A few days ago, the Maran Apollo, a 1,100-feet long oil tanker, left the U.S Gulf of Mexico for the Chinese port of Rizhao hauling a cargo of two million barrels of U.S. crude. Sitting for almost two months, the supertanker held demand-less crude during the coronavirus outbreak. This crude sitting on the tanker is known as medium-heavy sour crude and is now in high demand because of its higher content in sulfur and denseness. Sour crude is typically from Canada and the U.S. Gulf Coast whereas West Texas Intermediate (WTI) is a “sweet” crude oil. WTI, which is typically lighter and is less expensive to produce. Known as “sour” which is typically undesirable for both processing and end-product quality, it’s the kind of oil that Saudi Arabia and its allies produce. Urals of Russia and Arab Light from Saudi Arabia are normally two of the most widely consumed in today’s market, but crude is in increasingly short supply due to record output cuts by the two nations and their allies.
oil and gas
A renewed push to reduce the world’s carbon emissions has sparked excitement in many technologies and stocks, with no exception to carbon capture.
As global terrorism increases, the attacks on oil and gas facilities are at an increase as well. Cyber-attacks on the Industrial Control Systems (ICS) are on the rise. ICS’s can be anything from computer software all the way to the control system that regulates the valves on a pipeline. If a system is compromised, it has the ability to delay operations causing a significant loss for the company.
We live and work in an area where jobs have been created and sustained through the rapid increase of shale production. “Pennsylvania’s abundant energy resources have spurred economic investment and brought jobs to the state. Studies have tallied nearly 322,600 jobs in Pennsylvania that provide nearly $23 billion in wages to Pennsylvanians.” The numbers of created jobs are exciting for growth in Pennsylvania, but the state’s average poverty level still sits around 12.9%. According to the U.S. Census Bureau, Washington and Greene counties have poverty levels of 10% and 15.3% respectively. In two of the counties thriving from shale exploration, the poverty levels are still hovering around the state average.
On September 17th I wrote about "Relief at the Pumps," talking about lower gas prices are on the way. Since then retail gas prices have moved higher. In Pittsburgh, PA 87 grade Unleaded gasoline prices are now averaging $3.15 per gallon with a high of $3.239.