Low oil prices threaten to ripple across sectors beyond energy; Russia issues Europe another pipeline ultimatum; President Obama cracks down on methane. Catch up on global energy with Recharge!
The controversial Keystone XL pipeline project crossed a major hurdle when the Senate passed legislation approving its construction Monday. With the bill now well on its way to becoming law, the real question arises: with oil prices so low, is a pipeline needed anymore?
To combat climate change, the Obama administration is targeting methane – a greenhouse gas that's less prevalent but more potent than carbon dioxide. The oil and gas industry is already trying to stop leaks, though, and argues more regulation would be cumbersome.
Keystone XL may nab the headlines, but underneath the push to approve the pipeline is an energy policy overhaul with even greater significance: overturning the ban on US oil exports.
Falling oil prices are just one part of a broader commodity super cycle that appears to be ending, but the oil bust has captured the attention of the world in ways crashing coal and copper prices have not. And, for now, it looks like falling oil prices are here to stay.
Keystone XL approval will soon make its way out of the GOP Congress and to the president's desk. Obama has promised to veto the bill, but it's still possible he'll approve the pipeline in a deal with congressional Republicans down the road.
Oil prices continue their downward spiral; The Obama administration pushes back on climate and energy against new Republican leadership in Congress; Global investment in renewable energy rises for the first time in years. Catch up on global energy with Recharge.
Without a rise in oil prices, 2015 is looking like a grim year for liquefied natural gas exporters.
Energy firms have been financing new oil production by taking on large amounts of debt. When oil prices averaged over $100, that strategy made sense. But with oil at $50, most indebted firms are suddenly in crisis.
Plummeting oil prices are bad news for much of Canada, which runs its economy largely on oil. But cheap oil has some positive benefits for Canadians, too.
A dramatic plunge in gas prices, combined with better gas mileage, has helped boost sales of larger vehicles in the US. But a decision to buy an SUV or truck based on low gas prices may be a shortsighted one.