Latest news with #oilindustry
Bloomberg
3 hours ago
- Business
- Bloomberg
Brazil Seeks $6.2 Billion From Oil Industry to Shore Up Finances
Brazil's energy ministry has proposed measures to raise around 35 billion reais ($6.2 billion) from the oil industry over the next two years to help the government meet its fiscal targets. On Monday, Mines and Energy Minister Alexandre Silveira presented measures to President Luiz Inacio Lula da Silva that include selling oil exploration licenses and a review of the reference prices used to calculate oil taxes, the ministry said in a message. If approved, it would be an alternative to a controversial increase in tax rates on some financial transactions.
The Sun
16 hours ago
- Business
- The Sun
Farage blasts ‘net stupid zero' for destroying jobs and pledges to ‘save' UK gas ahead of showdown Scottish by-election
NIGEL Farage today blasted "net stupid zero" for obliterating the UK's oil industry, ahead of a showdown Scottish by-election on Thursday. The Reform chief drew battle lines against the SNP as he warned Scotland is "literally de-industrialising before our eyes". 3 3 3 In Aberdeen Mr Farage slammed the nats, led by First Minister John Swinney, for sacrificing an entire industry and thousands of jobs at the alter of green diktats. He claimed neighbouring Norway is "laughing" as it watches ministers import Scandinavian fossil fuels while dismantling local industry. Against the shouts of protesters, at a posh fish and chips restaurant the Reform leader said: "We can con ourselves as much as we like. "There will be more coal burned this year than ever before in the history of human kind. The same applies to oil and gas. 'Even the most adren proponent of net zero has to accept the world will still be using oil and gas up until 2050 and beyond. 'And yet we've decided to sacrifice this industry as a consensus around Net Zero has emerged.' Mr Farage added that the fight to save oil and gas is "almost the next Brexit". He said: 'Believe me, the scales are falling from the eyes of the public when it comes to Net Zero. "They realise we are putting upon ourselves a massive cost, let alone the opportunity cost of what we're missing... 'When we closed down refineries.. and steelworks... all we're doing is exporting the emissions of CO2 with the goods then being shipped back to us. 'The public are waking up to this." It comes ahead of a Hoylrood by-election in Hamilton, Larkhall and Stonehouse on Thursday, described by Reform Deputy Leader Richard Tice as an "absolute cat fight" with the SNP and Labour. Mr Farage acknowledged it would be an "earthquake" level shock if Reform's candidate wins the seat. But activists have reported being surprised at levels of support on the doorstep. Mr Farage insisted the Reform "can replicate success in Scotland". He said: 'Scotland has not had much resource but has some very energetic organisers, some great new talent, and real world experience. I don't see any reason we can't do the exact same thing. 'I accept the SNP has a very solid baseline vote. The Conservative party in Scotland has withered... and the conditions for the Labour vote in many parts of Scotland are not dissimilar ro County Durham. 'I'm very optimistic we can make a big run at the Scottish parliament next year.'
Bloomberg
20 hours ago
- Business
- Bloomberg
Norway Takes Drone Inspections of Offshore Oil Platform to a New Level
A major Norwegian oil field is taking the industry's use of drones for safety inspections to a new level, with a permanently installed aircraft that's operated remotely from the shore. From a control room in Norway's oil capital of Stavanger, pilots are performing drone inspections of the Edvard Grieg platform some 180 kilometers out at sea. The technology is a step toward fully autonomous inspections, requiring fewer workers to be sent offshore, according to its operator Aker Solutions ASA.
CBS News
a day ago
- Business
- CBS News
Benicia prepares for possible closure of Valero refinery, its largest employer and top taxpayer
The city of Benicia is bracing for a major economic shift as it prepares for the possible closure of the Valero Refining Company, the city's largest employer and primary source of tax revenue. "Valero represents in direct contributions to our economy between $10 and $12 million a year," said Benicia Mayor Steve Young. That amount accounts for roughly 20% of the city's $60 million annual budget. If Valero shutters its operations next year, the financial hit could be even greater, as other businesses that depend on the refinery, such as restaurants, hotels, and service providers, may also be forced to close. "They'll be impacts to restaurants and hotels," Young said. "Charitable contributions — they give a couple of million bucks a year to non-profits, sports teams." With potential cuts to city programs and staff on the horizon, Mayor Young is working to explore alternatives to replace the lost revenue. He's also lobbying to delay the refinery's closure. "What I'm trying to do is buy some time," he explained. "If we can delay this closure for three years and give ourselves a chance to start talking about what comes next and what type of development would be best to try to replace what's happening here and continue to operate and give us some revenue in the meantime, that would be the best of all worlds. But it's sort of out of our hands." Benicia is not alone in its complex relationship with the oil industry. Like other refinery communities such as Richmond and Martinez, Benicia residents have long balanced economic benefits with concerns about environmental and public health risks. Marilyn Bardet, a founding member of the Good Neighbor Steering Committee and the Benicia Community Air Monitoring Program, has spent years holding Valero accountable to environmental regulations. "I believe there will be pain," Bardet acknowledged. "But I believe that out of that situation comes really strong feelings for what is our community about." Bardet believes the refinery's closure could ultimately benefit public health. "Our community will be healthier," she said. "Our children will not have as much asthma. The cancer rates may, over a generation, begin to decrease." Still, many in the community are worried about the economic consequences of losing hundreds of high-paying jobs. Some blame city officials and environmental advocates for pushing Valero out. "[Valero is] a benefit for the area," said supporter William Fisher. "And also, there's going to be quite a bit of job loss involved." Mark Felsoci, a longtime worker at the refinery, said in April that many employees have been able to support their families and send their children to college thanks to their jobs at Valero. "Some people just are going to be out of a job because there's not enough places to fill the gaps," Felsoci said. Mayor Young said he's in conversations with both state officials and Valero in hopes of finding a solution, but he is also preparing the city for what lies ahead. "We're a vibrant and resilient community. And we are going to get through this," he said. "We're not going to be declaring bankruptcy or do anything like that." Valero isn't the only oil company planning to shut down operations in California. Phillips 66 has also announced its intention to close its Los Angeles refinery by the end of this year. Experts warn that refinery closures could contribute to higher gas prices across the state. Governor Gavin Newsom and the California Energy Commission are currently working with both companies to explore compromises that would minimize disruptions for both drivers and local economies. The developments follow increasing regulatory pressure on the oil industry. Last year, the Bay Area Air Quality Management District issued its largest-ever penalty against Valero's Benicia facility — an $82 million fine for repeated toxic chemical releases and other violations.
