Russian Gas Peaks

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Musk gains ‘full access’ to US Treasury system

Elon Musk’s Department of Government Efficiency (DOGE) has been granted full access to the US Treasury Department’s payment system, according to reports from The New York Times and The Wall Street Journal. Historically, access to […]

China to sue US over Trump’s new tariffs

  The US president has placed restrictions on Chinese goods in what he said was retaliation for failing to stem the flow of migrants and drugs into America China will file a lawsuit at the […]

Canada strikes back with tariffs

Prime Minister Justin Trudeau has said Canada must stand up for itself and protect its national interests amid US trade restrictions Canadian Prime Minister Justin Trudeau has announced retaliatory 25% tariffs on American goods, hours […]

Russian gas exports via key Black Sea pipeline hit historic high – Reuters

The surge was driven by the turning off by Ukraine of the pipeline transiting gas through its territory, preliminary data shows Deliveries of Russian natural gas via the TurkStream pipeline reached a historic high, according […]

Senate Confirms Lee Zeldin To Head EPA As Trump Vows To Trim Climate Regs

ENB Pub Note: Lee Zeldin is critical in President Trump’s commitment to lower energy costs. Lee has to cut the regulatory process, and he has an agency full of activists that he also has to […]

Highlights of the Podcast

00:00 – Intro

01:38 – Musk gains ‘full access’ to US Treasury system

03:34 – China to sue US over Trump’s new tariffs

04:55 – Canada strikes back with tariffs

07:16 – Russian gas exports via key Black Sea pipeline hit historic high – Reuters

10:50 – Senate Confirms Lee Zeldin To Head EPA As Trump Vows To Trim Climate Regs

11:34 – Outro


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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.


Stuart Turley: [00:00:10] Hello, everybody. Welcome to the Energy News Beat Daily Standup. My name’s Stu Turley president and CEO of the Sandstone Group. Today is Monday, February 3rd. Hold on to your seats. Holy smokes. Batman Musk gain full access to the US Treasury system. And if you didn’t hate your government enough, now all you’re going to do when you find out how bad it’s been, let’s go to the next story here. China to Sue over U.S. Trump’s New Tariffs. This is funny. When just when you think people are really waking up to the fact that President Trump kind of means a few things, Canada strikes back with tariffs. Not exactly what you think. I got some ideas rolling around on this one. Russian gas exports via a key Black Sea pipeline hits historic high. This is really bringing to light that the EU needs cheap Russian natural gas in order to stop the de-industrialisation. That’s actually a good thing for President Trump in negotiating Senate Confirms Lee Zeldin to Head EPA As Trump Vows to Trim Climate Regs. I got to hand it to President Trump. He put out another order saying for every new regulation he wants ten destroyed. I kind of like the way he thinks on this, but let’s start out with our first story here. [00:01:37][87.7]

[00:01:38] Musk gained full access to U.S. Treasury system. This is amazing to me that we would have to sit here and fight to get control of the U.S. Treasury system. The DOJ’s team discovered, among other things, that payment approval officers at Treasury were instructed to always approve payments even to known or fraudulent terrorist groups. Elon Musk says the government and Department of Government Efficiency doge established by President Trump, led by Musk, aims to identify and eliminate wasteful government spending that would result in a $1 trillion deficit. But economic growth would be able to match that number, which means no inflation in 2026. Musk wrote this. Absolutely. Let’s let you know that over the last 40 years, the Uni party in the United States, both Republican and Democrat under the Treasury, were committing treason. I’m going to say it right now. You can absolutely be a school or excuse me, you cannot sit there and even pretend to think the United States Treasury was doing their job. They were funneling money out the door to terrorists, to people that did not have the US government and the US citizens invested hard. Well done Doge. Well done, President Trump. And it is despicable. The rhinos as well as the Democrats, the let the Treasury go on. Quite honestly, if it comes around to it and if the Treasury does get replaced, if the Fed gets totally replaced, I would not be totally upset. But it appears there’s a lot of corruption going on. [00:03:34][115.9]

Stuart Turley: [00:03:34] China to Sue U.S. over Trump’s New Tariffs. The president has placed restrictions on Chinese goods. What he was retaliation for failing to stem the flow of migrants and drugs into America. Quite honestly, I find this refreshing. China’s Commerce Ministry said Beijing is strongly dissatisfied with Washington’s actions and firmly oppose it. I’ll tell you what the United States has been played for a very long time. China’s position is firm and consistent. Trade tariff wars have no winners. This cannot move and solve the US problems at home and more importantly, does not benefit either side. It is still less, the World Ministry said in a statement late Saturday. It also warned the new tariffs will harm the counter-narcotics cooperation between the two sides and the future. I call hogwash. And quite honestly, we are going to have a little bit of pain while we get under control of the Treasury, while we get under control of our borders. And you cannot expect the eggs. We have got to get control of the EPA. And I’m going to talk about that here in a minute. We have got to get control of things so that we are not taking advantage of or being tried to be made not alive. I mean, you get us take a look at what’s going on around here. [00:04:55][80.7]

