Economy

For all the recent tension between the Biden administration and the sector, oil and natural gas heavyweights emerged from a summit with Energy Secretary Jennifer Granholm using words such as “constructive” and “optimistic” to size up talks aimed at boosting production in the face of tight global supplies. The meeting Thursday “was a constructive conversation…

Banks that actively lend to the oil and natural gas sector are upbeat about strong commodity prices and rising production activity that necessitate new and expanded exploration and drilling projects – and financing to make it happen. Some are reporting loan growth as a result. Others look for increased lending to develop as the year…

Soaring energy prices – driven most recently by spikes in crude – helped drive the U.S. inflation rate to a 40-year high in January, creating both opportunity and risk for oil and natural gas companies. The U.S. Bureau of Labor Statistics (BLS) said Thursday the consumer price index (CPI) jumped 7.5% in January from the…

The U.S. oilfield services (OFS) and equipment sector added an estimated 7,450 jobs in December, according to the Houston-based Energy Workforce & Technology Council. “As oil demand has pushed higher, it’s heartening to see continued job growth in the sector,” said Council CEO, Leslie Buyer. “The sector has recovered more than half of the jobs…

Canadian Prime Minister Justin Trudeau has singled out the oil and gas industry as a target for toughened pollution policing in his campaign for reelection of his Liberal government in a Sept. 20 national vote. “Let’s be realistic,” said Trudeau as he unveiled an environmental plank in the party platform at a weekend rally in…

The upstream oil and natural gas economy in Texas is finally signaling a new cycle of expansion in activity following the double-barrel contraction in 2019 and 2020, according to economic indicators. The Texas Petro Index (TPI), created and overseen by petroleum economist Karr Ingham of the Texas Alliance of Energy Producers, through June had increased…

Pennsylvania’s oil and natural gas industry supported 6.1% of the total jobs and 9.7% of its gross domestic product (GDP) in 2019, according to a new study commissioned by the American Petroleum Institute (API). The industry overall supported 480,000 total jobs (102,500 direct and 377,800 indirect) and contributed $78.4 billion ($39.4 billion direct and $38.9…

Natural gas futures gave up ground on Monday as traders mulled waning weather-driven demand and the potential implications of a cybersecurity attack on the largest fuel pipeline in the United States.    The June Nymex contract dropped 2.6 cents day/day and settled at $2.932/MMBtu. July fell 2.6 to $2.978. NGI’s Spot Gas National Avg. advanced 5.5…

Moody’s Investors Service has upgraded its outlook for the global energy industry, citing a sustained increase in commodity prices and expectations for global economic growth to drive increased oil and gas demand over the next 12 to 18 months. The firm said it expects that, as vaccine programs become prevalent and the coronavirus outbreaks fade,…