Yahoo
a day ago
- Business
- Yahoo
New Law Aims To Protect Texas Oil And Gas Industry From Lawsuits
(The Center Square) – Both of Texas' U.S. senators and one congressman, all from Houston, have filed a bill to protect the oil and natural gas industry. Texas Republicans U.S. Sens. Ted Cruz and John Cornyn filed the Protect LNG Act in the Senate; U.S. Rep. Wesley Hunt, R-Texas, filed companion legislation in the House. 'American energy has the ability to metaphorically and literally power the world, and Texas is the lead exporter of U.S. LNG,' Cruz said. 'Those achievements have been under attack by fringe environmental groups, who use and are enabled by politicized courts. This legislation counters such attacks, and I'm proud to lead the fight to protect energy producers, the jobs they create in Texas, and America's energy leadership. The Senate should expeditiously take it up and pass it.' The bill would prevent courts from halting liquified natural gas (LNG) permits when a lawsuit is filed and require that the cases only be filed in the circuit court jurisdiction where the LNG facility is located, not the location of a federal agency that issues the requested permits. It specifically stipulates that 'a civil action relating to an environmental review under the Natural Gas Act or National Environmental Policy Act of 1969 with respect to a covered facility shall not affect the validity of a permit, license, or approval issued to the covered facility that is the subject of the civil action,' according to the bill language. It states that if a civil action is brought, the applicable court 'shall not set aside or vacate the permit, license, or approval issued to the covered facility but instead remand the matter to the relevant Federal agency to resolve the violation.' It also would establish a 90-day period for lawsuits to be filed after an LNG permitting notice is published in the Federal Register and require expedited review of lawsuits against LNG facilities. 'Oil and natural gas production employs hundreds of thousands of hardworking Texans and is a critical part of the Texas economy, as well as our nation's energy sector as a whole,' Cornyn said, adding that the bill will 'help protect energy projects across our country from lawsuits that far-left climate activists file in an attempt to hamstring American energy.' 'Natural gas is the most impactful green initiative on the planet – it has the power to lift entire nations and communities out of poverty,' Hunt said. 'Yet sadly, natural gas and LNG have been weaponized by the radical left and the climate cartel, driving up energy costs for hardworking Americans – just as we're still reeling from the disastrous effects of Biden-flation.' The bill was filed after both Republicans and Democrats called on the Biden administration to rescind its ban on new LNG permits, The Center Square reported. It also comes after the U.S. Court of Appeals for the D.C. Circuit in March reinstated approvals for LNG projects for Rio Grande LNG and Texas LNG Brownsville. The court previously vacated permits for both projects last August. It's decision last year jeopardized 7,000 high-paying jobs and $24 billion in investment in the Rio Grande Valley and delayed a project by nearly 10 months. If enacted, the bill would prevent a ruling like that from happening again. Cruz and Cornyn previously introduced the Protect LNG Act last year, which went nowhere in the Democratic-controlled Senate. The U.S. leads the world in LNG exports, led by the Gulf states of Texas and Louisiana. In 2017, the U.S. became a net exporter of natural gas for the first time since 1957, 'primarily because of increased LNG exports,' according to the EIA. The U.S. became a net exporter after Cheniere Energy was the first to export domestically sourced LNG from the Sabine Pass LNG Terminal in Cameron Parish, Louisiana, and from the Port of Corpus Christi in Texas, The Center Square . Nearly 25% of U.S. natural gas reserves are located in Texas and 30% of the largest hundred natural gas fields in the U.S. are in Texas, which leads the U.S. in oil and natural gas production and emissions reductions, The Center Square . The U.S. LNG industry 'contributes a whopping $43.8 billion toward the U.S. GDP, and generates $11 billion in tax and royalty revenues for local, state and federal governments,' The Center Square .
