As Electrek reported, last week Ohio unanimously approved the Icebreaker wind farm, North America’s first offshore freshwater project planned for Lake Erie near Cleveland. However, there’s a rather large hitch that could put an end to the entire project. At the very last minute, the Ohio Power Siting Board ruled on Thursday that the project could […]Continue Reading 496 words
Oil and gas companies continue to pump the government for cash. Bloomberg Law News reported that the Administration has granted 76 royalty waivers to oil and gas companies who are drilling for oil on federal land in Utah — lowering the rates from 12.5% to as low as 2.5%.
Why This Matters: The giveaways to oil and gas companies in the name of saving jobs just keep coming.Continue Reading 493 words
To put it bluntly, the construction of the Keystone XL pipeline has been a 12-year catastrophe. From when the pipeline (stretching from Alberta to Nebraska) was first proposed in 2008, to when it was vetoed by President Obama in 2015, to the Trump administration’s fractured attempt to reinstate construction, the pipeline has been the embodiment […]Continue Reading 423 words
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In what one tax watchdog called a “stealth” bailout, dozens of oil and gas companies are taking advantage of provisions in the CARES law to write off losses right away and get an immediate tax refund against prior years’ earnings going back to 2018, according to Bloomberg News.
Why This Matters: These refunds also carry forward – so oil and gas companies can expect to pay zero taxes for years to come, according to Bloomberg.Continue Reading 520 words
Using the latest Labor Department data, E2 (Environmental Entrepreneurs), the American Council on Renewable Energy (ACORE), and other analysts reported on Wednesday that 594,347 workers in clean energy occupations, representing 17.8% of the industry’s workforce, filed for unemployment benefits in April and March.
Why This Matters: The oil and gas industry really is the squeaky wheel getting the grease. The number of jobs lost in that sector is likely only a fraction of those lost in the renewable energy sector.Continue Reading 511 words
Earlier this week the Trump Administration took a break from its boosting oil and gas (they announced yesterday they are going to buy 1 million barrels of oil for the Strategic Petroleum Reserve as a “test”) to give final approval to the Gemini Solar Project – a massive $1B solar array and battery storage project situated on federal land near Las Vegas.
Why This Matters: The project went through a streamlined environmental review process, but the final development and operations plan will minimize and mitigate impacts on visual resources, cultural and tribal resources, recreation access, air quality, native vegetation and wildlife such as the desert tortoise, a “threatened” species.Continue Reading 543 words
To offset a portion of the losses, some of the nation’s largest ethanol producers have switched to making hand sanitizer, even though it costs them.
Why This Matters: President Trump because the administration is under pressure from the gas companies and refiners to lift the ethanol requirement altogether – something they had been doing often on a case by case basis in the past.Continue Reading 470 words
Though it was a contested decision, late last week Indian Point’s Unit 2 nuclear reactor permanently shut down after nearly 46 years generating electricity for Westchester County and New York City. Since New York state receives 32% of its energy from nuclear the move to decommission the reactor in the midst of the pandemic was […]Continue Reading 501 words
GreenTech Media reported that the largest solar power project in the world will also be its cheapest — the project is in Abu Dhabi where the government expects that the price will be as low as $1.35 for a kilowatt-hour, beating the previous record low price of $1.60.
Why This Matters: There is no doubt that solar energy projects and jobs are at short term risk due to the pandemic. But the industry’s leaders and analysts remain optimistic.Continue Reading 506 words
CNBC reported yesterday that despite factory closures in China and the U.S., Tesla managed to eke out $16M in profit in the first quarter of the year, but it remains unclear how quickly its U.S. car plant and suppliers can ramp up production once it re-opens from Covid-19 restrictions.
Why This Matters: The COVID pandemic is a setback for many industries — but particularly ones working to get off the ground like electric vehicle manufacturing.Continue Reading 486 words
Speaking ahead of a virtual meeting of 30 nations, Germany and Britain’s environment ministers said Monday that efforts to revive the global economy in the wake of the coronavirus pandemic must ensure a ‘green recovery’ that helps the world tackle climate change, according to AP. The ministers emphasized the importance of economic recovery programs to invest […]Continue Reading 410 words
A study by researchers at Harvard and the Environmental Defense Fund published yesterday in the journal of Science Advances found that ail and gas operations in the Permian Basin of Texas are flaring off more than twice the amount of methane emissions than previously estimated, according to CBS News.
Why This Matters: Several industry analysts continue to paint a dark picture for the future of the oil and gas industry.Continue Reading 549 words