oil production is dropping faster than expected as companies in North America and elsewhere curb output in response to the pandemic that has caused demand and prices to crater, the International Energy Agency said.
Why it matters: The monthly report this morning sounds guardedly optimistic notes about the stabilization of oil markets, noting that in addition to the production cuts, collapse in demand is slightly less dire than earlier predictions.
The Trump administration is not planning specific financial aid to beleaguered oil producers, Energy Secretary Dan Brouillette told Axios Wednesday.
Driving the news: The administration has taken a few narrow steps. But rumors have been rampant that the government was planning a drastic move ever since President Trump tweeted on April 21 that he ordered Brouillette and Treasury Secretary Steven Mnuchin to "formulate a plan which will make funds" available to the sector.
The Energy Information Administration has again cut its U.S. oil production forecast as companies curb output amid the price and demand collapse driven by the coronavirus pandemic.
Driving the news: The agency now sees production averaging 11.7 million barrels per day this year and 10.9 million in 2021.