Stuart Turley: [00:04:55] Canada Strikes buy Back with tariffs. Let’s take a look at this one. Prime Minister Justin Trudeau, who’s on the way out, thank goodness I said in Canada, that must stand up for itself and protect its national interest in trade restraint. Tonight I’m announcing Canada will be responding to the U.S. trade action with 25 trade tariffs against $155 billion worth of American goods, Trudeau said. Let’s go through a couple of numbers here. Canada imports oil from OPEC members. They import 15.4 Canada U.S. Imports. Excuse me. This is U.S.. Imports. So we’re going to pay when we import oil from Canada, we import 61.6% of our oil is imported from Canada. So we’re going to add 10% on top of that. I’m okay with that if it starts balancing out things and everything else. 15% of our oil imports come from OPEC countries. Some of those are sanctioned and Mexico is 7.1% and then 10% is from South America. And some of those are also not good. And so actually, we want to take a look at who in the United States is importing, and most of it’s from California. But we’ll leave that alone. But let’s also take a look at the historic tariffs that Canada has already had on the United States. And he is not even talking about it. Milk, 270%. Cheese 245%. Butter to 98. Chicken, 238. Sausages 69.9%. Barley seed 57% bovine or meat to 26.25%. So when you sit back and take a look at tariffs, this is called rate siding. And if we take a look at what President Trump is doing, and that is the external revenue source and he’s going to eliminate tax on Social Security, eliminate tax on tips. He’s going to then start taking a look at right sizing, manufacturing and everything else. I think this is all phenomenal and people do not understand how tariffs already work around the world. So we’re about to find out. [00:07:16][141.2]

Stuart Turley: [00:07:16] Let’s get ready to rumble. Russia gas exports via a key Black Sea pipeline hit a historic high. And according to Reuters, deliveries of the Russian natural gas pipeline via the Turkstream pipeline reached a historic high, according to data analyzed by Reuters. When it occurred, when Kiev shut down transit to the fuel, the EU countries via the Ukraine, Kiev decided at the end of 2024 to terminate its five year gas transit contract with Russia. Energy giant Gazprom cutting off Russian pipeline. What you’re seeing is a geopolitical equation that is going to help people in the war in Russia. I’m all for General Kellogg going out and really trying to work with President Putin and President Trump and let’s end this war. There’s a couple different ways that you can talk about how to do this. Germany has had the left wing green energy policies going on with the green energy policies. They have gone through a total deindustrialization of Germany. In so goes Germany’s economy, goes the EU. Now you start having to see that there is a call for Chancellor Schulz’s new person who is going to be trying to run against him coming up in the I believe that’s in the March elections is that they want Nord Stream pipeline to come back online. If President Trump is listening to this, it might be beneficial to see about buying the Nord Stream that is still capable because then you can negotiate with Canada to go ahead and say, hey, wait a minute, I’ll get the two turbines to go on each end of that because there’s a problem between Russia and Canada. And then President Trump would have cash flow coming in from the Nordic Stream pipeline that you could turn on from Gazprom. Russia would get cheaper natural gas, but then you could plan out when to have these other ones come back online and then you could sit there and and really be involved. You would help Russia. Russia has done a great job in securing their economy. Even with the sanctions that were put on by the Biden administration because they were not enforced. And you sit back and take a look. President Putin invaded, would not have invaded Ukraine because President Trump was not was not going to do what Nato did. Nato encroached on Russia. Do not forget this. So when you sit back and take a look, I am hopeful that General Kellogg, who is working with President Trump to negotiate a. On this. This is a complicated process that’s now going on, and I am quite pleased that there may be some things come forward and President Putin needs to have an encouragement to do business in the EU to come back to the table. Right now, he does not need to do anything and he can go off and sell his natural gas to Asia, and Ukraine can just sit there and keep losing. The way to end the war is to encourage natural gas sales in the EU and let’s end the war. Anyway, just a personal point. [00:10:50][213.3]

Stuart Turley: [00:10:50] Let’s sit here and go back to this last story here. Senate confirms Lee Zeldin to head the EPA as Trump vows to trim climate regulations. This is absolutely phenomenal. The vote was 56 to 42. And Lee Zeldin favor three Democrats Ruben Gallego, Mark Kelly of Arizona, and John Fetterman of Pen. Avanza supported Zeldin, along with all 53 Republicans. John Fetterman, my hat’s off to you. A well done. I’m glad that you did a Zeldin Lee. If you’re listening, I’d love to interview you on the podcast about energy regulations at any time. Get your story out there. We’d love to be able to do that for you. [00:11:34][43.8]

