5 Burst results for "Bp Shell Exxon"
Bloomberg Radio New York
"bp shell exxon" Discussed on Bloomberg Radio New York
"120 countries. This is Bloomberg radio. Now, a global news update the inflation reduction act is headed to the House after clearing the Senate, the bill was approved with vice president Harris casting the tie breaking vote following a marathon weekend session. The house is expected to take up the massive economic plan on Friday, majority leader Chuck Schumer hailed today's approval of the package as historic and long overdue. Police and Cincinnati are investigating a mass shooting that wounded 9 people at a bar early this morning, begun fire erupted in the city's over the Rhine district, about one 30 a.m., police say all of the victims were being treated for non life threatening injuries at a nearby hospital. A Cincinnati police department spokesman says one responding officer fired his weapon at the shooter, but it's unclear if the suspect was hit as he fled the scene. There were no reports of arrests. The governor of New Mexico says she's sending additional police to Albuquerque to investigate the fourth murder of a Muslim man for Muslims have been killed in separate shootings in Albuquerque since November and police believe the murders could be related. I'm Chris karashi. You're listening to Bloomberg intelligence with Alex Steele and Paul Sweeney on Bloomberg radio. All right, well, U.S. lawmakers $370 billion climate and energy reconciliation proposal includes three key takeaways that would be most impactful for the oil and gas sector. Let's drill down on that with Bloomberg intelligence analyst Brandon Barnes. All right Brandon, what are those key issues for the energy space? Hey, Paul, I like the use of drill down there. That's good. And let's start with drilling, right So EMPs are probably the most impacted in terms of cost being added to them from the proposed reconciliation bill. It is coming in two different ways. One is a methane fee, which is a very popular approach from Democrat and those opposed to fossil fuels these days is trying to tag a fee on for emissions of methane at various places. Well head, compressors, pipelines where have you? The other one is going to be they're going to raise royalty rates on federal lands to 4% raise. These are billions of dollars across the industry, but that's helpful when you actually have landed drill on from the federal government, which is what brings us to the second takeaway, which is there's a net positive for offshore. So offshore drilling in the U.S. as we all know, gulf Mexico is primary target for exploration and production. There has not been a viable acreage sale from the federal government since before the fall of 2021. And so that has and we weren't supposed to see one until at least fourth quarter of 23. So this bill addresses all of that and everything in between and even going back further by reinstating old sales that were invalidated by a court. Let me give you a couple of people who are important in that place. You've got Chevron, Oxy, BP Shell Exxon. All of them were the highest bidders from that sale that would be reinstated a $192 million in bids. That's just one sale. They're supposed to happen at least once a quarter. And we haven't had one. So this bill would put that back into place. Third thing, we wanted to talk about was actually outside of this. Whatever background dealings were going on between senator Schumer and Manchin was allegedly part of that was we're going to agree later on to change federal permitting altogether. Sometime in the fall, maybe end of September. Big changes to energy infrastructure permitting, which hits renewables and oil and gas infrastructure in the same way because no one's getting anything built based on permitting, challenges in the course, et cetera. Interestingly enough, there's a carve out for mountain valley pipeline equitrans midstream that is the big one we think intervention has been using to try and he wants to get that push through. That goes West Virginia to Virginia, big gas pipe and stuck for a long time. Brandon, just give us a sense here. I mean, we were just paying $5 a gallon for gasoline a few weeks ago. There's real energy shortage that's going to get very acute in Europe this winter. What's the feeling with any energy space within the regulatory aspect of the energy space about, okay, we need to move towards clean energy, but boy, we also need some of this fossil fuel stuff, the tide is over. There's a lot of energy insecurity out there. How do you think about that? Well, look, I think that's we talked about this before and with reference to midstream, especially LNG exporters, right? U.S. keeps getting hit in different ways, LNG Freeport went offline because they have fire. They're trying to get back up. It just recently come to agreement with Sims of the federal regulator there. You got to be in pass and schneer. They're trying to push back on an air rule. Like there's all this regulatory morass that is threatening transmission and export of energy that could really help Europe, especially on the natural gas side. So I think there are certainly positive signals coming out of the companies in the energy and gas oil and gas companies here that are saying we wouldn't mind having this bill out there because that would help with, especially federal acreage for offshore, but maybe we get some permitting deal that we really badly need. Yeah, because it's interesting. Again, I think most people generally support the move towards green energy, but boy, I just had WTI crude at a $120 a barrel, you know, a few months ago with since come down and but it just seems like and I keep asking people, well, we'll just go build a new refinery, you know? And