Gas

Accounting for Biodiesel

April 22, 2009 -- Methyl Esters? No, it is not the name of the lead in a John Waters film, or of some gun-toting moll from 1940’s film noir. Methyl esters are more commonly known as biodiesel, a biomass-based fuel that is made from vegetable oils or animal fats. Biodiesel can be used in pure form (B100) or may be blended with petroleum diesel. Biodiesel and blends can be used in most modern diesel engines or burned as heating fuel.    » read more »

April 22, 2009 -- Colorado Governor Bill Ritter today ushered in a new era of energy development in Colorado, signing into law a bill that implements new oil-and-gas drilling guidelines.

"House Bill 1292 and the new guidelines will allow the industry to grow in a way that is sustainable and compatible with our entire economy," Gov. Ritter said. "These rules were shaped with valuable input from people all across the state and unanimously adopted by the Colorado Oil and Gas Conservation Commission. They strike the right balance, a balance that recognizes the importance of a healthy industry and the importance of healthy communities, water supplies and wildlife.    » read more »

April 15, 2009 -- Yesterday, EIA released the April 2009 Short-Term Energy Outlook (Outlook), that includes a detailed look at the forecast for transportation fuels during the upcoming summer. This summer driving season, defined as the period between April 1 and September 30, is expected to be very different from last year. Regular-grade motor gasoline retail prices are projected to average $2.23 per gallon this summer, down from $3.81 per gallon last summer.    » read more »

All Eyes on OPEC

Recently, EIA and other oil market forecasters have been paying close attention to how the Organization of the Petroleum Exporting Countries (OPEC) is adjusting to lower global oil demand and weaker oil prices brought on by the global economic recession. Crude oil prices are now almost $100 per barrel off their peak level last year, and most forecasters, including EIA, are projecting 2009 global oil demand to be over 1 million barrels per day (bbl/d) lower than in 2008.    » read more »

March 19, 2009 -- WASHINGTON, DC – Secretary of the Interior Ken Salazar today addressed the American Petroleum Institute’s board of directors. Below is the full text of his remarks as prepared:

Thank you, Larry, for that introduction. It is a pleasure to be with you today.

I also want to thank Jack Gerard, for helping bring this event together.

I am here today because you are important partners in America’s energy future. You and the men and women who work in the oil and gas industry help fuel our cars, heat our homes, and power our businesses. Oil and natural gas are, and will remain for many years to come, a cornerstone of our nation’s energy base.    » read more »

March 18, 2009 -- The production of non-crude liquids has traditionally been under-appreciated and sometimes even ignored, much like the treatment accorded to a utility infielder who sits on the bench as the superstar who plays third base and bats cleanup receives all of the attention. However, when that third baseman suffers a season-ending injury, the forgotten utility infielder immediately comes to the forefront. With crude oil (the superstar of the liquid fuels market) ailing, non-crude oil liquids have emerged into the limelight as an important component of world oil supply growth.    » read more »

March 16, 2009 -- DENVER, CO – The Department of the Interior will hold more than 40 major lease sales for oil and natural gas development on public lands this year, which are predicted to generate hundreds of millions of dollars in revenue for American taxpayers as well as billions of barrels of oil and trillions of cubic feet of natural gas to help meet the nation’s energy needs, Secretary of the Interior Ken Salazar said today.

Salazar is also establishing the development of renewable and alternative energy sources on U.S. public lands as a Departmental priority and as a component of a comprehensive national energy strategy that will help the U.S. reduce its dependence on foreign oil.    » read more »

GE’s ‘6F’ Natural Gas Engines Increase Output up to 10% and Electrical Efficiency up to 1% in Pilot CHP Plants in the Netherlands

JENBACH, AUSTRIA -- March 16, 2009 -- GE Energy is introducing a next-generation, ultra-efficient Jenbacher ‘Type 6’ gas engine to help European Union (EU) member states comply with a directive to install new industrial, commercial and residential cogeneration systems that boost energy efficiency while reducing local fossil fuel consumption and greenhouse gas emissions.    » read more »

March 16, 2009 -- BEIJING -- ExxonMobil Chemical Company announced today that it has made the final decision to build a technology center in Shanghai, China to provide product applications support for its growing business in the Chinese and Asian markets.

“Over the next 10 years, we expect roughly 60 percent of the world’s petrochemical growth to occur in Asia, and we are rapidly expanding our manufacturing footprint through major capacity additions in Fujian, China and Singapore," said Steve Pryor, president, ExxonMobil Chemical Company. "The decision to build a technology center in Shanghai reinforces our long-term commitment to China and the region. The new investment will support our growing sales of premium products by providing innovative solutions to customer needs.”    » read more »

March 11, 2009 -- A lot has changed over the last several months, here in Washington with the new Administration, and across the U.S. and the rest of the world as economic conditions continue to deteriorate. It has been the latter change that has impacted EIA’s short-term global oil market forecast. In the latest Short-Term Energy Outlook (STEO), just released yesterday, EIA is projecting 2009 global oil demand to be 3 million barrels per day lower than we projected as recently as six months ago, in our September 2008 STEO. Why have we changed our view of 2009 so dramatically in such a short time?    » read more »

Special Engine Design Helps Russian Producers Comply with New Anti-Flare Gas Legislation

JENBACH, Austria--11 March 2009-- GE Energy is supplying 12 of its Jenbacher gas engines to support Russian oil and gas producer Monolit LLC’s project to reduce emissions by utilizing previously wasted gas at a Western Siberian production facility. At the facility, the waste gas—or Associated Petroleum Gas (APG)—will be separated into liquefied natural gas and other “transportable” products (including propane, butane, and ethane) for the chemical industry.    » read more »

March 05, 2009 -- NEW YORK -- Exxon Mobil Corporation (NYSE:XOM) today announced plans to invest at record levels -- between $25 billion and $30 billion annually over the next five years -- to meet expected long-term growth in world energy demand.

“The global economy is currently experiencing a downturn, but at ExxonMobil we are focused on the long term,” Rex Tillerson, chairman and chief executive officer, said at an annual briefing for investment analysts at the New York Stock Exchange.    » read more »

The Bakken Formation Helps Increase U.S. Proved Reserves of Oil

This Week In Petroleum for January 28, 2009 noted that North Dakota had the Nation’s third largest increase in proved reserves of crude oil in 2007, 70 million barrels (17 percent). Most of this increase came from development of the Bakken Formation. What is the Bakken Formation and why does it matter?

What is the Bakken Formation?    » read more »

Are Gasoline and Crude Oil Price Patterns Actually Diverging?

Recently, we at EIA have received many inquiries about why gasoline retail prices have been rising compared to the New York Mercantile Exchange’s (NYMEX’s) reported price of crude oil. The national media have also run several prominent stories on this divergence in prices. In particular, EIA’s reported average retail price of regular gasoline in the United States rose from $1.61 to $1.96 between December 29th and February 16th. During the same period, NYMEX’s most reported price for crude oil was volatile, but had no clear upward trend. So what’s going on?    » read more »

Move will save taxpayers nearly a quarter-million dollars a year

February 18, 2009 -- HAMILTON - As part of a larger, continuing effort to cut bureaucratic costs and operate state government more cost effectively, New Jersey Governor Jon S. Corzine today shredded the first of more than 1,000 state-issued credit cards used by state employees to purchase motor fuel at commercial gas stations - a move that will yield significant savings by steering purchases to more economically priced, state-operated stations around New Jersey.    » read more »