Episode 143 - Biden Revokes Oil Drilling Permits for Additional Review | GM EV powered by coal | Exxon, Chevron CEOs Discussed Merger

Biden Revokes Oil Drilling Permits for Additional Review

https://finance.yahoo.com/news/biden-yanks-just-approved-drilling-174208569.html

- If you thought you were in the clear because you got your permit in before the Jan 20 EO, sorry. Permits issued without the extra political review are invalid.

- 33 permits for wells in the Gulf of Mexico have to sense drilling pending the political review

- Pretty substantial risk

Canadian rails see crude increasing on Keystone XL cancellation, DAPL uncertainty

https://www.spglobal.com/platts/en/market-insights/latest-news/oil/012921-canadian-rails-see-crude-increasing-on-keystone-xl-cancellation-dapl-uncertainty

- Make crude by rail great again!

- So can rail companies now argue that crude by rail is the “environmentally safe” option compared to pipelines?

GM aims to end sale of gasoline, diesel-powered cars, SUVs, light trucks by 2035

https://www.reuters.com/article/us-gm-emissions/gm-aims-to-end-sale-of-gasoline-diesel-powered-cars-suvs-light-trucks-by-2035-idUSKBN29X2AY

https://twitter.com/lawyer4laws/status/1354526622460891137?s=21

- 95% coal

- ground the private jets to save the planet

Exxon, Chevron CEOs Discussed Merger

https://www.wsj.com/articles/exxon-chevron-ceos-discussed-merger-11612126203

- Let’s get the band back together!

- Standard Oil Trust was broken up in 1911 into Standard Oil of New Jersey (Exxon), Standard Oil of New York (Mobil), Standard Oil of California (Chevron), Standard Oil of Ohio, etc. etc.

- Floating idea for traction

- Would it help deal with regulatory burden from Biden admin

OPEC+ Sees Almost Full Oil-Cuts Compliance in December

https://news.yahoo.com/opec-sees-almost-full-compliance-163554530.html

- China’s transportation numbers for lunar New Year now make Saudi ‘surprise’ cut seem prescient.

Nuisance Laws an Ineffective Way to Hold Big Oil Accountable for Climate Change

https://news.bloomberglaw.com/environment-and-energy/nuisance-laws-an-ineffective-way-to-hold-big-oil-accountable-for-climate-change

- Supreme Court heard arguments on whether these lawsuits should be heard in federal court or state court. WIll probably be dismissed if they go to federal court.

Russia Cuts Crude Exports to Avoid Fuel Shortage

https://www.energyintel.com/pages/eig_article.aspx?DocID=1096531

Fossil fuel transition: Expect oil price spikes as capital investment declines

https://www.worldoil.com/news/2021/1/29/fossil-fuel-transition-expect-oil-price-spikes-as-capital-investment-declines

- Total global investment into oil and gas exploration and production fell by 34% last year to $261 billion, the lowest since 2004

- Annual investment needs to be 25% higher over the next three years to stave off a supply crisis, the report estimated

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