The Environmental Protection Agency has finalized a rule aimed at reducing methane emissions from oil and gas production, a crucial step in addressing climate change. This rule, mandated by the Inflation Reduction Act, imposes fees on companies exceeding methane emission thresholds, incentivizing them to repair leaks and capture the potent greenhouse gas. The fee structure, coupled with financial incentives for leak repairs, is designed to reduce methane emissions by 1.2 million metric tons annually, equivalent to taking millions of cars off the road. This rule’s inclusion in a major climate law makes it more difficult for future administrations to dismantle, ensuring its long-term impact on reducing methane pollution and mitigating climate change.
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Newly uncovered documents reveal that major oil companies were alerted to the climate change risks of fossil fuels as early as 1954. This warning, delivered by the Air Pollution Foundation, an industry-funded group, represents the earliest known instance of big oil being informed about the potentially catastrophic consequences of their products. Despite receiving this warning, the oil industry actively downplayed and denied the harms of burning fossil fuels, utilizing a strategy similar to the tobacco industry’s tactics for denying the dangers of smoking. These actions, which date back to the 1950s, laid the groundwork for decades of climate denial and delay by big oil.
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The news of possible Israeli strikes on Iranian oil facilities, as disclosed by Biden, has certainly caused a stir in the international community. Many are left wondering why such plans are being made public, giving Iran the opportunity to prepare and potentially mitigate the damage caused by these strikes. On the surface, it may seem counterintuitive to telegraph your moves in a potential military confrontation, but there could be strategic advantages to such announcements.
One possible reason for openly discussing these attacks could be to gauge the reactions of the parties involved. By signaling their intentions, the US and Israel may be trying to assess how Iran will respond and potentially use that information to their advantage.… Continue reading
The recent drone attack on an oil depot in Russia’s Rostov Oblast has ignited a fiery debate online, sparking various reactions and opinions. Reports indicate that while Russian air defense units managed to repel the drone attack, falling debris struck an industrial warehouse, leading to a diesel fuel fire. The irony of repelling an attack but still facing the consequences of a fire due to falling debris is not lost on many observers. This incident serves as another embarrassing moment for the Russian military and raises questions about the effectiveness of their defense strategies.
The ongoing conflict between Ukraine and Russia has seen Ukrainian forces engaging in drone strikes and sabotage acts on Russian territory, targeting military assets, oil refineries, and industrial facilities.… Continue reading
As news of Ukrainian attacks disrupting 14% of Russia’s oil refining capacity spreads, I can’t help but feel a sense of satisfaction. The image of Russians filming drones hitting their refineries is almost comical, but the impact of these attacks is no laughing matter. With Ukraine launching its largest drone attack ever, targeting regions in Russia and occupied Ukraine, the message is clear: they are intent on depleting fuel reserves and export revenues for Russia’s armed forces. And I say, good for them.
The United States may criticize these attacks for posing a risk to world oil prices, but in my opinion, global unrest over spiking prices will only spur further actions to help Ukraine or punish Russia.… Continue reading
Russian oil is once again trading far above the G-7’s price cap everywhere. This comes as no surprise to many who have been closely following the ongoing conflict in Ukraine. The G-7 price cap, intended to deprive Moscow of revenue for its war efforts, seems to be failing as Russian oil continues to be sold at a premium. The US officials tracking this price increase attribute it to broader geopolitical dynamics, highlighting the complex nature of international relations.
The sanctions imposed on Russia are aimed at reducing the amount of money the Kremlin receives from oil sales, either by forcing the commodity to be sold under the price cap or through Russia’s shadow fleet.… Continue reading
Iran’s recent order to confiscate U.S. oil cargo from a seized tanker has certainly sparked a heated response from the Americans. The tension between these two nations seems to be escalating rapidly, with both sides seemingly willing to push the boundaries further in this dangerous game of political brinkmanship. As I read through the commentary surrounding this issue, one thing is abundantly clear – the U.S. is not going to take this lying down.
The idea of a proportional response is an interesting concept, but in reality, it seems rather futile in a situation as volatile as this. When it comes to matters of oil, both literal and metaphorical, nations tend to abandon notions of measured retaliation and instead opt for aggressive action.… Continue reading
John Q. Hosedrinker