Regulatory – Oil & Gas 360

Exclusive-Biden administration will not finalize clean fuel tax credit guidance

December 3, 2024

(Investing) – Biden administration officials will not finalize highly anticipated guidelines on new clean fuel production tax credits aimed at the airline and biofuel industries before they leave in January, three sources told Reuters, casting doubt on the future of a key piece of the U.S. president’s climate agenda. The tax credit, the engine behind President Joe Biden’s ambitious plan to

Countries fail to reach agreement in UN plastic talks

December 2, 2024

(Investing) – BUSAN, South Korea -Countries negotiating a global treaty to curb plastic pollution failed to reach agreement on Monday, with more than 100 nations wanting to cap production while a handful of oil-producers were prepared only to target plastic waste. The fifth U.N. Intergovernmental Negotiating Committee (INC-5) meeting intended to yield a legally binding global treaty in Busan, South Korea,

API CEO pens letter to Trump outlining critical factors for American energy success

November 19, 2024

(World Oil) – Today in Newsweek, API President and CEO Mike Sommers outlines how the next administration and new Congress can advance commonsense energy policies that work for all Americans. Strength in leadership, homegrown production and upholding consumer choice are among his top points to consider. Dear President-elect Trump: “There were many surprises in the 2024 election. But one thing

Dig, baby, dig? New mining legislation introduced

November 14, 2024

(Oil & Gas 360)—Bipartisan legislation introduced by Senators John Hickenlooper (D) of Colorado and Thom Tillis (R) of North Carolina has recently brought some welcome news to America’s beleaguered domestic mining industry. The National Critical Minerals Council Act aims to foster partnerships with allied nations and private companies on critical mineral projects to reduce U.S. reliance on foreign rivals. As

API sends letter to President-elect Trump, outlines Five-Point Roadmap for energy policy

November 14, 2024

(World Oil) – The American Petroleum Institute (API) has released a new policy roadmap for the incoming Trump administration and next Congress to secure American energy leadership and help reduce inflation. Beginning with an open letter to President-elect Trump, the five-point policy roadmap details concrete steps Washington can take in 2025 and beyond to protect consumers, bolster geopolitical strength, leverage

Oil, gas companies told to cut emissions by one-third under planned cap

November 4, 2024

(BOE Report) – OTTAWA – Oil and gas producers in Canada will be required to cut greenhouse gas emissions by about one-third over the next eight years under new regulations being published today by Environment Minister Steven Guilbeault. The regulations, still only in draft format and about two years behind schedule, could further strain relations between Ottawa and the Alberta government

New Mexico studies oil drilling restrictions that would hit output, revenue

October 25, 2024

(Investing) – NEW YORK – New Mexico, the second-largest oil-producing state in the U.S., is studying new restrictions on drilling that would hit up to 5.4% of its future crude output and result in billions of dollars in lost revenue, the state’s chief economist said this week in a report. The study examined proposed setbacks – or restrictions on how close

Oil industry clashes with California’s regulatory environment

October 22, 2024

(Oil Price) – On October 16, 2024, the refiner Phillips 66 announced that it will cease operations at its Los Angeles-area refinery in the fourth quarter of 2025. This announcement came a few days after California Governor Gavin Newsom signed a new law placing additional regulations on refineries. The closure will affect approximately 600 employees and 300 contractors that currently work at the

$Hilcorp fined $9.4M in first settlement for fracing violations under new standards- oil and gas 360$

Hilcorp fined $9.4M in first settlement for fracing violations under new standards

October 21, 2024

(World Oil) – Hilcorp Energy Co., the privately held oil producer run by billionaire Jeff Hildebrand, will pay a $9.4 million civil penalty for failing to reduce emissions of methane and volatile gases in New Mexico. It’s the first settlement to address violations from fracing under the Clean Air Act’s New Source Performance Standards, the Department of Justice and Environmental

Federal Trade Commission targets another O and G CEO

October 7, 2024

(Oil & Gas 360) – The proposed $50 billion+ merger between Hess and Chevron is attracting the Federal Trade Commission’s (FTC) attention. John Hess, CEO of the Hess Oil Company, is the latest oil and gas CEO to face Federal Trade Commission allegations involving what it contends were improper communications with the Organization of Petroleum Exporting Countries (OPEC). The FTC contends

US Supreme Court declines to pause EPA mercury, methane rules

October 4, 2024

(CNBC) – Washington — The Supreme Court on Friday allowed the Environmental Protection Agency to continue enforcing for now a new rule that set more stringent standards on emissions of mercury and other toxic metals from coal-fired power plants. The court declined a request for emergency relief sought by nearly a dozen states and the energy sector, which had argued the EPA’s new standards

BREAKING NEWS: Hess CEO will not join Chevron’s board following $53 billion merger in deal with FTC

September 27, 2024

(World Oil) – Chevron Corp. agreed that Hess Corp. Chief Executive Officer John Hess won’t join the company’s board as part of an agreement with the U.S. Federal Trade Commission, allowing the companies’ merger to proceed, people familiar with the matter said. The condition allows Chevron to move forward with its $53 billion acquisition of Hess, said the

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