Daily on Energy: Oil prices rise to three-year highs

·3 min read

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Note from the editor: With Josh off, today’s Daily on Energy is a roundup of the latest headlines. Daily on Energy will return to normal coverage tomorrow, Oct. 5.

Welcome to Daily on Energy, written by Washington Examiner Energy and Environment Writer Josh Siegel (@SiegelScribe). Email jsiegel@washingtonexaminer.com for tips, suggestions, calendar items, and anything else. If a friend sent this to you and you’d like to sign up, click here. If signing up doesn’t work, shoot us an email, and we’ll add you to our list.

OIL PRICES RISE ON OPEC+ DECISION: Oil prices rose to three-year highs today as OPEC+ said it would stick with plans for a gradual increase in output, Reuters reports.

BIG OIL SPILL OFF HUNTINGTON BEACH: A major oil spill off the Orange County coast left crude spoiling beaches, killing fish and birds, and threatening local wetlands, the Los Angeles Times reports.

The spill originated from a pipeline off the coast of Huntington Beach connected to an offshore oil platform known as Elly. It caused at least 126,000 gallons of crude to spill into coastal waters creating a slick that spanned about 8,320 acres.

EUROPEAN GAS CRUNCH DRIVES UP CARBON PRICES: Europe’s gas crunch has pushed up the price of allowances linked to carbon emissions. EU carbon allowances last week topped about $75 a ton for the first time. Allowances under the UK’s nascent cap and trade system hit a record $102, the Financial Times reports.

UK DEPLOYS TROOPS TO DELIVER FUEL: “British soldiers have begun delivering fuel in the U.K., as panic buying of gasoline continues in some parts of the country."

"Around 200 military personnel are to be deployed as part of Operation Escalin, a strategy devised by the British government to help ease fuel supply constraints caused by a major shortage of truck drivers,” CNBC reports.

ENERGY CRISIS LEADS TO UNUSUAL COAL TRADE: Bloomberg reports: “China’s eastern province of Zhejiang recently received its first seaborne cargo of Kazakhstan coal, as well as a rare railed shipment from Xinjiang. Meanwhile, European power plants are interested in buying Indonesian coal for the first time in two years, according to Chinese industry publication Fengkuang Coal Logistics.”

“The unusual moves show just how desperate nations are to secure as much of the fuel as they can with energy crises looming on multiple continents ahead of the northern hemisphere winter.”

RECORD UNDERSEAS ELECTRICITY CABLE ONLINE: A 450-mile subsea cable connecting the U.K. and Norway, enabling them to share renewable energy, has started operations, CNBC reports.

Britain’s National Grid dubbed the $1.86 billion North Sea Link “the world’s longest subsea electricity interconnector.”

The Rundown

Financial Times Electric vehicles: the revolution is finally here

Wall Street Journal Exxon Sees Green Gold in Algae-Based Fuels. Skeptics See Greenwashing.

Calendar

WEDNESDAY | OCT. 6

10 a.m. 406 Dirksen. The Senate Environment and Public Works Committee will hold an oversight hearing to examine the response by the U.S. Army Corps of Engineers to Hurricane Ida.

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Tags: Energy and Environment, Daily on Energy

Original Author: Josh Siegel

Original Location: Daily on Energy: Oil prices rise to three-year highs

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