The Next Financial Crisis Coming in 2025?
Is the Unites States ushering in another financial crisis and banker bailout? RMI Supply president Mark Workman was asked whether the current economic and energy policies are disrupting the supply chain and creating workforce issues or helping the marketplace and energy industry.
“The paradigm is getting ready to change,” Workman said. “But my view is that, so many people are over leveraged, everybody's over leveraged. You know, we stay clean, we're out of debt, we own everything. I grew slowly on purpose so I wouldn't have anyone on my neck.”
Today In Energy host Jason Spiess cited the historical context that technology companies need new funding injections every 3-5 years ever since Bill Gates, Oracle and Steve Jobs entered the marketplace. Then asked if the state allocating their time, resources and monies towards technology projects has disrupted the marketplace once again resulting in another major bailout in 2025.
“The volatility is coming,” Workman said. “So I have two good years and I just watch my P's and Q's and stay out of debt, don't over leverage, and I know there's another blip coming.
Workman continued citing his historical navigation of uncertainty and recessions.
“And in that blip, another heritage, long time, third generation company goes away. All the time. QMAX, you know, this is name them all that are gone, right?” Workman said. “Just one right after another. It's just amazing. And then those entities, all their equipment, everything is sold off to one of the big boys.”
Artificial Intelligence, robotic manufacturing and state-sponsored sectors are just the newest marketplace issues yet to be addressed. These are just three examples of marketplace disruptions just percolating, getting ready to burst.
“So that volatility is getting companies every 2-3 years,” Workman said.
RMI Supply is a leading provider of specialty oilfield chemicals focusing on delivering environmentally-friendly products to the market combined with a fast and responsive service.
Click here for RMI Supply’s website and more information.
EMERGING ENERGY: The Future is Now: How AI Is Fast-Tracking Nuclear Fusion Breakthroughs
In January, OpenAI’s Sam Altman took the 2024 World Economic Forum in Davos-Klosters, Switzerland, by storm. He’s bullish in the belief that artificial intelligence (AI) will make remarkable headway in medicine, the way we work, and robotics manufacturing within the next five years. But without significant changes to our ability to harness energy, these AI advancements won’t be possible. The vast amounts of data used to train models like Google’s Bard or OpenAI’s GPT currently account for two to three percent of greenhouse gas emissions.
Altman believes that with investments in clean energies, like solar energy and nuclear fusion, technology companies can reach their energy demands without adding to the poor climate conditions. In 2021, he personally invested $375 million in Helion Energy, a U.S.-based company that is developing the world’s first nuclear fusion plant. Helion’s fusion generator raises fusion fuel to greater than 100 million degrees Celsius and directly extracts electricity with a high-efficiency pulsed approach.
With every business implementing some form of AI in order to remain relevant, it’s no secret that our lives will be remarkably different over these next few years. AI is launching us into the fourth industrial revolution, one where connectivity, enhanced robotics and machine manufacturing will remarkably alter human life as we know it.
In an era where the quest for sustainable and clean energy sources has become paramount, the potentials of nuclear fusion are more appealing than ever. However, achieving and sustaining fusion reactions at a practical scale can only be accomplished with the aid of AI.
Click here to read the entire feature
SHARE YOUR SUSTAINABLE STORY: Renewable, Responsible, Rugged: Making Workwear that Works for Women and the Planet
Tradeswomen in the renewable energy sector know firsthand the importance of gear that can withstand the demands of working with heavy machinery and long hours on dynamic job sites.
The importance of durability, abrasion resistance, comfort and protection are vital for active tradeswomen, but many have begun to wonder how their workwear choices are impacting the planet. With growing awareness around microplastics and sustainability, forward-thinking brands are developing innovative solutions to mitigate synthetic microfiber pollution from textiles.
One such company is Dovetail Workwear – the Northern Hemisphere’s largest exclusively women’s workwear apparel company made by, for and with women. With a brand ethos on supporting and empowering the success of women in the workforce – particularly in non-traditional occupations – Dovetail produces top-to-toe, all-season gear made from eco-conscious fabrics that are ethically sourced and manufactured to continue to do better for the environment, without sacrificing the needs of the women who wear them.
By choosing suppliers, partners and factories that adhere to Dovetail Workwear’s values as they relate to human rights, labor standards, environmental impact and anti-corruption, the brand is choosing a better tomorrow by following the UN Global Compact initiative to maintain a just and sustainable supply chain.
Supporting these efforts, in 2023, Dovetail kicked off its partnership with CiCLO® technology to reduce the environmental impact of fugitive synthetic microfiber pollution caused by textiles, the most prevalent form of microplastic found throughout the globe.
Click here for the entire feature
TODAY IN ENERGY NEWS BRIEFS
Saudi Aramco Suspends Two Oil Contractors
Aramco has served notices of temporary suspension to two oilfield service contractors, Zawya has reported, citing the companies.
According to one of them, Borr Drilling Limited, the suspension will begin this month and last for a year, the report said. Borr Drilling operates the Arabia I rig in Saudi Arabia and said it would look to move the rig elsewhere for the duration of the suspension.
The other company, Valaris, has also received a suspension for one rig, out of a fleet of 19 that its Saudi subsidiary operates in the kingdom. The contract for the rig was ending at the end of this year, the report noted.
