Earlier this week, headlines were filled with news about Pfizer’s positive COVID-19 vaccine trial results. While global oil markets may have rallied initially from this positive news, the International Energy Agency stated that industry is unlikely to see any significant economic benefits until into next year. In its monthly report, the IEA said it expects demand for 2020 to fall by 8.8 million barrels a day this year—400,000 barrels a day more than its last forecast, which is more severe than OPEC’s forecast cut earlier this week.
Meanwhile, stories this week focused heavily on how energy and climate policy will be top priorities – and challenges – for President-Elect Biden when he takes office. And as those campaign pledges are worked on, many speculated at the potential political appointees he may choose, including public officials, scientists, climate advocates and environmentalists.
As the future Biden Administration takes shape, we know there will be plenty of exciting energy news in the coming weeks. In the meantime, here are our five favorite stories to help you start your weekend!
Wholesale prices increase with food and energy costs both up
Wholesale prices increase 0.3% in October with food and energy costs both up. The Associated Press reports on how U.S. wholesale prices rose moderately in October as food costs jumped by the largest amount in five months.
U.S. Department of Energy awards $14M toward hydrogen energy plant
The U.S. Department of Energy awarded $14 million to build a hydrogen-energy production facility at a nuclear power plant in Minnesota. The Arkansas Democrat Gazette shares how the Idaho National Laboratory and Minneapolis-based Xcel Energy will work on devising and building the facility.
Louisiana advancing wind energy opportunities in the Gulf of Mexico
Louisiana Gov. John Bel Edwards announced a renewable energy initiative for the Gulf of Mexico, with plans to focus on offshore energy production. WorkBoat expands on how Gov. Edwards views renewable energy, like offshore wind, is one way to help the state cut its emissions.
Energy Department Announces $130 Million in Solar Technology Projects
The U.S. Department of Energy announced $130 million in new projects to advance solar technologies, which will fund 67 research projects across 30 states. Energy.gov details how the projects will help to reduce the cost of solar, increase U.S. manufacturing competitiveness, and improve the reliability of the nation’s electric grid.
Cargill plans to harness wind power by fixing immense wing sails to its cargo fleet of bulk ships – also known as bulkers – to reduce fuel use and greenhouse gas emissions. G Captain tells how the company is hoping that by using solid wing sails that are as high as 148 feet, they could help to reduce fuel use by as much 30%.
