Rocky Mountain Energy Essentials

Rocky Mountain Energy Essentials will have a general focus on energy industry issues in the Rocky Mountain region, including oil and gas, coal, trona and potentially other hard rock minerals.

Latest from Rocky Mountain Energy Essentials

The U.S. Energy Information Administration (“EIA”) released its Short-Term Energy Outlook (“STEO”) on May 12, 2020, but noted that it was subject to “heightened levels of uncertainty because the effects on energy markets of mitigation efforts related to the 2019 novel coronavirus disease (COVID-19) are still evolving.” The May STEO elaborated on the extent of this uncertainty as follows: “Reduced economic activity related to the COVID-19 pandemic has caused significant changes in energy supply and…
According to Oil & Gas 360’s article originally from CNBC entitled, Oil prices may now be at a bottom after historic OPEC deal, US energy secretary says, “[o]il prices are down more than 55% year-to-date, having experienced the worst price plunges in nearly two decades in the face of record supply, disappearing storage space and global demand eviscerated by coronavirus lockdowns around the world.” I don’t know about you, but I could use some…
The Organization of the Petroleum Exporting Countries (“OPEC”) and other countries including Russia may have reached a tentative agreement during its virtual meeting today to temporarily cut a significant volume of production; however, at the last-minute, Mexico did not approve the deal. According to The New York Times article entitled, OPEC and Russia Reach a Deal to Cut Oil Production: Live Updates, OPEC and other oil-producing countries reportedly agreed to cut about 10 million…
This morning, I noticed that the price of gasoline at the pump was $1.77 per gallon.  To put that in perspective, when I first started driving, I remember the price being around $2.02 per gallon… How does the price of crude oil correlate to the price of gasoline at the pump? Good question!  As of the publication of this blog, according to Bloomberg Energy, the price of WTI Crude is $26.10 per barrel and…
In the wake of crude oil price’s recent plunge, the United States Department of Energy (“DOE”) has announced that it will fill the Strategic Petroleum Reserve (“SPR”) to its maximum capacity by purchasing 77 million barrels of American-made crude oil.  The DOE’s announcement can be found here.   The initial solicitation is for the purchase of 30 million barrels by confidential Request for Proposal (“RFP”) and can be found at: https://www.spr.doe.gov/doeec/OilPurchase.htm. The focus of…
There have been many changes recently, but one of the changes on the forefront of my mind has been “what is going on with OPEC”?  It feels like a major shift has happened with The Organization of the Petroleum Exporting Countries (“OPEC”). Background By way of a short reminder, OPEC has been around since 1960 – in fact, this year marks the 60th year since its founding.  Its mission is: “to coordinate and unify the…
This month, the Wyoming State Geological Survey issued the Oil and Natural Gas Resources in Wyoming January 2020 Summary Report.  A free copy may be downloaded here.  The report assesses where the Cowboy State is, and forecasts where it is headed, when it comes to one of the state’s most valuable resources – oil and natural gas.  In short, the outlook for the Cowboy State is positive and the oil and gas sector appears…
The U.S. Energy Information Administration (“EIA”) released its latest Short-Term Energy Outlook (“STEO”) on January 14, 2020, which can be found here.  This STEO is the first to include energy forecasts into 2021.  Among the interesting forecasts contained in the STEO is the prediction surrounding the rise in renewable energy for 2020 and into 2021.  Specifically, the forecasts surrounding the increases in wind generation caught my eye. Wind and solar generation expected to grow…
Returning to work after the holiday season may have left many of you wondering if you missed anything important while you were in a cookie-induced holiday slumber.  Here is a short summary of some key items that happened in the energy sector in the Rocky Mountain region around the holidays to keep you in the loop: Wyoming Amended APD Rules Effective December 20, 2019, the Application for Permit to Drill (“APD”) rules have been amended…
Many of us have the end of the year and the end of the decade on our minds: wrapping up projects, working to close deals and matters, and striving to end the year on as high of a note as we possibly can.  It is hard to believe but there are only 15 days left in 2019. With the end of the year at the forefront, it puts many things into perspective.  The U.S. Energy…