• 9 hours Russia Approves Profit-Based Oil Tax For 2019
  • 13 hours French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 15 hours Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 17 hours Oil Production Cuts Taking A Toll On Russia’s Economy
  • 19 hours Aramco In Talks With Chinese Petrochemical Producers
  • 20 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 22 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 1 day Bidding Action Heats Up In UK’s Continental Shelf
  • 1 day Keystone Pipeline Restart Still Unknown
  • 2 days UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 2 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 2 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 2 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 2 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 2 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 3 days Oil Prices Rise After API Reports Major Crude Draw
  • 3 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 3 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 3 days Statoil Looks To Lighter Oil To Boost Profitability
  • 3 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 3 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 3 days Whitefish Energy Suspends Work In Puerto Rico
  • 3 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 4 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 4 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 4 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 4 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 4 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 4 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 7 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 7 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 7 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 7 days Venezuela Officially In Default
  • 7 days Iran Prepares To Export LNG To Boost Trade Relations
  • 7 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 7 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 8 days Rosneft Announces Completion Of World’s Longest Well
Alt Text

Is China Heading Toward An Energy-Debt Crisis?

China’s influence is often overlooked…

Alt Text

Who's Next? Venezuela's Collapse Puts These Nations At Risk

While investors have been ignoring…

Alt Text

Saudi Oil Exports Fall To Six-Year Low In September

Saudi crude exports in September…

Energy Catalyst: The Power of Mother Nature

Energy Catalyst: The Power of Mother Nature

There is nothing like a major hurricane on the eve of a US presidential election to ensure that energy is highlighted as a make-or-break issue for voters, and to force the candidates to get very specific.

This confluence of events will reverberate across a variety of sectors and issues, from climate change and renewable energy policy to electricity distribution and emergency response systems, all the way to insurance policy and the balance of power between the federal and state governments and the public and private sector.

This is Mother Nature’s power, and her timing could not be more informing.

The climate change debate tends to resurface rather strongly in the event of a major weather incident, and certainly Mother Nature in this case manages to score points for the climate change “alarmists”. From a campaign perspective, then, Hurricane Sandy is likely to boost Obama’s policy of investing federal money into new technologies apparently designed to reduce climate change.

From here, though, the biggest dilemma is for insurance companies, for whom Hurricane Sandy forces a decision: Whether to invest in technologies that would reduce climate change and hence possibly the risk related to severe weather incidents; or whether to hedge their bets that these severe weather incidents are just natural patterns unrelated to man-made climate change and hence unavoidable. It’s a big decision, as Hurricane Sandy could cost them some $20 billion.   

Related Article: Hurricane Sandy: Litmus Test for America's Utilities

The question of federal vs state authority becomes a very specific campaign issue in the face of Hurricane Sandy,  with Republican candidate Mitt Romney unsure how to respond to the traditional Republican stance that state’s should have more power. In the face of Hurricane Sandy, the public is likely more comfortable knowing that the Federal government is responsible for emergency action, though the Republicans would like to see states given first-responder status.  The Democrats are arguing that the Federal government must come to the aid of the states hit by Hurricane Sandy. The end game here is all about budgets and limits.

While there are a few areas for Obama to score points here, his administration is certainly being held under more scrutiny as everyone watches the emergency response time and methods closely.

A shortage of fuel, despite the Federal Emergency Management Agency (FEMA) efforts, is only adding to the anger of drivers already disillusioned over high gas prices. According to media reports, FEMA contracted out 24 million gallons of fuel and sent 230 fuel trucks into New York and New Jersey where they were to be distributed by the National Guard. However, the shortages are apparently still being felt and there seems to be some confusion as to where the FEMA fuel has actually gone. The National Guards say they are out of gas and still waiting for FEMA deliveries.

As of yesterday, the number of homes and business still without power after Hurricane Sandy was about 1.9 million. This is positive news, as it’s down from 2.5 million the day before. How this is perceived by the public is another question. As it stands, it’s still lights out for one-quarter of the population of New Jersey, and one-tenth of New Yorkers.

By. Jen Alic of Oilprice.com




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News