Latest news with #EnergyIndependence

Yahoo

5 days ago

Business
Yahoo

4 Oil Market Myths That Just Won't Die

They've been debunked. Repeatedly. But like zombies in a horror movie, these oil market myths just won't stay dead. From campaign slogans to cocktail party arguments, here's what the data really independence has been a key slogan in the campaigns and presidential terms of President Donald Trump. Make America Great Again and Make the US Energy Independent have often been tied into one pledge or claim. Fact: While the U.S. became a net petroleum exporter in 2020 for the first time since records began in 1949, it still imports more than 8 million barrels per day (bpd) of crude oil, refined products, biofuels, and hydrocarbon gas liquids. In 2023, about 6.48 million bpd of that was crude oil—roughly 76% of total gross petroleum imports—according to the U.S. Energy Information Administration (EIA). That means the U.S. exports more total petroleum than it imports, but it remains a net importer of crude oil specifically. The top five source countries of U.S. gross petroleum imports in 2023 were Canada, Mexico, Saudi Arabia, Iraq, and Brazil. Canada alone accounted for more than half – 52% -- of all petroleum imports into the United States. Mexico came second with an 11% share and Saudi Arabia third with 5% of all U.S. gross petroleum imports. The common misconception probably comes from the fact that the U.S. also exports crude oil and other petroleum products—and these have exceeded the imports in the past four years. In 2023, the United States exported about 10.15 million bpd of petroleum to 173 countries and 3 U.S. territories, per the EIA data. Crude oil exports of about 4.06 million bpd accounted for 40% of total U.S. gross petroleum exports. The resulting total net petroleum imports (imports minus exports) were about -1.64 million bpd, which means that the United States was of 1.64 million bpd in 2023. U.S. petroleum imports peaked in 2005 and have been declining since then as increased domestic petroleum production and increased petroleum exports have helped to reduce annual total petroleum net imports. The U.S. became a net petroleum exporter in 2020, for the first time since in EIA data going back to 1949. Although U.S. annual total petroleum exports were greater than total petroleum imports, the United States still imports more crude than it exports, remaining Despite record U.S. crude oil production, U.S. refineries need heavier crudes than the light crudes from the shale basins to process into fuels. That's another reason why Canadian crude is the biggest foreign source of crude apart from the proximity and the pipelines shipping it south to the demand and refining hubs in the Midwest and the U.S. Gulf myth that's been around since the Arab oil embargo in the 1970s is that OPEC, the Organization of the Petroleum Exporting Countries, is solely responsible for international oil prices. Not that OPEC hasn't tried – and succeeded – through the years in boosting or tanking oil prices, but the price of oil is not only a function of supply, much of which the cartel controls. The price is also determined by demand. In cases of slowing economies, recessions, weak economies in major oil-consuming emerging markets, or global pandemics, demand tanks. OPEC often reacts to these events by reducing supply, but it cannot directly influence demand. Slowing demand – even if it's only forward concerns about weaker demand not actual data points – depresses oil prices. The most recent case in point is the market rout from early April, when President Trump's tariff announcement sparked concerns about looming recessions. Oil prices are also often influenced by geopolitical events, including wars and conflicts, which are outside of OPEC's control. For example, the Russian invasion of Ukraine in 2022 led to a surge in oil prices to above $100 per barrel and to spikes in energy prices and the cost of living in many countries. The 12-day war between Israel and Iran in June also raised oil prices amid fears that the world's most important crude shipping lane – the Strait of Hormuz – could be blocked or that energy infrastructure in the Middle East could be most recent Middle East conflict was put out after a U.S. strike on Iranian nuclear sites. The ceasefire announced by President Trump eased the upward pressure on oil prices, which returned to pre-war levels. The President may have indirectly influenced the price of oil, but not a single U.S. President can control global oil prices, which are the largest price component of U.S. gasoline prices. Global and U.S. supply and demand are the key factors behind crude oil prices. The cost of crude oil is the single biggest driver of U.S. retail gasoline prices—it accounts for over 52% of the price of a gallon of retail regular gasoline, according to EIA's estimates. In 2023, federal and state taxes made up 14.4% of the price of a gallon of gasoline, distribution and marketing costs and profits accounted for 14.3%, and refining costs and profits – for 18.7%. Presidents mostly tend to take credit for lower gasoline prices and blame high gasoline prices on previous administrations, Putin, or whomever appears conveniently blameable. That's to confirm the adage that high gasoline prices are one of the worst fears of a sitting President. Most recently, former President Biden and the Democrats blamed Putin for the $5 a gallon gasoline price in 2022. President Trump and his allies are currently touting the energy policies for delivering the cheapest Independence Day gas prices in four years. In reality, President Trump's trade and tariff policies have spooked markets and depressed oil prices as traders and speculators continue to be concerned about the global and U.S. economies amid the trade chaos. With lower oil prices, the U.S. shale patch will be struggling to 'drill, baby, drill', as President Trump loves to say.'Oil is dead,' said every headline since 2015. And yet, here we are… The International Energy Agency (IEA) continues to insist on its narrative that a peak in global oil demand is still on the horizon—by the end of the decade. Annual global growth will slow from about 700,000 barrels per day (bpd) in 2025 and 2026 'to just a trickle over the next several years, with a small decline expected in 2030, based on today's policy settings and market trends,' the IEA said in its annual Oil 2025 report for the medium term. Most industry analysts and oil majors expect demand to plateau at some point in the 2030s, but none see consumption falling off a cliff. EVs could dent road transportation fuel demand in China and Europe, but airplanes and ships will still need petroleum-based fuels, in the foreseeable future. Solar and wind could replace a large part of fossil fuels in power generation, but they cannot make petrochemicals, your Legos, jeans, jackets, or shampoos. Despite endless forecasting, oil keeps adapting to the very trends that were supposed to kill it. Myths endure because they're simple. But energy markets aren't. They're messy, global, and driven by forces far beyond the reach of soundbites. Whether you're bullish, bearish, or just trying to survive your next gas station fill-up, it's worth knowing what's fact — and what's fossilized fiction. By Tsvetana Paraskova for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Aussie car owners offered lucrative side hustle

