Meanwhile, the U.S. Gulf Coast is preparing for another storm, with companies shutting production or evacuating staff at some platforms and the Houston Ship Channel closing due to Tropical Storm Beta. The storm has unleashed flooding on southeastern Texas and will hammer the Gulf Coast into eastern Louisiana with heavy rain, even as the storm loses power on its approach to shore.
As U.S. deaths related to COVID-19 approached 200,000, former Food and Drug Administration Commissioner Scott Gottlieb said he expects the nation to experience “at least one more cycle” of the virus in the fall and winter. “There are legitimate demand concerns,” said Peter McNally, global head for industrials, materials and energy at Third Bridge. “If we go into another lockdown, we are going to see inventories build.”
Libya’s National Oil Corp. is ending force majeure — a legal status protecting a party that can’t fulfill a contract for reasons beyond its control — at “secure” facilities in the conflict-ridden nation and has told companies to resume production. The country’s overall oil production is set to reach 310,000 barrels a day in a few days from the current 90,000 a day, according to a person with direct knowledge of the situation.
Output will probably increase to 550,000 barrels a day by the end of 2020 and to almost 1 million by the middle of next year, according to forecasts from Goldman Sachs Group Inc. Production, which was 1.1 million at the end of last year, slumped after Khalifa Haftar, a Russian-backed commander who controls eastern Libya, blockaded energy infrastructure.
Any slightly educated person understands its world markets at play here. No govt left or right in Canada could fix this.
But gas is a dollar/ litre ... what is it all tax?
Right and winter is coming on,
Quick, blame the liberals and demand that we give oil companies more billions of tax payer money.