This Week in Petroleum
Warm weather in the first half of winter led to lower U.S. propane prices and slower inventory draws A warm start to this winter’s heating season (October through March) has led to declining U.S. propane prices, in contrast to crude oil prices that have been higher this month than during October 2021. Propane prices typically follow the price of crude oil and other petroleum products but can vary significantly, depending on supply and demand conditions, particularly in response to winter weather. Since
Oil and petroleum products explained
What is crude oil and what are petroleum products? We call crude oil and petroleum fossil fuels because they are mixtures of hydrocarbons that formed from the remains of animals and plants (diatoms) that lived millions of years ago in a marine environment before the existence of dinosaurs. Over millions of years, the remains of these animals and plants were covered by layers of sand, silt, and rock. Heat and pressure from these layers turned the remains into what we now call crude oil
The future is now: How oil and gas companies can decarbonize
As the pressure to act on climate change builds, the industry should consider a range of options. If the world is to come anywhere near to meeting its climate-change goals, the oil and gas (O&G) industry will have to play a big part (Exhibit 1). The industry’s operations account for 9 percent of all human-made greenhouse-gas (GHG) emissions. In addition, it produces the fuels that create another 33 percent of global emissions (Exhibit 2). Exhibit 1 Exhibit 2 Several trends are focusing the minds of industry
Ways the Oil & Gas Industry is Trying to Become More Sustainable and Green
When you think of the oil industry, environmentalism and sustainability are probably not the two words that come to mind. Nevertheless, we are living in an increasingly eco-friendly world, where both the residential as well as the commercial realm are adopting and implementing green practices in order to create a safer living and working environment, cut needless expenditure, and aid the preservation of Earth. With that in mind, it shouldn’t come as a surprise that modern oil companies recognize the need for a more