Now that Biden is in office, the clean energy deal is making way. As of February 2021, actions have already been taken to start the transition. Here’s the latest news on the petroleum industry.
Petroleum February 2021
In 2020, North America broke the record for exporting the most amount of oil to India. As of January 2021, 11% of India’s oil comes from the U.S. and Canada. Additionally, we know that the Keystone XL Pipeline is coming to an end. This massive 1,179-mile crude oil pipeline was the heart of distributing oil throughout America. Now, Biden ordered a halt to further construction. This is in order to protect Native American land.
The massive blizzard that hit Texas had a huge impact on oil. The deep, long-lasting freeze proved some damage to the refineries. Therefore, reduced oil production will limit nationwide distribution. Also, companies are heavily under fire for lack of regulation. Specifically, not winterizing plants and refineries. The bottom line is that oil and gas may get a lot more expensive as petroleum companies financially recover.
Shell is working to balance successful oil production and green energy. They claim their carbon emissions have peaked, and are moving to green energy. They plan to reduce emissions by 6-8% by 2023. With 2020 hitting their oil profits hard, they understand that renewable energy is moving up to replace oil & gas. On that note, many petroleum companies are aware that their options are either to go green or abandon ship.
The vaccine rollout, cheap hotel prices & flights, and reduced lockdown restrictions are driving people to go out again. As a result, gas prices are at the same prices as pre-COVID. And, they’ll only get higher as summer comes closer.
Between the hard financial hits of 2021, the Texas blizzard, and the rise of renewable energy, the days of oil and gas are starting to wane. For more information on petroleum in February 2021, check out Oil News Today.
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