>>15814370 New Ben Garrison "What gas crisis?" cartoon
Biden halts oil, gas leases amid legal fight on climate cost
The Biden administration is delaying decisions on new oil and gas drilling on federal land and other energy-related actions after a federal court blocked the way officials were calculating the real-world costs of climate change.
Among the immediate effects is an indefinite delay in planned oil and gas lease sales on public lands in a half-dozen states in the West, including Wyoming, Montana and Utah.
The ruling also will delay a $2.3 billion federal grant program for transit projects, officials said.
The delays follow a ruling by U.S. District Judge James Cain of the Western District of Louisiana, who blocked federal agencies from using an estimate known as the “social cost of carbon” to assess pollution from carbon emissions by energy production and other industrial sources. The decision blocked the Biden administration from using a higher estimate for the damage that each additional ton of greenhouse gas pollution causes society.
President Joe Biden on his first day in office restored the climate cost estimate to about $51 per ton of carbon dioxide emissions, after President Donald Trump had reduced the figure to $7 or less per ton.
Using a higher cost estimate would help justify reductions in planet-warming emissions by making the benefits more likely to outweigh the expenses of complying with new rules.
The ruling by Cain, a Trump appointee, came after 10 Republican attorneys general sued over Biden’s executive order, arguing that Biden lacked authority to raise the climate-cost estimate under the Constitution, which gives that power solely to Congress.
https://www.weau.com/2022/02/22/biden-halts-oil-gas-leases-amid-legal-fight-climate-cost/
Department of Energy forecasts oil surpluses as far as the eye can see
Jan. 11, 2022
https://seekingalpha.com/news/3787240-department-of-energy-forecasts-oil-surpluses-as-far-as-the-eye-can-see
Canadian Overseas Petroleum Limited ("COPL" or the "Company") (CSE:XOP)(LSE:COPL), an international oil and gas exploration, production and development company with operations focused in Wyoming, USA, announces a significant conventional light oil discovery at its Wyoming asset.
We estimate the Frontier element of the discovery to cover an area of approximately 51 square miles with the capacity of up to three horizontal wells per square mile each initially producing 1,000 - 3,000 barrels per day.
"This is a significant oil discovery and the size of the upside at our Wyoming asset was a surprise to us all. Conventional light oil discoveries of this magnitude have been rare in continental North America for years if not decades. We control the majority of this discovery as it is coincident with our large contiguous lease block. We will start exploiting the discovery this year."
January 10, 2022
https://markets.businessinsider.com/news/stocks/canadian-overseas-petroleum-ltd—copl-confirms-significant-oil-discovery-1031089666
SMALL-CAP WINNERS & LOSERS: Canadian Overseas soars on oil discovery [Wyoming]
The oil and gas explorer says it has made a significant oil discovery at its Wyoming asset.
Canadian Overseas estimates the total oil reservoir to have 1.5 billion to 1.9 billion barrels of oil in place, with its own lease covering 1.3 billion to 1.6 billion barrels of that.
Company will start exploiting the US discovery this year, and it has already applied for permits covering four horizontal wells.
10th Jan 2022
https://www.lse.co.uk/news/small-cap-winners-and-losers-canadian-overseas-soars-on-oil-discovery-jpp3ytagp1luidy.html
Light Oil
Light oils (kerosine and gas oil) are clean burning and do not produce smoke in properly maintained appliances. Heavier oils require atomizing and heating equipment to burn properly, and can produce black smoke by faulty operation.
https://www.sciencedirect.com/topics/engineering/light-oil
Light crude oil is liquid petroleum that has a low density and flows freely at room temperature. It has a low viscosity, low specific gravity and high API gravity due to the presence of a high proportion of light hydrocarbon fractions. It generally has a low wax content.
Light crude oil receives a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel fuel when converted into products by an oil refinery.
https://en.wikipedia.org/wiki/Light_crude_oil