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Last updateMon, 18 Mar 2019 1pm

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Chevron Warns of Possible Oil Shortage

Chevron Corp. Chairman and Chief Executive David O'Reilly warned of a potential shortfall in oil supplies midway through the next decade that could trigger a substantial increase in prices.

 

He said there is enough capacity either in production or coming on line to prevent a supply imbalance in the near term but that the world could face a supply challenge beyond the next three to five years if companies don't invest enough as the global population rises and living standards improve.

 

Source: Wall Street Journal

 

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Morgan Stanley Says Refiners Struck Bottom; To Slowly Return

The U.S. refining segment has likely seen the low point for margins and should now spend the next four years slowly returning, Morgan Stanley analysts said Thursday, sending the sector up on a down day for the broader market.

 

"Refining margins have troughed [and] excess capacity growth has peaked, yet the recovery will be long and slow," the analysts said in initiating coverage on the sector at in-line.

 

Source: Dow Jones Newswires

 

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Energy Firms Deeply Split on Bill to Battle Climate Change

As the Senate prepares to tackle global warming, the nation’s energy producers, once united, are battling one another over policy decisions worth hundreds of billions of dollars in coming decades.

 

Producers of natural gas are battling their erstwhile allies, the oil companies. Electrical utilities are fighting among themselves over the use of coal versus wind power or other renewable energy. Coal companies are battling natural gas firms over which should be used to produce electricity. And the renewable power industry is elbowing for advantage against all of them.

 

Source: New York Times

 

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Survey: Commercial Construction Will Decline Through 2010

Most of the decline in construction spending in this building cycle has already occurred for commercial buildings. A 4-5% further decline is expected from August through next winter. The decline is expected to be less for retail and more for hotels. An expected resumed rise in project cost at yearend, mostly for materials, will halt the decline in non-residential construction spending in current dollars in about six months but the decline will extend into the summer measured inflation adjusted dollars. There will not be a significant increase in construction activity until late next year.

 

Source: Reed Construction Data

 

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China Signs Deal for Gas in Trade Talk with Putin

China and Russia announced $3.5 billion worth of trade agreements on Tuesday and reaffirmed their commitment to a huge natural gas deal that would give the Chinese an important new Russian source of supply, once the final details on pricing are negotiated.

 

The agreements, signed by Prime Ministers Vladimir V. Putin and Wen Jiabao, came on the second day of Mr. Putin’s trip to China, which both countries have portrayed as a reflection of their increasingly close collaboration.

 

Source: New York Times

 

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