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Tag: gas

  • Massive Oil, Gas Reserves Found In Pakistan; Can It Change The Cash-Strapped Country’s Destiny? | Economy News

    Islamabad: A substantial deposit of petroleum and natural gas has been discovered in Pakistan’s territorial waters, a cache so large its exploitation could change the country’s destiny, according to a media report.

    A three-year survey was undertaken in collaboration with a friendly country to verify the presence of the oil and gas reserves, DawnNewsTV quoted a senior security official as saying on Friday.

    The geographic survey has allowed Pakistan to identify the location of the deposits, and the relevant departments have informed the government of the resources found in Pakistani waters.

    Terming it an effort to benefit from what he called the ‘blue water economy’, the official said that proposals for bidding and exploration were being studied, meaning that the exploration work can be started in the near future.

    However, he said the work of digging wells and actually getting oil out could take several years.

    But the ‘blue water economy’ can yield more than just oil and gas; there are several other valuable minerals and elements that can be mined from the ocean.

    The official said that taking the initiative and acting quickly could help turn around the country’s economic fortunes.

    Some estimates suggest that this discovery constitutes the fourth-largest oil and gas reserves in the world.

    Currently, Venezuela is thought to be the leader in oil reserves with around 3.4 billion barrels, while the US has the most untapped shale oil reserves.

    Saudi Arabia, Iran, Canada and Iraq constitute the rest of the top five.

    While talking to DawnNewsTV, former Ogra (Oil and Gas Regulatory Authority) member Muhammad Arif said even though the country should remain optimistic, there’s never 100 per cent certainty that the reserves would be discovered as expected.

    When asked if these reserves are enough to meet the country’s energy needs, he said it depends on the size and recovery rate of the production.

    “If this is a gas reserve, it can replace LNG imports and if these are oil reserves, we can substitute imported oil.” However, he cautioned that it is “wishful thinking” until the prospects for the reserves are analysed and the drilling process begins.

    He pointed out that exploration alone required a hefty investment of around USD 5 billion and it might take four to five years to extract reserves from an offshore location.

    He said if the exploration resulted in the discovery of reserves, then further investment would be needed for wells and laying down the infrastructure to extract the reserves and produce fuel, reported Dawn.

  • Georgia Drivers Disillusioned After Filling Their Tanks With Flawed Liquid At Fuel Station

    An error at a Georgia gasoline station brought about plenty of issues for drivers who stuffed up their tanks on the location.

    A Murphy USA gasoline station stated diesel gas mistakenly positioned within the improper tank brought about plenty of drivers to “unknowingly” refill with the improper gas, WTVC reported.

    ″I were given out at the interstate or at the freeway and it was once gradual … simply now not performing proper you realize roughly bogging down,” stated Marty Walker about their automotive.

    The gas-powered automotive’s engine can nonetheless run if diesel is positioned within the tank, then again, it is because it’s “nonetheless operating on” final gasoline, the site stated.

    The corporate, in a commentary to WTVC, stated it intends to “make issues proper” for patrons suffering from the mistake.

    WTVC reported seeing staff changing the gasoline station’s tank on Friday.

  • Gasoline Station Drops Costs Beneath $1 A Gallon Due To Glitch

    A gasoline station glitch let drivers replenish their tanks for an astonishingly low value at one California spot on Thursday.

    Consumers had been stunned to peer a 69-cents-a-gallon value at a Shell station in Rancho Cordova. The cost excited various drivers, corresponding to Darryl Surita, who shared his expletive-emphasized glee on social media.

    “When gasoline is [69] cents a gallon, this complete motherfucker is stuffed up,” Surita stated in a video appearing the gasoline station.

    “I began having a look round and everyone had a grin like everyone had a large smile and so they kinda weren’t having a look at you to your eyes,” he stated.

    The low value may also be chalked as much as a glitch on the pump, in line with ABC associate KGO-TV, and it took about 3 hours for the station to mend the mistake.

    The mistake was once because of a “out of place decimal level,” the scoop station stated, and was once intended to be $6.99 a gallon for top class.

    Costs have long gone up since April 2020, in line with The Related Press, and handed $4 a gallon again in March.