US Drillers Cut Oil and Gas Rigs for Third Week in a Row - Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row for the first time since October, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday.
The oil and gas rig count, an early indicator of future output, fell by one to 620 in the week to April 5, the lowest since early February. , ,
Baker Hughes said that puts the total rig count down 131, or 17%, below this time last year. Baker Hughes said oil rigs rose two to 508 this week, while gas rigs fell by two to 110, their lowest since January 2022.
Equinor spends $6 billion a year to keep Norway oil, gas steady, CEO says
Equinor is investing around $6 billion a year in oil and gas exploration and drilling in Norway to maintain steady output levels through 2035, CEO Anders Opedal told Reuters.
The Norwegian energy giant has become Europe's main gas supplier, supplanting Russia after the European Union sanctioned Russian gas imports in the wake of Moscow's invasion of Ukraine.
The annual $6 billion investment is the most Equinor can make without eroding returns from operations in an area where it has been producing for more than 50 years, Opedal said in an interview on the sidelines of the CERAWeek energy conference.
Chesapeake, Southwestern defer merger as regulator seeks more information
Chesapeake Energy has announced that its proposed merger with Southwestern Energy has been deferred to the latter half of the year.
The delay follows a second request for additional information from a US regulator.
In January this year, the companies announced an all-stock merger valued at $7.4bn. At the time, they said the deal could conclude by the second quarter of 2024.
The merger is now under scrutiny by the FTC, reflecting a broader trend of US lawmakers calling for more rigorous examination of multi-billion-dollar deals within the oil and gas sector.
In a filing, Chesapeake said: “On 4 April, Chesapeake and Southwestern each received a request for additional information and documentary materials from the FTC in connection with the FTC’s review of the merger.
Click here for the entire article
Zurich Insurance Halts Coverage of New Fossil Fuel Projects
Zurich Insurance has announced a significant policy change by declaring it will no longer provide new insurance underwriting for oil and gas projects.
This decision aligns with the company's intensified measures against clients aiming to expand their involvement in metallurgical coal mining.
According to Bloomberg, the firm intends to mandate its highest-emitting corporate clients to implement strategies for reducing their carbon emissions, details of which are expected to be elaborated in Zurich's forthcoming climate-transition plan later this year.
Sierra Signorelli, Zurich's chief executive of commercial insurance, articulated the rationale behind this strategic shift, emphasising the misalignment of further fossil fuel development with the insurer's aspirations for net-zero emissions by 2050.
Baker Hughes to supply electric-driven liquefaction technologies to Cedar LNG
Energy industry-focused technology services provider Baker Hughes has secured a contract to provide electric-driven liquefaction technologies to Cedar LNG.
The order, confirmed in the first quarter of 2024, includes main refrigeration compressors, boil-off gas compressors and centrifugal pumps, all powered by renewable electricity.
The Cedar LNG, a proposed floating liquefied natural gas (FLNG) facility in Kitimat, British Columbia, is a partnership between Haisla Nation and Pembina Pipeline.
Biden is Getting Antsy about Rising Gas Prices
It's not part of his campaign pitch, but President Joe Biden is determined to keep a lid on gas prices as he runs for reelection.
Gasoline prices have been drifting upward this year, reminding voters of one of Biden's biggest liabilities.
While Biden doesn't have to buy his own gas as president, he was still deeply stung by the run-up in prices in 2022. Biden's approval rating sank as prices for gas and many other things were spiking, and it has never recovered.
Gas prices moderated in 2023, but they're now drifting back up, from around $3.20 per gallon at the beginning of January to about $3.60 now.
Everyday your story is being told by someone. Who is telling your story? Who are you telling your story to?
Email your sustainable story ideas, professional press releases or petro-powered podcast submissions to thecontentcreationstudios(AT)gmail(DOT)com.
#thecrudelife promotes a culture of inclusion and respect through interviews, content creation, live events and partnerships that educate, enrich, and empower people to create a positive social environment for all, regardless of age, race, religion, sexual orientation, or physical or intellectual ability.
MORE FROM THE CRUDE LIFE
Please click that ♡ button, share, and subscribe.
Please share the links on social media.
Thank you thank you thank you for your engagement and support.
f you have a news tip, press release, guest suggestion or other content concepts, please email thecontentcreationstudios(AT)gmail(DOT)com
This post was brought to you in part by one of The Crude Life’s fantastic sponsors, please consider supporting their services or learning more about their organization by clicking on the banner below.
Subscribe to ENERGIES – the leading renewable energy magazine professionals trust for the latest information on industry trends, innovation, technology, software, interviews and insights into the daily business shaping the solar, wind, hydro, and alternative energy market.
U.S. Energy Media is a leading digital media platform dedicated to providing insightful and engaging content for professionals in the energy industry. With a focus on the oil and gas sector, renewable energy, and the achievements of women in the energy field, our digital magazines offer a comprehensive view of the latest trends, technologies, and career opportunities in the energy sector.
Click here for U.S. Energies Media website.
For those interested in Sharing Your Sustainable Story or to set up a marketing call, contact Connie Laughlin at 800-562-2340 #7 or connielaughlinconsulting@gmail.com
Today In Energy: Petroleum's Paradigm Shift, Contractors Suspended and Major LNG Investments