President Joe Biden highlighted a $60 million investment by Enphase Energy Inc. as proof that his economic agenda is creating jobs for American workers, bringing his “Bidenomics” presentation to South Carolina. “Our plan is working. And one of the things I’m most proud of is that it works everywhere,” Biden said Thursday in West Columbia, his latest trip outside Washington to highlight his efforts on the economy to skeptical voters as he seeks re-election. “It’s no coincidence. It’s Bidenomics in action.” Enphase’s investment will create 1,800 jobs in the US, including 600 jobs in South Carolina between the solar equipment…
Author: Automotivedealernews.com
At a Circle K gas station outside Kongsberg, Norway, charging electric cars outnumber gas pumps. It’s a scene that’s constantly playing out across the Nordic country, offering a glimpse of what may be in store for drivers around the world in the coming years. When it comes to electric vehicles, Norway is a pioneer. It has moved away from the internal combustion engine much faster than its neighbors thanks to generous tax breaks and incentives, which made Tesla Inc.’s battery-powered Model Y. be cost competitive with a Toyota Motor Corp. RAV4 that runs on gas. Most countries can’t afford to…
Shell Plc’s earnings from natural gas trading will be significantly lower in the second quarter due to seasonal changes in the market. Oil and gas production will also be down compared to the first three months of the year due to field maintenance, while the company’s chemicals business is expected to be loss-making, Shell said in an update earlier of its full results later this month. Extreme swings in European natural gas prices last year helped push Shell’s profits to record levels, with unit trading accounting for up to a quarter of global profitability. The strong performance continued this year,…
Canada’s exports of energy products fell 7.3 percent in value in May, largely due to lower prices but also lower oil volumes, official data showed Thursday. The energy sector, along with agricultural, fishery and intermediate food products, had the biggest impact on the 3.8 per cent drop in total exports that month, Statistics Canada said in a news release. “Since the record reached in June 2022, the export values of these products have been on a general downward trend,” the government agency said. “After a 3.6 percent increase in April 2023, crude oil exports fell 8.3 percent and contributed more…
The US Department of Energy on Thursday announced $45 million in funding to increase production of solar parts to curb the country’s reliance on imports for the sector. The grant covers the manufacturing of silicon components and dual-use photovoltaic (PV) incubators. The fund gets $18 million from the bipartisan Infrastructure Act, a component of the Biden administration’s so-called Investing in American program, which aims to accelerate the transition to clean energy, boost domestic manufacturing and create jobs. work The grant will fund up to 12 projects “to help establish a network of manufacturers across the national solar supply chain focused…
Oil posted a second weekly gain as evidence mounted that the decision by OPEC+ leaders Saudi Arabia and Russia to tighten supplies was leaving a mark on physical markets. West Texas Intermediate settled near $74, the highest in more than a month, supported by risk-on sentiment on Friday. Crude oil posted its first consecutive weekly gain since May, with short-term timing differentials turning into a narrow and lagging structure, a bullish price pattern. Saudi Arabia set big price increases for its crude in Europe and the Mediterranean after announcing an extension in August of its unilateral supply cut of 1…
The United States has expressed concern over China’s recent behavior towards Philippine ships in the South China Sea, as the Southeast Asian nation reported that Chinese ships were “pushing” south of a rich area in oil and gas in disputed waters. US Defense Secretary Lloyd Austin, in a reading released Thursday after a call with Philippine counterpart Gilberto Teodoro, called Beijing’s conduct in the disputed sea “coercive and risky.” Austin also reiterated the US’s “strong” commitment to defend the Philippines and that the two countries’ mutual defense treaty covers Coast Guard ships in the South China Sea. On Friday, the…
SLB (NYSE: SLB) announced Thursday afternoon that Petrobras has awarded a five-year contract for an “enterprise-wide” rollout of its Delfi digital platform. The scope of the contract covers Petrobras’ digital transformation from exploration, development and production operations, including moving underground workflows to the cloud to significantly accelerate decision-making, SLB said in a statement published on its place SLB said in the statement that the award represents “one of Petrobras’ largest investments in cloud-based technologies and lays the foundation for achieving its decarbonization and net zero goals.” SLB did not disclose the value of the contract and, at the time of…
LNG Canada will begin initial activity within the next year, with the first cargoes of liquefied natural gas scheduled to be shipped in the middle of the decade, the project’s executive director said in a telephone interview. The project to build a 14-million-metric-ton-a-year liquefaction plant in Kitimat, on the coast of British Columbia, is 85 percent complete, said Jason Klein, CEO of LNG Canada Development Inc. the global consortium led by Shell Plc behind it. the project Since the invasion of Ukraine, which disrupted Russian pipeline supplies to Europe and accelerated the rush to buy US LNG, Canada’s west coast…
Persistent claims of chronic underinvestment in the global oil and gas industry are exaggerated, according to Rystad Energy. In a statement sent to Rigzone this week, Rystad said investments in the upstream sector have fallen since spending peaked at $887 billion in 2014, “with about $580 billion expected to be invested this year”. “As a result, many market participants predict that this trend will continue and lead to chronic underinvestment and oil supply shortages in the coming years,” Rystad said in the statement. “However, our modeling and analysis tell a different story. Lower unit prices, efficiency gains, productivity gains and…