Exxon Guyana Slap at Chevron Highlights Supply Security Importance
OilPrice.com
by Irina Slav
39m ago
When Chevron announced it had struck a deal to acquire Hess Corp. for $53 billion last year, it was seen as yet another move by a supermajor to secure future oil supply at reasonable production cost. Just how important securing this supply is not only for Chevron but for its peers became clear last week, when Exxon surprised many with the warning that it could make the deal meaningless by exercising a right of first refusal stipulation in its Guyana partnership with Hess Corp. Without Guyana, Chevron has signaled, there would be little ..read more
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U.S. Seeks Semiconductor Supremacy with New Funding Initiatives
OilPrice.com
by Felicity Bradstock
3h ago
As it accelerates its green transition, the U.S. is looking to become a major player in the international semiconductor market, to become more competitive with Asia, the world’s biggest producer and consumer. The 2022 bipartisan CHIPS and Science Act introduced a high level of public funding for research and manufacturing into semiconductors in the U.S. This supports the overarching aims of establishing the country as a major manufacturing hub and strengthening the supply chains that aid the green transition. Now, some government representatives ..read more
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Breakthrough Biotech Paves Way for Green Fuel Production Boom
OilPrice.com
by Brian Westenhaus
4h ago
A new University of California – Riverside (UCR) study found that introducing a simple, renewable chemical to the pretreatment step can finally make next-generation biofuel production both cost-effective and carbon neutral. The first step, breaking down the plant matter has always been the hardest when it comes to making fuel from plants. For biofuels to compete with petroleum, biorefinery operations must be designed to better utilize lignin. Lignin is one of the main components of plant cell walls. It provides plants with greater structural ..read more
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Is It Time To Ditch Tech Stocks for Gold?
OilPrice.com
by OilPrice.com
7h ago
Via SchiffGold.com This week Peter covers the highlights of the last few weeks of volatile trading, paying special attention to Nvidia, Wall Street’s favorite AI stock, and Newmont Corporation, a heavy hitter in the gold mining industry. Both companies’ shares experienced dramatic price action, with NVDA gaining $260 billion in market cap and pulling the market up after an excellent earnings report. Newmont, on the other hand, saw shares fall 7% after a disappointing last quarter.  Peter explains how monetary policy influences ..read more
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How China Emerged as a Winner in the Shadow of the Ukraine War
OilPrice.com
by RFE/RL staff
9h ago
The war in Ukraine is still grinding on but has entered something of a stalemate, with minimal movement on the battlefield. But after two years of war, how has China managed to gain from the war in Ukraine? Finding Perspective: While Chinese leader Xi Jinping may be feeling some anxiety over slow economic growth and a slumping property market at home, there's plenty of reasons to believe that he's feeling emboldened abroad. For starters, China is not at war, it is not geopolitically isolated, and it has been able to gain from the broader fallout ..read more
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Is This the Death of the American Penny?
OilPrice.com
by OilPrice.com
1d ago
Via SchiffGold.com, It’s no surprise to readers of this site that metals are often worth more than fiat currency. Gold, silver, and other precious metals are known for their value. But sometimes fiat currency can’t even compete with zinc. The US penny, which is primarily made of zinc, costs roughly three cents to produce and is only worth one cent according to the federal government. This is the opposite of what has happened historically. Generally, governments produce currency that is worth far more than the cost of producing it. Imagine ..read more
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EU Mulls Extending Steel Safeguard Measures Amid Flood of Imports
OilPrice.com
by Metal Miner
1d ago
Via Metal Miner The European Commission, the executive body of the European Union, is due to examine a request to extend a 25% safeguard on a range of steel imports. Steel news reports that the EC received a request from 14 member states of the 27-member bloc on January 12. This request aimed to establish if an extension of the current safeguard measure and its prospective timeline would be necessary. “The request contains sufficient evidence suggesting that the safeguard measure continues to be necessary to prevent or remedy serious injury ..read more
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Mysterious Power Outage Paralyzes Tajikistan
OilPrice.com
by OilPrice.com
1d ago
Entire swathes of Tajikistan were left without electricity for around three hours on March 1 amid what appears to have been a major technical malfunction. Households in the capital, Dushanbe, reported power outages at around 11 a.m. local time. Electricity supplies were restored three hours later. Many homes were left without heating and hot water, both of which are supplied by means of a centralized system. After weeks of unseasonably warm weather, daytime temperatures in Dushanbe have in recent days slipped to near or below freezing. This has ..read more
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Russia’s Rosneft Moves to Sell its German Refinery Assets
OilPrice.com
by Charles Kennedy
1d ago
Russia’s state-controlled oil giant Rosneft has launched a sales process seeking to divest its German assets, which include a majority stake in a major refinery that is currently under German trusteeship, a spokesperson for Germany’s economy ministry told Bloomberg on Friday. In September 2022, a few months after the Russian invasion of Ukraine, Germany put the local business of Russia’s Rosneft under trusteeship, handing control over the Schwedt refinery to the country’s energy market regulator.   “With ..read more
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U.S. Oil Drilling Gets Another Bump As WTI Soars To $80
OilPrice.com
by Julianne Geiger
1d ago
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 3 to 629 this week, compared to 749 rigs this same time last year. The number of oil rigs rose by 3 this week after falling by 1 in the week prior. Oil rigs now stand at 506--down by 86 compared to this time last year. The number of gas rigs fell again this week by 1 to 119, a loss of 35 active gas rigs from this time last year. Miscellaneous rigs rose by 1 to a total ..read more
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