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Tesla Looks To Buyout Solar City For $2.8 Billion

Elon Musk has offered Solar City a $2.8 billion purchase proposal in a stock deal that would unite the company with Tesla Motors. Musk started both companies, and is the majority shareholder in each. Musk also serves as the CEO of Tesla and the chairman of Solar City. According to Tesla, it offered between $26.50 and $28.50 per share for Solar City stock. Musk said he would recuse himself from voting on the proposal, and Lyndon Rive, who is Musk’s cousin and CEO of Solar City also said he would recuse himself. Musk did not indicate when shareholders…
Source: oilprice

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Move Over Oil – Lithium Is The Future Of Transportation

Just a few years ago, we would have scoffed at the idea that electric vehicles could be mainstream anytime soon, or that the global appetite for lithium-ion batteries and mass power storage would be so voracious, and so sudden. Today, no one is scoffing, and lithium is being viewed as our new super-mineral that will catapult us firmly into the next century. Now Tesla has started buying up Nevada and building its battery gigafactory, with competing gigafactories following suit and competing electric vehicle (EV) manufacturers all throwing billions…
Source: oilprice

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ExxonMobil Retains Title As Largest Oil And Gas Company In The World

The rankings’ prelude indicates that researchers equally-weighted measures of revenue, profits, assets and market value in order to name the 25 biggest players in the global energy industry. Last week, Exxon became one of only five oil majors to remain a part of the Fortune 500 list. The firm took second place overall with earnings at $1.8 billion in the second quarter. Exxon’s role in shielding the oil and gas industry, particularly in the United States, from incoming changes due to rising environmental concerns has been significant.…
Source: oilprice

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German Government Agrees to Ban Fracking but Keep Door Open

The German government has agreed to ban fracking for shale gas for an indefinite period, but would allow test drilling to be carried out if state governments permit it, news agencies reported on Tuesday. The two parties in Germany’s ruling coalition—the Christian Democrats (CDU) and the Social Democrats (SPD)—agreed to what is being called an “indefinite” ban, but the agreement calls for a review in five years, leaving the door open for a possible lifting of the ban. Parliament must still approve the ban. Environmental…
Source: oilprice

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Japanese Firm Buys 25 Percent State in Eagle Ford Field in Texas

Japanese energy major Tokyo Gas is set to acquire a 25 percent stake in an American shale gas field, allowing the firm to take advantage of low commodity prices that have left the asset underpriced. The Eagle Ford —a major source of shale gas in the United States—will be bought for $48 million in early June from the American company VirTex Producing Co., which declined to provide a breakdown of the deal, according to Reuters. Subsequent drilling would bring the price up to almost $77 million, the United Kingdom-based agency said. The…
Source: oilprice

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Get Ready For $80 Oil

Oil is only just beginning to regain some of the ground that it has lost over the last few years, but already some analysts are looking for much higher prices. Raymond James & Associates is out with a forecast that oil will reach $80 a barrel by the end of next year, stating that “Over the past few months, we’ve gained even more confidence that tightening global oil supply and demand dynamics will support a much higher level of oil prices in 2017”. “We continue to believe that 2017 WTI oil prices will average about $30/barrel higher than…
Source: oilprice

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$1 Trillion In Spending Cuts Could Lead To An Oil Price Spike

Are today’s spending cuts setting the global oil market up for a supply crunch in a few years? An oil supply deficit may be hard to fathom given two years of surplus and rock bottom prices, but with the financials of so many oil companies badly damaged, upstream investment could come up short in the not-too-distant future, even if prices continue to rise this year. Globally, the oil industry is set to cut investment by $1 trillion between 2015 and 2020 due to the collapse in oil prices, according to a new estimate from Wood Mackenzie. Spending…
Source: oilprice

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Oil-Dependent African Countries Desperate To Find New Markets

Oil has been truly black gold for countries such as Nigeria and Angola—Africa’s top oil exporters. It has sustained their economies, accounting for over 90 percent of exports and significant portions of GDP. Yet now this treasure trove has turned into a real headache, largely because of the shale oil and gas boom in the U.S., and of course, the global oil price rout. Before the shale revolution, Nigeria was exporting around a million barrels daily to the U.S., peaking at 1.3 million bpd in 2006. In July 2014, no Nigerian oil entered…
Source: oilprice

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Renewables Revolution Reaching New Heights In 2016

The global oil price slump has dominated the news for months, as exporting nations and energy companies worry about losses. Low prices are affecting both established exporters, such as OPEC, as well as newer competitors like U.S shale production. Cheap oil has led many to raise questions about the impact on renewable energy. Much has also been made about cheap oil hampering investment in renewables. This may have been the case ten years ago, yet throughout the second half of 2015, and first six months of 2016, renewables weathered the global price…
Source: oilprice