Remove Cost Of Remove Gas Remove Oil Remove Price
article thumbnail

IEF, IHS Markit: deepening underinvestment in hydrocarbons raises specter of continued price shocks and volatility

Green Car Congress

Underinvestment in oil and gas development extended into a second year in 2021 even as global energy demand rebounded, raising the prospect of price shocks, scarcity and growing energy poverty, according to a new report by the International Energy Forum (IEF) and IHS Markit. Investment slumped by 30% in 2020.

Price 416
article thumbnail

Tesla is experiencing order rate increases in the U.S. because of soaring gas prices: report

Teslarati

Tesla is reportedly seeing increased order rates in the United States this week after soaring gas prices have helped some drivers transition to electric vehicles to avoid paying astronomical amounts at the pump. AAA data suggests the average cost of a gallon of gas is currently $4.318, up nearly 60 cents since last week and nearly $1.50

Gas 145
article thumbnail

Low oil prices hurting some US shale operations; slumping oil prices putting pressure on drillers

Green Car Congress

The number of active rigs drilling for oil and gas fell by their most in two months, according to the latest data from oil services firm Baker Hughes. There were 19 oil rigs that were removed from operation as of Oct. There are now 1,590 active oil rigs, the lowest level in six weeks.

article thumbnail

IHS Markit: conventional oil & gas discoveries at lowest levels in 70 years; major rebound unlikely

Green Car Congress

Conventional oil and gas discoveries during the past three years are at the lowest levels in seven decades and a significant rebound is not expected, according to a new report by global business information provider IHS Markit. —Keith King, senior advisor at IHS Markit and a lead author of the IHS Markit E&P trends analysis.

Oil 199
article thumbnail

Oil Well Strippers Suffering From Low Oil Prices

Green Car Congress

With OPEC breaking down and any kind of coordination among its members on price cuts looking increasingly unlikely, it now appears that oil prices could remain below $50 a barrel for a year or more. A stripper is a small operator of very old oil wells that frequently produce less than five barrels per day of oil.

article thumbnail

EY: oil & gas megaproject overruns to cost industry more than $500B

Green Car Congress

A new report by EY finds that 64% of multibillion-dollar, technically and operationally demanding oil & gas megaprojects continue to exceed budgets, with 73% missing project schedule deadlines. On average, current project estimated completion costs were 59% above the initial estimate. Source: EY Megaprojects oil and gas report.

Oil 311
article thumbnail

Study finds air pollution and GHG costs of crude-by-rail nearly 2x pipeline costs; much larger than spill and accidents costs

Green Car Congress

Researchers from Carnegie Mellon University and the University of Pittsburgh have found that the air pollution and greenhouse gas costs of shipping crude by rail are nearly twice as large as those for oil pipelines. Air pollution and greenhouse gas damages for transportation by railroad and pipelines to the gulf coast.

Pollution 230