Blockade costly for Iran ** According to Pentagon officials, over 40 vessels carrying oil and other contraband have been redirected by the US military since the blockade began on April 13th. The US Department of Defense estimates that Iran has lost nearly five billion dollars in oil revenue as a result of the US blockade of the Strait of Hormuz, …
Category: Oil & Gas
Oil prices tumbled Friday
A move by Iran to offer a proposal on negotiations with the U.S. sent crude oil prices falling on Friday. The decline was nearly 3% for prices in the U.S. Still, oil prices managed a gain for the week. Brent crude finished down $2.23 or 2.02% at $108.17 after soaring earlier in the week to …
Oil prices continue their climb
World oil prices surged Thursday to $125 a barrel, its highest level since March, then dropped as there was a mixture of news from the White House about the war with Iran. Brent crude, the global benchmark, dropped 3.3% and finally closed the day at $114.08 a barrel. West Texas Intermediate, the U.S. standard, …
Firm advances rare earth minerals
USA Rare Earth’s President Barbara Humpton says her firm’s recent $2.8 billion acquisition of a mining operation in Brazil will eventually make the company and its magnet producing operation in Stillwater a leader in the rare earth industry worldwide and reduce dependency on China. Interviewed Thursday on the Fox program, Mornings with Maria, she …
OGE wins Google contracts
OG&E, the operating subsidiary of locally-headquartered OGE Energy Corp., announced that it will power three new data centers that Google announced in Muskogee and Stillwater last year. Google promised to pay its share of the power generation. The data centers and associated Electric Service Agreements will provide economic growth for local communities and the …
Energy briefs–oil prices soar again
Oil prices hit $125 early Thursday US talks Strait of Hormuz ** The US is pushing for other countries to form an international coalition to restore freedom of navigation in the Strait of Hormuz, according to a State Department cable seen by Reuters. ** At least six ships – a fraction of the usual traffic …
Power talks underway
Even as Public Service Company officials defended their plan for expanded electric power production in the state before state regulators this week, they faced pressure to supply power to the controversial $4 billion aluminum smelter proposed in Inola. Their plan carries an estimated cost of $1.2 billion to $3.2 billion. Oklahoma manufacturing executive Ryan Plotkin, …
Lankford defends tax cut
Oklahoma U.S. Sen. James Lankford defends a bill he is co-sponsoring to cut taxes on gasoline costs, even though the measure would also eliminate a tax that helps finance cleanup of Superfund sites in Oklahoma and other states. “If this bill passed, it would help bring gas prices lower without compromising health or safety,” he …
Oilfield thieves hit Oklahoma
Oil field thefts are being reported in northeast Oklahoma’s Osage County and the sheriff’s office wants some public help in finding the culprits. The thefts don’t involve oil but rather oilfield equipment, as the Osage County Sheriff showed this week in a Facebook posting. The social-media posting indicated the thefts happened at oilfield locations in …
Mitchell talks energy with Jerry Bohnen—a plus side of data centers?
https://www.facebook.com/reel/1653970085744859 Could Oklahoma reap the rewards of all the data center pushback happening in OTHER regions across America? We’ll explain how in this edition of Mitchell talks energy with Jerry Bohnen. . Plus an explanation of the current drama playing out right now at the corporation commission over electricity rate hikes.