News.com.au

04-07-2025

Automotive
News.com.au

Aussie car owners offered lucrative side hustle

Australian EV owners will now be able to power their homes using their cars and sell energy back into the grid following a groundbreaking initiative. The move marks a major step forward for renewable energy, allowing EV owners with the right car and hardware to power their homes during a blackout, absorb excess solar energy to pump back into the house during periods of peak demand, and sell energy back to power providers. Customers with Ausgrid — the largest distributor in New South Wales, covering more than 1.7 million homes across Sydney, The Central Coast, and the Hunter Valley — can now apply to have vehicle-to-grid (V2G) electric car hardware installed. The two-way flow of energy transforms EVs into mobile batteries, capable of supporting the network during peak times and providing a new level of energy independence for customers. Group Executive of Distributed Services, Rob Amphlett Lewis, said tapping into V2G is an exciting milestone that unlocks new opportunities for customers and the grid. 'We've done the foundational work to understand how to integrate this V2G technology safely and effectively, and our customers can now begin to benefit,' he said. 'Customers can use their EV batteries to sell excess energy back to the grid during peak times and recharge at off-peak rates, creating an additional source of income.' Ausgrid joins SA Power Networks in South Australia and Essential Energy in NSW in offering support for V2G. Bi-directional charging has been technically possible for years; however, there are only available in cars like the Nissan Leaf EV and Mitsubishi Outlander plug-in hybrid. However, more car models are expected to unlock this capability with the correct wallbox and software. While Ausgrid, SA Power Networks, and Essential Energy now support V2G, there are still several other distributors in Australia that have yet to offer the technology. In November 2024, Chris Bowen, Minister for Climate Change and Energy, announced new standards for V2G and vehicle-to-home (V2H) at the Sydney International EV AutoShow. At the time, he said this technology would be made available by the end of that calendar year. The sluggish rollout is dependent on approvals for cables, permission from carmakers and agreements with individual companies. Regulatory red tape had previously prevented owners from taking advantage of the tech. However, Standards Australia has now approved regulations for vehicle-to-grid charging, allowing electric vehicle owners to power their homes and feed energy back into the grid. Fatima Bazzi, Head of Customer Connections, further highlighted the significance of this development, saying, 'V2G allows EVs to discharge energy back to the grid during periods of high demand, alleviating stress on the network and improving overall grid performance.' 'This means we can better manage network stress, improve overall grid performance, and potentially defer costly infrastructure upgrades, ultimately benefiting all our customers.'