Stuart Turley: [00:11:34] So with that, like subscribe share. We want to give you an announcement that we are getting a new sponsor for The Daily Show, Reese Consulting. Steve Reese We just released his podcast, his interview, Steve Reese and the Whole Gang is a phenomenal energy knowledge base in training as well as in all of their activities that they do in the United States and world. They have tremendous contacts and we are so thrilled to have Steve Reese Reese Consulting and Reese training as a new sponsor for The Daily Show. Thank you all. Talk to you all soon and I’ll be heading up today. Have a great day. I feel so. [00:11:34][0.0][682.5]

 

 

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SeaBird to merge with Energy Drilling

Energy News Beat

Marine seismic specialist SeaBird Exploration and Singapore’s tender drilling rig specialist Energy Drilling are set to merge in a share-for-share deal creating a diversified offshore oil and gas services player.

Under a letter of intent, the transaction will be carried out by issuing about 651m new SeaBird shares to Energy Drilling shareholders. The company will change its name and be listed on the stock exchange, while the seismic and drilling businesses will continue to operate as Seabird Exploration and Energy Drilling.

Oslo-listed SeaBird said that based on its latest closing share price of NOK5.89 ($0.52), currency ratio, net debt and backlog, the combined company would have a pro forma market cap of $381m, net debt of about $44m and an estimated asset EBITDA backlog of more than $320m.

SeaBird has two seismic vessels in its fleet, while the Pioneer Logistics-backed Energy Drilling counts six tender rig assets in Southeast Asia, or about 38% of the world’s actively marketed units, and approximately 80% of available days contracted for 2025 and 2026.

The agreed exchange ratio will result in Energy Drilling shareholders owning 89% of the combined company. The equity value of Energy Drilling in the transaction, which has been backed by board of directors of both companies, is estimated at nearly $400m. SeaBird’s five largest shareholders, including Magnus Halvorsen’s MH Capital, have also supported the transaction. The board and these five shareholders hold about 39% of outstanding shares in SeaBird.

The deal should close in the second quarter of this year, pending satisfaction of certain closing conditions.

“This merger represents a transformative opportunity for our shareholders and other stakeholders. By joining forces with SeaBird, we are creating a publicly listed company uniquely positioned to deliver industry-leading shareholder returns through distributions and accretive growth, while retaining our robust financial position and flexibility,” said Alf Thorkildsen, chairman of Energy Drilling.

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Aframaxes dominate tanker sales

Energy News Beat

Tankers

Aframaxes sales are filling up broking reports at an increasing rate as sanctions rain in.

So far this year, about 10 ships have been reported sold in the aframax segment, tankers that reportedly are being sold charter-free, based on prompt delivery.

One of the latest sales involves Greek account IMS, which is reportedly more than doubling its money selling their 2008-built, 106,00 dwt Nemo, noted sold for $37m to Chinese buyers, $7m more than pricing portal VesselsValue sets the market value for this ship. The ship was added for $16m four years ago from Teekay Tankers.

Speculation surrounds the sale status of several deals booked in reports. Ships connected to Singapore’s Synergy Marine and advertised for sale with early charter-free delivery are two Korean-built tankers, the 116,100 dwt tankers, Amax Anthem (built 2011) and Amax Avenue (built 2010). These ships have reportedly been sold for $39.5m each. 

Another famous player working out of Singapore is Idan Ofer. His Eastern Pacific Shipping is reported attempting to offload the 15-year-old scrubber-fitted Kara Sea for $37m. 

Another significant player selling is Harry Vafias’s Stealth Maritime who is widely reported letting go of the 17-year-old, Chinese-built, 113,000 dwt Crude Centurion for $33 m.  

Chatter also surrounds a string of Japanese-built units, the 105,400 dwt Sofia II (2008), selling for $31m, sold by Flynn Ventures, while the slightly bigger one year older 110,000 dwt Mitsui-built Sea Falcon is noted sold for $30.5m. This ship was sold by Pantheon Tankers.

Spring Marine has also reportedly sold its second aframax in months, finding a Chinese buyer for the 2013-built, 104,000 dwt Lambada with a price tag of $30.3m attached to this deal.

The first aframax sale reported this year was between Kyklades Maritime and Dhaka-listed MJL Bangladesh. MJL Bangladesh tabled $45.3m for the 12-year-old Nissos Delos.  

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India sets aside billions to develop shipyards

Energy News Beat

AsiaShipyards

India’s finance minister Nirmala Sitharaman announced on Saturday the creation of a $2.9bn maritime development fund for the long-term financing of the country’s shipbuilding and repair industry, the latest in a series of measures the Narendra Modi administration is taking to make the world’s most populous nation a top 10 shipyard country by the end of the decade. 

The government will contribute 49% of the fund and seek the remainder from ports and the private sector, with plenty of overtures made to Korean and Japanese shipyards to come and invest in recent months.

