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Petroleum In March, OPEC+ announced the extension of additional voluntary cuts of 2.2 million barrels per day through June, aimed at stabilizing and balancing the oil markets.  These voluntary cuts were in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.  Meanwhile, according to our International Energy Statistics, US crude oil production hit a record high in 2023, more than any nation at…

Record U.S. Oil Production and the Potential Impacts By Schenley N. Kent Domestic oil production in the U.S. reached a new record in November 2023, hitting 13.31 million barrels per day, according to data from the U.S. Energy Information Administration. In “Domestic Oil Production in U.S Reached Record Levels,” historical data shows that the new domestic oil production record set in November surpassed the previous record of 13.25 million barrels per…

PetroleumThe oil markets continued its hypersensitivity to geopolitical events in February as hostilities intensified in both the Red Sea and Russia increasing concerns over supply disruptions. Meanwhile, OPEC+ is expected to extend and/or deepen their production cuts into the 2nd Quarter, while non-OPEC production growth is expected to continue. Heating Oil:  The average price for a gallon of heating oil on the East Coast was $4.124 per gallon for February,…

BLM’s new mission: Protect landscape in West’s ‘sea of solar’ E&E News – February 1The Bureau of Land Management (BLM) is reviewing 20 major renewable energy projects — mostly solar — across the West that would cover as much as 193,000 acres of federal land, and generate 13,845 MW of electricity, or enough to power more than 4 million homes. BLM is working to site projects where natural resource conflicts are…

In recent times, the United States has experienced an intriguing phenomenon – notably low natural gas prices, despite the ongoing international conflicts in the Middle East. Traditionally, geopolitical tensions in this volatile region have been associated with increased energy prices globally. However, the current situation in the U.S. presents a unique scenario that demands a closer examination. Factors Contributing to Low Natural Gas Prices: Why the Situation May Change: The…

Load factor is an extremely useful calculated value that can help energy and facility managers spot data problems, metering problems, rate change opportunities, and mechanical electrical system control problems. What is load factor? How is it calculated? And how is it used? Simply stated, load factor is the ratio of highest actual kilowatt (kW) demand during the billing period to the maximum theoretical kilowatt hour (kWh) use, if demand remained…

On January 2, 2024, the New York Power Authority (NYPA) issued a request for information (RFI) on opportunities for NYPA to collaborate with developers to develop, own, and operate renewable energy generating projects and energy storage systems in New York State. Responses, which may be sent to NYPARenewables@nypa.gov, are due February 7, 2024. Per NYPA President and CEO Justin Driscoll, this RFI represents an effort to “engage with renewable developers directly to identify…

People who follow and forecast gas prices haven’t seen a truly “normal” year in a while. Next year could be that year. Pump prices fell dramatically in pandemic-plagued 2020, recovered in 2021 and spiked dramatically amid the Ukraine invasion and runaway inflation of 2022. By comparison, 2023 has unfolded somewhat more predictably at the pump, despite lingering inflation and war in the Middle East. Experts hope for even more stability in 2024,…

Over a year ago, New York City Mayor Eric Adams announced the “City of Yes”, a plan to update the City’s zoning tools to support small businesses, create affordable housing, and promote sustainability. On December 6, 2023, the first of this trio, known as the “City of Yes for Carbon Neutrality” zoning text amendments (“COYCN”) was officially approved by the City Council. The passage of COYCN marks a huge victory in…

New York awards 4 GW for largest state investment in new offshore wind sites The Maritime Executive – October 24New York State announced this week what it is calling the largest state investment in renewable energy with the conditional awards including three of the country’s largest proposed offshore wind farms as well as 22 land-based renewable energy projects representing a potential $20 billion in economic development investments. Included in the announcement…