they tell me, it's not so easy, number one, and number two, there's really no incentive to go do that because, again, they're getting a lot of pressure from a lot of areas to move towards green energy. It seems like it's a very difficult transition. Yeah, really mixed signals coming out of Washington D.C., right? They're being big oil companies being called greedy. They're saying that gas prices are here because you guys are trying to get bigger profits. But just the way energy works worldwide, it's all connected. That doesn't really ring true. And what's being offered from certain corners of policymakers is let's push hard for green shore. But there's no bridge. There's no bridge from where we are now the way we consume electricity the way we use it for transportation and where people want us to go. And that reality just hasn't been crossed. I think that's the mix we get between politics in D.C. and sort of the reality of electricity and energy consumption in the United States. Right. I mean, $370 billion, this climate energy reconciliation proposal seems like a big number to me. Is it give us a sense of how material it is? Will it move the needle? Probably, I mean, honestly, this is more of a political move than anything else. This is let's get a win. We need something. We couldn't get those back better. This is a very light version of build back better. The last bill they got through that infrastructure act was over a trillion. And so this is much smaller in terms of the bigger packages that they would try and get through. Overall, it's in the $700 million range, but there's some energy and climate portion of 370 billion. We're talking about hundreds of billions of dollars. Those are big numbers, but for government spending, it's not a ton and it's likely that what this is going to do for the most part is this is targeting the tax side, right? Let's get some incentives out there to continue building those renewable projects. Let's get some incentives out there on EVs. Let's try and push people to come back to the table and develop again. All right, great stuff there, Brandon really appreciate it. Our thanks to Bloomberg intelligence analyst Brandon Barnes. All right, while we're talking about bill's another major piece of legislation in the works is the $740 billion inflation reduction act. The renewable industry may benefit if it passes while others like big pharma might not be so lucky. For more, let's bring in Bloomberg intelligence and senior government analyst Duane Wright Dwayne, what's in this bill for the healthcare industry? There's a couple of pieces and we start with the pharmaceutical side of things. The bill includes the Democrats long-standing goal to bring in drug prices. There's a provision in the bill that would allow or require the secretary of HHS to negotiate prices on some high expenditure or D and part D drugs and those prices would be available in the Medicare marketplace. Now the bill is and what's been proposed is short of what Democrats had proposed in the past. But there are enough moderate Democrats in the House and in the Senate to scale back the proposal so that we're looking at each of the first couple of years, only a handful of products ten to 15 products that will be subject to negotiation and those prices would be passed on to Medicare, to savings are not as big as what Democrats had hoped they'd see in previous proposals, but they are significant. It will bring in about a $100 billion in savings
The Doug Collins Podcast
Conservative Enterprise Institute's Myron Ebell on Biden's Oil Plans
"Well, let's start off here. The hot topic right now is the leadership from behind the Biden administration has finally made it to the fact that they say we're not going to take Russian oil. We're not going to buy Russian oil right now. We had already seen that happening from shale BP, Exxon and others. Tell our listeners what that really means and then we'll expand from there because I want them to understand really the effects of this right now and how the Biden administration is using that. I think there are pluses and minuses, the fact is that Russia is the world's largest exporter of oil and gas and it produces about 7, 7 and a half million barrels a day. Some of that goes by pipeline to China, but two and a half million barrels has been out on the market and shipped by tankers. So removing those two and a half million barrels from the market is that what's happening or is the U.S. just saying it's not going to buy oil from a tanker that has Russian oil in it, but we're going to buy oil that would otherwise be going someplace else, but is now being replaced by Russian oil. So there's questions about this band. If everybody bans Russian oil, then that will remove a lot of oil from the world market and it will have to be replaced or we're going to see even higher oil prices. So there are a lot of things to try to game out here about how this is going to work because there is some spare capacity in the world oil production system. Some of it's in the United States. Some of it is in Saudi Arabia, some of its United Arab Emirates. So President Biden instead of talking to the American oil industrial and saying, hey guys, I made some mistakes. Let's sit down and see what you can do to increase production. Instead he called Saudi Arabia who wouldn't take his call because they're angry about the cell up to in the Iran
The Breakdown with NLW
"bp shell exxon" Discussed on The Breakdown with NLW