NHTSA resets fuel efficiency framework, rebuffs prior policy

Yahoo

19-06-2025

Automotive
Yahoo

NHTSA resets fuel efficiency framework, rebuffs prior policy

This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. Federal fuel efficiency standards for fleets can't be based on vehicles that only use alternative energy, such as EVs and hydrogen fuel cells, according to new oversight by the National Highway Traffic Safety Administration. In an interpretive rule last week titled 'Resetting the Corporate Average Fuel Economy Program,' the DOT agency weighed in on boundaries for setting average fuel standards for manufacturers' lineups. The interpretive rule described previous NHTSA regulations as policy never permitted by Congress in energy law. That law centers on the Energy Policy and Conservation Act of 1975 and Energy Independence and Security Act of 2007. 'The statutory prohibition was clear at the time of enactment and has remained clear: it is impermissible for NHTSA to consider the fuel economy of dedicated automobiles in setting maximum feasible fuel economy standards,' the agency said. The maximum feasible level is determined by the DOT secretary and is based on four factors: technological feasibility economic practicability the effect of other government standards on fuel economy the nation's need to conserve energy Manufacturers can continue to make EVs and other alternative energy vehicles, but the interpretive rule clarifies how fuel efficiency standards are set. While there were no immediate changes, NHTSA 'will no longer regulate beyond its statutory authority,' according to the administration's interpretative rule. The new policy sets the framework for potential future changes to manufacturing regulations for autos and heavy-duty commercial vehicles. The interpretive rule also prohibits a federal medium- and heavy-duty commercial vehicle program from fining vehicle or engine manufacturers for violating efficiency standards. Recommended Reading NHTSA seeks to fast-track AV deployment Sign in to access your portfolio

Europe takes a big step toward banning Russian oil and gas as Ukraine war drags on

CNN

17-06-2025

Business
CNN

Europe takes a big step toward banning Russian oil and gas as Ukraine war drags on

The European Union is moving closer to banning all imports of Russian oil and natural gas more than three years after Moscow launched its unprovoked, full-scale invasion of Ukraine. The European Commission, the bloc's executive arm, put forward a legislative proposal Tuesday to gradually ban purchases of Russian natural gas – whether supplied via pipeline or as liquefied natural gas (LNG) on tankers. Under the plan, no new import contracts will be allowed from next year, while imports under existing short-term contracts for most EU member states will have to stop in a year's time and purchases under long-term contracts will be outlawed by the end of 2027. 'Russia has repeatedly attempted to blackmail us by weaponizing its energy supplies,' European Commission President Ursula von der Leyen said in a statement. 'We have taken clear steps to turn off the tap and end the era of Russian fossil fuels in Europe for good.' The proposal also includes a ban on Russian-owned or controlled companies signing up to long-term contracts for the EU's LNG terminal services, ensuring that 'terminal capacity can be redirected to alternative suppliers.' As for oil imports, the commission proposed requiring the member states still importing Moscow's oil to prepare plans to phase out these supplies, aiming at a complete stop by the end of 2027. For example, Hungary and Slovakia were still importing Russian crude oil via pipeline last year, according to an analysis by the Centre for Research on Energy and Clean Air, a research organization. Tuesday's proposal puts meat on the bones of the EU's 'REPowerEU' plan, introduced back in May 2022 to break the bloc's dependence on Russian energy. Hungary and Slovakia, two EU countries with more Russia-friendly governments, have previously threatened to block new rounds of sanctions against Russia. While they have ultimately voted in favor, the European Commission has taken steps to ensure they cannot stand in the way of its latest plan by using trade and energy legislation as the basis for Tuesday's proposal. That way, the new restrictions will become law if they are approved by a 'qualified majority,' meaning that more than half of EU member states representing at least 65% of the bloc's population will need to vote in favor. If the plan had been proposed under the EU sanctions rules, it would have required a unanimous vote from all member states. The EU drastically slashed its imports of Russian energy after Moscow invaded Ukraine in early 2022. Russia's share of the bloc's total imports of natural gas fell to 19% last year, from 45% in 2021, according to official EU data. Meanwhile, Moscow accounted for just 3% of the EU's total oil imports in 2024, down from 27% at the start of 2022. Last week, the EU unveiled a new package of sanctions against Russia – its 18th since Moscow's invasion – designed to further reduce the Kremlin's ability to make money from its oil and gas production. Von der Leyen said the sanctions were necessary 'because strength is the only language that Russia will understand.' The proposed sanctions include lowering the price cap on Russian oil exports from $60 to $45 per barrel and introducing a full transaction ban on Russian banks and other financial institutions in third countries that help Russia circumvent existing Western sanctions. The new package will need to be approved by all of the EU's 27 member states. That could be complicated, given concerns raised previously by some EU countries, such as Hungary and Slovakia, about further sanctions on Russia. Ivana Kottasová contributed reporting.

EU Proposes Ban on Russian Oil, Gas Imports by End 2027

Wall Street Journal