1. Schwarzenegger plans to sue big oil for ‘First Degree Murder’.
At a live recording of "POLITICO’s Off Message" podcast on Sunday, the former California governor announced he’s in talks with several private law firms and preparing a public push to sue big oil for knowingly “killing” people by producing and selling fossil fuels as an energy source.
“This is no different from the smoking issue. The tobacco industry knew for years and years and years and decades, that smoking would kill people, would harm people and create cancer, and were hiding that fact from the people and denied it. Then eventually they were taken to court and had to pay hundreds of millions of dollars because of that,” Schwarzenegger said. “The oil companies knew from 1959 on, they did their own study that there would be global warming happening because of fossil fuels, and on top of it that it would be risky for people’s lives, that it would kill.”
“We’re going to go after them, and we’re going to be in there like an Alabama tick. Because to me, it’s absolutely irresponsible to know that your product is killing people and not have a warning label on it, like tobacco,” he said. “Every gas station on it, every car should have a warning label on it, every product that has fossil fuels should have a warning label on it.”
2. Corpus Christi expected to be fastest growing U.S. oil export hub.
The surge in U.S. oil production has Corpus Christi set to become one of the largest U.S. export hubs in the coming years. With increased pipeline takeaway capacity, and a port expansion to accommodate larger vessels position the Texas port of Corpus Christi could see the most volume growth through 2023, stated analysts at Wood Mackenzie.
According to John Coleman, Wood Mackenzie’s Senior Analyst North American Crude Oil Markets, Corpus Christi will surpass 1 million bpd of exports by 2020, and those exports could double to 2 million bpd by 2023 as the United States vies to become a major player on the global crude oil market.
3. Technology is the rage at CERAWeek.
Liam Denning of Bloomberg Gadfly noted that the seats were all taken at the technology sessions during CERAWeek. For an industry that has always lagged when it comes to technology, this is an indication that automation, artificial intelligence, 3D printing, Big Data, robotics and other new technology are finally making their way into the oil business. Denning said, “Last year, getting a seat at them was easy. This time, it often paid to get there early just to nab a standing spot.”
Generally speaking, oil and gas is behind the curve when it comes to digitalization, trailing behind many other industries. This means there’s a ton of potential in the industry for improvement. The IEA said last year that the oil and gas industry could save roughly 10% to 20% on production costs by adopting a suite of data analytics and digitalization technologies.