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On April 27th, Barclays analysts stated in a report that with inflation remaining high, the Federal Reserve is expected to keep the target range for the federal funds rate unchanged at its meeting this week, but a rate cut is still possible this year. The analysts said, "In a highly uncertain environment, the Fed tends to remain on hold. Strong demand and still relatively high inflation support its patience, and policymakers have also signaled a diminishing confidence in further rate cuts in the near term." The analysts indicated that if inflation falls as expected, the Fed is expected to gain sufficient confidence to begin easing policy around September. "We still expect it to cut rates this year." According to LSEG data, the money market currently prices in a 10 basis point rate cut by the Fed in 2026.The Philippine Department of Energy announced that the United States has approved an extension of the exemption period for the Philippines to purchase Russian oil and petroleum products.Toyota Motor Corp. reported a sales decline in March as demand for its best-selling RAV4 model weakened ahead of a facelift, while the conflict in Iran threatened to cut off key supplies, forcing the manufacturer to potentially reduce production. The company said Monday that global sales (including those of its subsidiaries Daihatsu and Hino) fell 5.8% year-on-year to 983,126 vehicles in March, while global production rose 3.9% to 1.02 million vehicles. These figures suggest that the worlds largest automaker is managing to stay afloat despite rising prices for raw materials such as aluminum and the base cost of auto parts due to the turmoil in the Middle East. Suppliers are preparing for shortages that could last for months, even if the Strait of Hormuz reopens and shipping returns to normal. Refineries need time to resume operations, and shipping companies need to digest the congestion caused by hundreds of ships stranded in the Persian Gulf. Major supplier Denso Corp. said in March that the ongoing conflict had reduced Japans monthly auto production by approximately 20,000 vehicles.Japans leading economic indicators for February came in at 1.3% month-on-month, compared with 0.3% previously.Japans leading indicator final reading for February was 113.3, compared to 112.4 in the previous month.

U.S. Tries to Prevent Methane Flaring And Leakage on Public Lands

Skylar Williams

Nov 29, 2022 11:53

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The administration of President Joe Biden issued recommendations on Monday to decrease methane leaks from oil and gas production on public lands, the most recent attempt by the federal government to cut emissions of the potent greenhouse gas.


The strategy accompanies the new regulations proposed by the United States government for the industry on private property. It would set monthly restrictions on flaring and require oil and gas firms to develop methane leak detection techniques for operations on federal lands, where around 10 percent of U.S. oil and natural gas production takes place, primarily in Western states.


According to the U.S. Bureau of Land Management, the limits will minimize gas waste and raise tax revenue.


In a statement, BLM Director Tracy Stone-Manning said, "This proposed rule is a straightforward, environmentally responsible approach to addressing the harm caused by wasted natural gas."


The major component of natural gas, methane, has a tendency to escape from drilling sites and pipelines. Over a 20-year period, it is roughly 80 times more efficient than carbon dioxide at trapping heat.


The Interior Department reported that production-related venting and flaring on public lands has increased considerably over the past few decades.


Flaring, or the purposeful burning of gas produced as an oil byproduct, generates carbon dioxide, whereas venting emits unburned methane. When oil drillers lack the pipes necessary to bring gas to market, or when gas prices are too low to justify transporting it, the gas is frequently flared or vented.


Under the proposed law, each application for a drilling permit would be required to provide a plan detailing how it will prevent methane waste. If the BLM judges the plan inadequate, it may refuse the permit application.


The Environmental Protection Agency, which has been formulating its own guidelines, should be in charge of federal methane management, according to a group representing the oil and gas industry.


According to Mallori Miller, vice president of government relations for the Independent Petroleum Association of America, there are several reasons to vent and flare gas, including safety concerns and connection challenges, and the issue is not as basic as this law portrays. When possible, it is always in a producer's best advantage to capture and sell a product on the market.


The new limits are the consequence of years of litigation over methane regulations enacted by the Obama administration. BLM said that its regulation focussed on waste prevention, a domain in which it has clear legal authority.


The adoption of the restrictions would cost oil and gas companies around $122 million per year, but they will recoup $55 million per year in gas. The BLM predicts that royalties on this gas will increase by $39 million per year.


The deputy director of the Center for Western Priorities, Aaron Weiss, remarked in an email, "There is no excuse for oil and gas companies to waste a publicly owned resource, much less a strong greenhouse gas like methane."

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