 Energy & Environment |
Energy & Environment |
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PRESENTED BY CANADIAN ENERGY CENTRE |
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Gas prices rise after OPEC+ cuts production |
OPEC+ nations announced oil production cuts over the weekend, a move that'll send gas prices jumping |
The group of oil producing countries announced that several members will reduce production, totaling more than 1 million barrels of oil per day. Some of the most significant cuts include: - 500,000 barrels per day from Saudi Arabia
- 211,000 barrels per day from Iraq
- 144,000 barrels per day from the United Arab Emirates
- 128,000 barrels per day from Kuwait
Following the news, oil prices jumped, with U.S. benchmark West Texas Intermediate prices rising from about $76 per barrel to more than $80. International benchmark Brent crude jumped up from about $80 per barrel to around $86 following the announcement.
Andrew Lipow, president of consulting firm Lipow Oil Associates, told The Hill he thinks that in the coming weeks' gas prices at the pump, which stood at about $3.50 on Monday, should rise between 12 and 16 cents per gallon.
National Security Council spokesperson John Kirby said Monday that the U.S. doesn't "think that production cuts are advisable at this moment given the market uncertainty and we made that clear" when asked to respond to the production cut announcement.
Read more about the situation tomorrow morning at TheHill.com. |
Welcome to The Hill's Energy & Environment newsletter, we're Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. |
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How policy will affect the energy and environment sectors now and in the future: |
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A bipartisan group of senators from Western states embarked Monday on a downstream tour of the Colorado River — in a show of support for the seven states tasked with negotiating consumption cutbacks. |
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| Federal clean energy tax credits are accelerating a nationwide wave of coal plant closures, as those facilities can no longer economically compete. |
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Consuming lithium-contaminated tap water during pregnancy could be associated with an increased risk of newborn autism development, according to a new study from the University of California, Los Angeles. |
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Branch out with a different read from The Hill: |
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(NEXSTAR) – The Great Atlantic Sargassum Belt is thriving, "setting a record abundance" for this time of year, according to a new report released Friday. |
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A MESSAGE FROM CANADIAN ENERGY CENTRE |
Global events are shining a light on the importance of energy security for the United States. Canada's oil is trusted oil. It should be the preferred energy supplier to the US. Canada is recognized as an indisputable leader in environmental, social and governance (ESG) standards. So, if not Canada, who are you entrusting your country's energy security to? Find out more about why Canada is the solution. |
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News we've flagged from other outlets touching on energy issues, the environment and other topics: |
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Australia passes most significant climate law in a decade amid concern over fossil fuel exports (The Guardian)
The True Dangers of Long Trains (ProPublica)
Gas-less electrically heated building mandate coming to NY (The Albany Times-Union)
- As California floods, a farmworker town feels forgotten — again (The Washington Post)
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Two key stories on The Hill right now: |
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Former President Trump is set to be arraigned on Tuesday afternoon at a Manhattan courthouse in what will be one of the most closely watched legal proceedings in legal memory. Read more |
| Lawyers for former President Trump are urging the judge in his Manhattan criminal case to not allow cameras inside the courtroom on Tuesday, when he is expected to appear before the court for arraignment after being indicted by a New York grand jury last week. Read more |
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Op-eds related to energy & environment submitted to The Hill: |
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You're all caught up. See you tomorrow! |
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