Day: March 21, 2020

Fleeting OPEC-Shale Détente Exposes Wildcat Roots of U.S. Oil

(Bloomberg) — Prospects of a rare détente between OPEC and the biggest U.S. oil state faded as quickly as they rose as Texas regulators and explorers clashed over a proposal to cap crude output for the first time in almost 50 years.

Just hours after one of the most powerful officials in Texas oil landed a rare invitation to OPEC’s inner sanctum in June, prospects for an accord between the historically antagonistic crude powers began to unravel. The rapid crumbling shed light on the independent streak that has long run through wildcat Texan explorers and the laissez-faire predilections of the

Relief to renewable energy: MNRE declares Coronavirus force majeure

The renewable energy industry is one of the major FDI earners. (Representative image)

In a relief to upcoming renewable energy projects worth about Rs 3.5 lakh crore, the Ministry of New and Renewable Energy (MNRE) on Friday announced that “delay on account of disruption of the supply chains due to spread of coronavirus in China or any other country” would be considered as a force majeure event. This means project developers will not have to pay any penalty for missing commissioning deadlines, if they can prove their consignments were delayed by global restrictions on freight movements stemming from the pandemic.

Coronavirus impact on Boeing: Trump administration debates bailing out Air Force One manufacturer

The 737 MAX, which had been the company’s top-selling plane, has been out of service for more than a year following two deadly crashes.

About 12 years after the US government bailed out General Motors and Chrysler, Washington policymakers are debating how to throw Boeing a lifeline as it reels from dual crises over the coronavirus and 737 MAX. The aerospace giant, which manufactures the US presidential jet Air Force One in addition to defense and commercial aircraft, has asked for USD 60 billion in federal support for the US aerospace industry, but it is not yet clear how such