• 8 hours OPEC, Russia Said To Announce Oil Pact Extension On Nov 30
  • 11 hours Wintershall And LetterOne In Talks For $12B Oil, Gas Merger
  • 13 hours India Exempts State Oil Firms Mergers From Competition Approval
  • 15 hours Turkey Targets $5B Investment In Wind Energy By End-2017
  • 17 hours Weatherford Looks To Sell Assets To Ease Some Of $8B Debt
  • 18 hours OPEC Set To Move Fast On Cut Extension Decision
  • 20 hours Nigeria Makes First Step Away From Oil
  • 1 day Russia Approves Profit-Based Oil Tax For 2019
  • 1 day French Strike Disrupts Exxon And Total’s Oil Product Shipments
  • 2 days Kurdistan’s Oil Exports Still Below Pre-Conflict Levels
  • 2 days Oil Production Cuts Taking A Toll On Russia’s Economy
  • 2 days Aramco In Talks With Chinese Petrochemical Producers
  • 2 days Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 2 days Maduro Names Chavez’ Cousin As Citgo Boss
  • 2 days Bidding Action Heats Up In UK’s Continental Shelf
  • 2 days Keystone Pipeline Restart Still Unknown
  • 2 days UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 3 days Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 3 days Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 3 days German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 3 days Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 3 days Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 4 days Oil Prices Rise After API Reports Major Crude Draw
  • 4 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 4 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 4 days Statoil Looks To Lighter Oil To Boost Profitability
  • 4 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 4 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 4 days Whitefish Energy Suspends Work In Puerto Rico
  • 4 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 4 days Thanksgiving Gas Prices At 3-Year High
  • 4 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 5 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 5 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 5 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 5 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 5 days ConocoPhillips Sets Price Ceiling For New Projects
  • 7 days Shell Oil Trading Head Steps Down After 29 Years
  • 7 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 8 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
Alt Text

EVs Won’t Stifle Oil Demand Anytime Soon

There will be 280 million…

Alt Text

The Undisputed Leader Of Tomorrow’s Oil & Gas Markets

According to the Executive Director…

Alt Text

The Surprise Winners Of The Oil Price Rally

The recent rally in oil…

This Week in Energy - Billionaires Secretly Funding Climate Denial Think Tanks

This Week in Energy - Billionaires Secretly Funding Climate Denial Think Tanks

The shocking news this week (at least to the Guardian) is that secret funding helped build a vast network of climate denial think tanks.

The Guardian reports that “conservative billionaires used a secretive funding route to channel nearly $120 million to more than 100 groups casting doubt about the science behind climate change.”

The key objective: to “redefine climate change from neutral scientific fact to a highly polarizing ‘wedge issue’ for hardcore conservatives.”

Various media outlets have been discussing this for some time, and certainly no one is surprised. But the Guardian article paints this in a different light. It’s not talking about the obvious “visible” funding for anti-climate change camps provided by the Koch brothers or the oil industry in general. This is apparently a new tunnel of funding and an additional $120 million that has remained secret until now. These funds, says the Guardian, were routed through the Donors Trust and the Donors Capital Fund out of the northern Virginia suburbs of Washington, DC. The express purpose of these trusts was to ensure that donors’ money would never be used for “liberal” causes.

And there is another big money issue that has raised a new debate: Obama’s proposal to fund clean-energy research with fees paid by oil and gas producers. The point of Obama’s “Energy Security Trust” may seem cynical to some as it essentially means a lot of drilling today for a cleaner energy future tomorrow. The main idea—announced in the State of the Union address—is to use $200 million in royalties from drilling on federal land to pay for renewable energy development. Over 10 years, this Energy Security Trust would spend $2 billion. The oil and gas industry can’t really complain—it’s a sign that more federal lands will become available, and fast, for drilling. Clean energy advocates also seem to find the plan logical. It’s not a novel idea, actually. Republicans have pursued it before. Congress is likely to agree.

This week also saw the second company convicted of crimes stemming from the 2010 Gulf of Mexico oil spill. Swiss drilling contractor Transocean entered a guilty plea on Thursday before a US district court in New Orleans. The company pleaded guilty to a misdemeanor charge of violating the Clean Water Act for negligently discharging oil into the Gulf. The negotiated settlement includes a $400 million penalty and five years of probation. Transocean also agree to pay a $1 billion civil penalty. Transocean was not facing charges related to the death of 11 workers killed in the Deepwater Horizon accident. Earlier this month, BP Plc, the prime operator involved in the oil spill, pleaded guilty to 14 criminal charges, including manslaughter. BP will pay a $4 billion fine and serve five years on probation. It will also pay a separate $525 million fine related to securities violations. The civil trial for the oil spill will begin on 25 February.

In Syria, rebel forces claimed on Thursday to have captured the town of Shadadah in the Hasaka province and to have taken control of a nearby oil field. This offensive was allegedly conducted with heavy reliance on the Nusra Front, which is a Salafi-Jihadist group supported by Qatar. Rebel forces are moving closer to Aleppo, where they are intent on taking control of the airport and cutting off Assad’s supply chain that runs from Aleppo to Damascus and then in a triangle towards the coast, with Lebanon’s borders nestled dangerously in between. Rebel forces have been trying to capture the Aleppo airport for nearly a month but are out-gunned by regime warplanes.

This week we also had a chance to speak with the CEO of Canada’s Aroway Energy (ARW), Chris Cooper, who offers a different take on the global game for junior oil and gas companies.  At a time when juniors are risking a lot in volatile venues in the Middle East and Africa, Aroway is planting its feet firmly in homeland soil and in conventional plays. For the smaller juniors, Cooper says this is not a long-term game, and blowing all you’re capital to drill a single unconventional well in a risky frontier won’t pay off. He says Canada still has plenty to offer juniors, and the end game is after all merger and acquisition.

Today’s special report is taken from the Opportunities section of Premium and takes a look at the various opportunities in water tech. You can see the full report below.

Finally, if you haven’t had a chance to check out our Premium Newsletter offerings, this is the week to do so. Dan Dicker, trader extraordinaire, gives us some exclusive tips on two hot stocks that are a must-buy for investors. It comes out this weekend, be sure not to miss it.

You can find out more about our premium publication and our free 30 day trial by clicking here.

One of our current subscribers sent in a testimonial relating to our premium service on Tuesday I thought you may find interesting:

Your publication Oil & Energy Insider is the best that I have seen anywhere. It provides concise key data and professional, original opinions that gives me an immediate advantage over my peers, as well as a detailed insight into the trends to come.
                                                      Prof.-Dr. Thomas Fletcher Grooms, Ph.D., M.B.A.
                                                          President, Academy of Market Intelligence

For more information on premium please visit the following link: http://oilprice.com/premium




Back to homepage


Leave a comment

Leave a comment




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