  • National Moderate Value For Gallon Of Gasoline Tops $5

    NEW YORK (AP) — The national moderate value for a gallon of gas has crowned $5 for the primary time ever.

    Auto membership AAA stated the typical value on Saturday was once $5.00. Motorists in some portions of the rustic, particularly California, are paying a ways above that.

    The nationwide moderate value has jumped 19 cents in simply the previous week, and it’s up $1.93 from this time final 12 months.

    There are a number of causes for the surge in gas costs.

    American citizens generally pressure extra beginning round Memorial Day, so call for is up. International oil costs are emerging, compounded by way of sanctions in opposition to Russia, a number one oil manufacturer, as a result of its struggle in opposition to Ukraine. And there are limits on refining capability in the US as a result of some refineries close down right through the pandemic.

    California has the easiest moderate value, at $6.43, in line with AAA. The bottom moderate is Mississippi, at $4.52.

    Whilst that is the primary time breaking the $5 barrier, it’s nonetheless now not a file when inflation is taken into consideration. Gasoline peaked at $4.11 a gallon in July 2008, which might be equivalent to about $5.40 a gallon lately.

  • US, Europe plan for any cutoff of Russian herbal gasoline

    US and Eu officers are coordinating with herbal gasoline providers all over the world to cushion the have an effect on if Russia have been to bring to a halt power provides within the warfare over Ukraine, Biden management officers say.

    The USA and Eu allies have promised punishing financial and political sanctions if Russia strikes its army into Ukraine, however concern about repercussions for Europeans from this sort of sanctions, together with Russia doubtlessly chopping off supply of its herbal gasoline to Europe on the top of iciness.

    Putin has deployed kind of 100,000 troops close to Ukraine’s border for weeks, sparking a diplomatic disaster for Europe and america. He denies any aim of invading.

    Any US and Eu measures in opposition to Russia within the tournament of an invasion “even have penalties for others, together with us,” Secretary of State Antony Blinken mentioned in remarks as a part of a lecture collection Monday evening.

    “There’s a value imposed on everybody,” Blinken mentioned. “However we’ve got carried out an amazing quantity of labor to mitigate any results of sanctions on the ones… implementing them, in addition to any retaliatory motion that Russia may take.”

    Two senior US management officers one by one briefed newshounds Tuesday about efforts via Biden’s nationwide safety workforce to care for any knock-on results from sanctions. The officers spoke at the situation of anonymity to speak about the deliberations.

    If wanted, Europe would glance to herbal gasoline provides in North Africa, the Center East, Asia and america. The hassle will require “moderately smaller volumes from a mess of resources” to make up for a Russian cutoff, in step with one of the vital officers.

    The Biden management has said that President Vladimir Putin has prime tolerance for the wear and tear to Russia’s economic system that would include sanctions. However officers mentioned that the “get started prime, keep prime” method to consequences they’ve warned the Russians they’d soak up negotiations will have an have an effect on on Putin’s calculations.

    One respectable mentioned that sanctions that might spur inflation in Russian “within the mid-teens” and a deep recession that may now not assist Putin “win hearts and minds” amongst Russians, in step with the second one respectable.

    In america, a bunch representing massive commercial power customers and producers that opposes export of US herbal gasoline gave the impression open to taking into consideration an exception for serving to Europeans climate any imaginable cut-off of Russian herbal gasoline.

    The crowd, Business Power Customers of The us, has requested Power Secretary Jennifer Granholm to restrict exports of liquefied herbal gasoline, or LNG. Surging US exports have helped pressure up herbal gasoline costs, the gang argues.

    Paul Cicio, the gang’s president, advised newshounds on Tuesday that his workforce has now not taken a place on how the United States will have to reply to tensions between Russia and Europe over herbal gasoline.

    “My very own private view is if Europe wishes gasoline, the United States will have to be there to provide our allies,” Cicio mentioned, noting that China is the highest recipient of US gasoline exports.

    “Do we’ve got capability to provide our allies? Completely,?” Cicio mentioned. “However possibly we don’t have capability to send to China. So we wish to be delicate to the political disaster. It’s an actual critical factor.”