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Oil

Red Texas is flush, blue California has a deficit, but it's more about economics than politics

by Matt Levin
Jan 11, 2023
Fewer tech millionaires were minted in 2022, hurting California's bottom line, while in Texas, the oil and gas industry boomed.
"Because [California is] a heavy tech economy, it means tech has a disproportionate impact on the state’s revenues," said Chris Hoene at the California Budget & Policy Center. 
Justin Sullivan/Getty Images
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Big oil had one of its biggest years ever in 2022

by Lily Jamali
Jan 3, 2023
Both Exxon Mobil and Chevron reported their most profitable quarters of all time during the calendar year. Sustaining that growth is more complicated.
Chevron posted its most profitable quarter of all time after the war in Ukraine broke out.
Mario Tama/Getty Images
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In the West Texas oil patch, a boom in drilling has led to a growing number of earthquakes

by Travis Bubenik
Dec 28, 2022
After multiple near-record Texas earthquakes, oil and gas regulators say they’re stepping up efforts to reduce quakes triggered by industry activity.
A truck travels through the West Texas oil patch. Earthquakes that have rocked the region have been tied to the area's booming oil industry.
Mitch Borden
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Wastewater workers wish for a fatberg-free holiday

by Jill Replogle
Dec 26, 2022
Our sewers work overtime at this time of year.
A wastewater treatment plant in Oakland, California. Wastewater workers are urging people to be mindful about disposing of grease and oil, which can wreak havoc on sewer systems.
Justin Sullivan/Getty Images
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After a year of drawdowns, the Biden administration moves to replenish the Strategic Petroleum Reserve

by Lily Jamali
Dec 22, 2022
Analysts say the SPR is increasingly being used not just to cushion against oil price shocks, but to support prices.
A Strategic Petroleum Reserve storage site in Freeport, Texas. Currently, there's less oil in the reserve than at any point since 1984.
Brandon Bell/Getty Images
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Germany warned about the danger of becoming economically dependent on China

by Stephen Beard
Dec 1, 2022
After its over-reliance on the Kremlin for its energy, is Germany making the same mistake with Beijing?
Chinese President Xi Jinping (R) welcomes German Chancellor Olaf Scholz at the Great Hall of the People in Beijing on November 4, 2022.
Photo by Kay Nietfeld/POOL/AFP via Getty Images
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U.S. oil reserve tumbles to lowest level in 4 decades

by Samantha Fields
Sep 22, 2022
Biden authorized the release of crude from the Strategic Petroleum Reserve to boost supply and ease gas prices after Russia invaded Ukraine.
An oil refinery in Wilmington, California. The Strategic Petroleum Reserve now holds around 427 million barrels, down from nearly 600 million at the beginning of the year.
Allison Dinner/Getty Images
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Why isn't Big Oil up in arms about the climate-friendly Inflation Reduction Act?

by Andy Uhler
Aug 8, 2022
The bill incentivizes clean energy but doesn't vilify fossil fuels. Traditional oil companies can access some of the benefits as well.
The climate legislation gives oil companies a win with expanded drilling opportunities on federal lands and a pipeline in West Virginia.
Mario Tama/Getty Images
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As Russia limits Europe's natural gas supply, Germany pays the price

by Andy Uhler
Jul 26, 2022
Europe's largest economy depends on Russian gas. Vladimir Putin is using it as a political weapon.
Last year, Russia supplied more than half of Germany’s natural gas.
Ina Fassbender/AFP via Getty Images
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It takes a long time to get from a federal drilling lease to actual oil

by Andy Uhler
Jul 6, 2022
Companies have to evaluate their prospects, then come up with a budget and manage crew and equipment logistics.
While the Biden administration has reopened federal land and offshore sites to oil and gas leases, it can take months or years to actually start pumping oil. Above, an oil well in Garden City, Texas.
Spencer Platt/Getty Images
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