AAA Michigan gas report March 29, 2021: Prices decline 4 cents
Gas prices in Michigan dropped 4 cents compared to a week ago, AAA Michigan reports Monday. This price is 5 cents less than this time last month but still 97 cents more than this time last year. The national average decreased despite rising gas demand, which increased from 8.44 million b/d to 8.62 million b/d. Crude prices have decreased due to continuing market concern that crude demand will drop as Europe increases restrictions to curb growing coronavirus infection rates. The decrease in crude prices has also been supported by EIA reporting that total domestic crude inventories increased by 1.9 million bbl to 502.7 million bbl.
Agency permanently bans fracking near Delaware River
A regulatory agency that’s responsible for the water supply of more than 13 million people in four Northeastern states voted Thursday to permanently ban natural gas drilling and fracking near a crucial waterway, asserting that gas development poses an unacceptable risk. Ad“The fracking ban in the Delaware River Basin is a momentous victory for public health, the environment, and against climate change,” said Kimberly Ong, an attorney at the Natural Resources Defense Council. Industry officials pointed to studies by a neighboring regulatory agency, the Susquehanna River Basin Commission, that found no link between intensive gas drilling in the Marcellus and degradation of the watershed. The drilling methods spurred a U.S. production boom in shale gas and oil. Conservation officials once estimated that gas companies had leased more than 300 square miles of Delaware River watershed land.
Michigan approves Great Lakes oil pipeline tunnel permits
(AP Photo/Carlos Osorio, File)TRAVERSE CITY, Mich. – Michigan's environmental agency said Friday it has approved construction of an underground tunnel to house a replacement for a controversial oil pipeline in a channel linking two of the Great Lakes. AdThe project requires permits from the state Department of Environment, Great Lakes and Energy and the U.S. Army Corps of Engineers. “We have issued permits designed to ensure that if a tunnel is constructed, it will be in strict compliance with relevant statutes and adhere to stringent protections against impacts to the Great Lakes,” Clark said. State officials emphasized the tunnel project was a separate legal matter from the dispute over the existing pipeline, which was laid in 1953. It has taken steps to prevent future anchor strikes and says the tunnel project would eliminate that danger.
OPEC maintains 2021 oil demand growth forecast, warns outlook clouded by pandemic fears
LONDON — Oil producer group OPEC on Thursday kept its 2021 forecast for global oil demand growth unchanged, but warned uncertainties over the impact of the coronavirus pandemic remain high. The closely-watched oil market report comes as coronavirus cases continue to surge worldwide, with new lockdowns imposed in Europe and parts of China. The 13-member group said it expected global oil demand in 2021 to increase by 5.9 million barrels per day year-on-year to average 95.9 million barrels per day. The group said world oil demand growth in 2020 declined by 9.8 million barrels per day year-on-year to average 90 million barrels per day. "Accordingly, oil demand is anticipated to rise steadily this year supported primarily by transportation and industrial fuels," the group said.cnbc.com
Enbridge rejects Michigan’s demand to shut down oil pipeline
TRAVERSE CITY, Mich. – Enbridge said Tuesday it would defy Michigan's demand to shut down an oil pipeline that runs through a channel linking two of the Great Lakes, contending that Gov. Saying Enbridge had repeatedly violated the terms and put the lakes at risk, Whitmer gave the company 180 days — until May 12 — to turn off the flow. Enbridge filed a federal lawsuit challenging the order shortly after it was issued. Enbridge has “no intention of shutting down the pipelines based on these unspecified allegations," Koby said in an interview. The company is seeking state and federal permits for the $500 million project, which is not affected by the shutdown order.
Enbridge sues Michigan over state’s attempt to shut down oil pipeline
Enbridge Inc. is suing the state of Michigan for taking steps to shut down the company’s oil pipeline that runs under the Straits of Mackinac. Gretchen Whitmer notified Enbridge that the state was revoking an easement granted in 1953 that allowed an extension of the Line 5 oil pipeline to run through the Straits of Mackinac. We remain highly committed to protecting the Great Lakes, the environment, and all the people who use these waters while delivering energy that people rely on daily. “They have repeatedly violated the terms of the 1953 easement by ignoring structural problems that put our Great Lakes and our families at risk. Today’s lawsuit filed by Enbridge brazenly defies the people of Michigan and their right to protect the Great Lakes from a catastrophic oil spill.
Complicated chaos: How stock market dip can benefit consumers
DETROIT – The stock market took hits Monday, but there is gain among those losses. Stocks had their worst day since the 2008 shutdown, fueled by coronavirus fears and a fall in oil prices. MORE: Dow drops 7.8% as free-fall in oil, virus fears slam marketsWhile the market is feeling pain, there’s some benefits consumers can expect as a result. Right now, the 30-year fixed rate is 3.15 percent. The 15-year fixed rate is 2.8 percent.
Enbridge: Broken pipe in Mackinac Straits is 200 feet long
MACKINAW CITY, Mich. – A 200-foot-long broken boring pipe remains embedded in the Straits of Mackinac and may not be recoverable by a company that operates a fuel pipeline, officials said. Enbridge Inc. retrieved a broken 45-foot rod in December and told state regulators that a pipe of similar length remained. But the leftover pipe actually is 200 feet long, the Detroit Free Press reported Wednesday. The broken pipe was related to a project last summer. “I don't expect much would be done (to recover) that remaining 200 feet of grout rod," Haas said.