"For joining as a sponsor of the breakdown this week. Now, let's come back to Ukraine. I've obviously been covering this situation pretty closely, but to recap, last week, two big things happened. Last week on Thursday, Russia invaded Ukraine. The world very quickly had to come to grips with an invasion happening in Europe. The markets instantly tanked and over the weekend, the west's economic response became a lot clearer. Sanctions were ratcheted up, Russian banks were to be disconnected from swift and the west even went after Russia's Central Bank reserves. We woke up at the beginning of this week with the Russian economy crushed. The ruble fell as much as 40% before recovering, companies especially energy companies work to remove themselves from the Russian economy, BP Shell Exxon all disentangling their ties with Russian energy companies, technology companies stopped servicing Russia and in general a major economic isolation set in. However, as all that was happening, Ukraine was obviously in a fight for its life and not just an economic fight, a very real gun sending bullets at each other kind of fight. Over the weekend, the official Ukrainian Twitter account posted a donation address for crypto. Initially, it was just Bitcoin eth and USD T and would later expand to polkadot Solana doge and more. Millions of dollars in crypto donations poured in and the government did not wait to put it to use. On Tuesday, Michael chobanian, who's the founder of Kuna, which is a Kyiv based exchange that has been helping the government, said that at least 14 million of the then $26 million that had been raised had already been dispersed. Michael pointed to two funds, the crypto fund of Ukraine, which was spun up over the weekend to buy food, gas, medical supplies, and firearms for civilians, as well as to help evacuate them, and a second wallet, which was coordinated by the ministry of digital transformation that was funding the army directly. Kuna is helping the government convert their crypto to Fiat, saying the government doesn't know how to properly manage the crypto, and they also said they're trying to help ensure the donations are quote unquote clean..
Bloomberg Surveillance
Microsoft Women Suing Over Bias Denied Class-Action Status
"Dot edu here's baboon good morning tom jonathan here's what's making news in science technology engineering and math women engineers who claim discrimination in pay and promotions by microsoft won't be allowed to pursue their lawsuit as a class action that is seen as a near death blow to the leading legal case seeking to attack the male dominated tech industry the judge did not elaborate an appeal is likely similar cases are pending against alphabets google twitter and oracle while uber technologies settled class action in april development of our modern world has literally been fueled by oil and coal with those words a us judge explained his decision that wouldn't be fair to place the blame for global warming on those who supplied what we demanded us district judge dismissed lawsuits by some american cities against bp exxon mobil chevron conaco phillips royal dutch shell saying nuisance cases aren't the answer to climate change the bay area cities of san francisco and oakland along with other local governments in california as well as new york city and boulder colorado or among those that had sought to recover the cost of infrastructure needed to protect against rising sea levels the san francisco city attorney's office says it's considering its next move hbo has been selling some programming content in china's fastgrowing fourteen billion dollar plus online streaming market under tight censorship rules now it appears chinese authorities have blocked the website of.
Masters in Business
Prime Minister, Congressman and Irv Chapman discussed on Masters in Business
"Vatican which was titled energy transition and care for our common home the pope encouraged leaders from such companies as bp exxon mobil and blackrock among others to reduce their dependence on fossil fuels and move towards renewable energies justify the thirteenth horse to win the triple crown with a victory in the belmont stakes today it was the second triple crown winner for trainer bob baffert and at age fifty two mike smith becomes the oldest jockey to ride into triple crown history finishing second gronkowski named for the nfl player and huffed berg was third i'm barbara kusak and i'm susanna palmer from bloomberg world headquarters as we've been reporting president donald trump at the g seven meeting in quebec turned the tables on allies who accused the us of protectionism this by offering what his top economic advisor described as a free trade proclamation trump shook up a meeting of the leaders of the world's richest countries with a proposal to eliminate all barriers to global trade that's a shift from his aggressive tariff threats ahead of the summit president trump said nafta negotiators are pretty close to agreeing on some kind of sunset clause a sticking point in talks this warning that the three way pact between the us mexico and canada can only survive if major changes are made nafta was a key topic when trump held a bilateral meeting with canadian prime minister justin trudeau on friday pg and e may face criminal charges for its use of equipment that ignited some of last year's deadly california wildfires the state has found evidence of alleged violations of law by pge in connection with eight of the fires house republicans are heading for a showdown next tuesday on a bill to allow those who came to this country with undocumented parents to become citizens plume birds irv chapman reports they fail to fashion a compromise so far republican congressman jeff dunham is among those that set a tuesday deadline to force a bill to a vote over the objections of party leaders now we're still negotiating trying to come up with a reasonable approach and border security but also a permanent fix for dreamers if you've been in this country if you've gone to.