“By leveraging the PPP model, the scheme is designed to attract private investment, promote modernisation, and advance green technologies. These efforts will enhance India’s global competitiveness, drive sustainable growth, and solidify its position as a leading global maritime hub,” said minister of shipping, ports and waterways Sarbananda Sonowal.

On top of this the existing Shipbuilding Financial Assistance (SBF) policy will be revamped with Indian owners given financial perks to scrap ageing vessels and rejuvenate their fleets. 

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LNG spot rates enter negative territory in the Atlantic

Energy News Beat

The dire start to the year for LNG carriers has hit new low benchmarks with some ship types now in negative territory in the Atlantic basin. 

Spark Commodities, which tracks LNG rates, is reporting 160,000 cu m TFDE vessels were assessed at minus $2,250 per day at the end of last week, a negative round trip LNG freight rate. More standard 174,000 cu m tonnage was assessed a $3,500 a day, also a record low. 

“As a result of record low rates, many market participants are looking at ways to optimise their operations, however it remains unclear whether these optimisations will be sufficient to absorb the surplus of modern 2-stroke vessels expected to remain open in the Atlantic over the next two months, especially as Europe’s demand for gas continues to draw Atlantic cargoes inward,” Clarksons Research noted in its latest weekly report. 

Denmark’s MB Shipbrokers suggested spot rates have now hit “rock bottom” while many brokers have listed an increasingly number of ageing gas tankers heading for demolition in South Asia. 

Looking ahead, broker SSY noted in a market outlook the LNG shipping market fundamentals appear bearish despite a ramp-up in production from under construction projects expected this year and next as over 150 newbuildings are expected to be delivered. 

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Musk gains ‘full access’ to US Treasury system

Energy News Beat

Musk gains ‘full access’ to US Treasury systemMusk gains ‘full access’ to US Treasury system

Elon Musk’s Department of Government Efficiency (DOGE) has been granted full access to the US Treasury Department’s payment system, according to reports from The New York Times and The Wall Street Journal. Historically, access to this system has been restricted to a small group of career civil servants due to its sensitivity.

The newly-appointed Treasury Secretary Scott Bessent authorized DOGE representatives, including Tom Krause, CEO of Cloud Software Group, to access the system, which manages over $6 trillion annually in federal payments, including Social Security, Medicare benefits, and tax refunds.

David Lebryk, a career official who had been acting as Treasury Secretary until Bessent’s confirmation, retired on Friday after reportedly resisting requests from Musk’s team for access to the payment system. Asked why a career bureaucrat would retire rather than comply with an audit request, Musk wrote on X that Treasury officials “literally never denied a payment in their entire career.”

“The DOGE team discovered, among other things, that payment approval officers at Treasury were instructed always to approve payments, even to known fraudulent or terrorist groups,” Musk said.

The Department of Government Efficiency, established by President Donald Trump and led by Musk, aims to identify and eliminate wasteful government spending. Musk has set a goal of reducing the federal deficit by at least $1 trillion, which would require daily cuts averaging $4 billion.

“That would still result in a ~$1T deficit, but economic growth should be able to match that number, which would mean no inflation in 2026,” Musk wrote, adding that he was “cautiously optimistic” about reaching this target.

DOGE’s access has sparked concerns among former Treasury officials and lawmakers over the security of the federal payment system. Senator Ron Wyden, the top Democrat on the Senate Finance Committee, warned of potential political interference: “I can think of no good reason why political operators who have demonstrated a blatant disregard for the law would need access to these sensitive, mission-critical systems.”

“Obviously, there will be EXTREME opposition from the grifters!! And they will make it sound like we’re cutting funding to save baby pandas when we’re actually cutting funding to fraudsters, wastrels & terrorists,” Musk said in another post Saturday.

 

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Canada strikes back with tariffs

Energy News Beat

Prime Minister Justin Trudeau has said Canada must stand up for itself and protect its national interests amid US trade restrictions

Canada strikes back with tariffsCanada strikes back with tariffs

Canadian Prime Minister Justin Trudeau has announced retaliatory 25% tariffs on American goods, hours after US President Donald Trump imposed sweeping trade restrictions on Canadian imports. 

“Tonight, I am announcing Canada will be responding to the US trade action with 25% trade tariffs against $155 billion worth of American goods,” Trudeau said at a news conference on Saturday.

The first wave of tariffs, covering $30 billion worth of US goods, will take effect on Tuesday, with broader measures following in 21 days to allow Canadian companies to adjust.

“These tariffs will be far-reaching and include everyday items,” the Canadian leader said, listing alcohol, fruits, vegetables, clothing, and shoes. In addition to direct tariffs, Ottawa is exploring “several non-tariff measures,” which could include restrictions on critical minerals, energy procurement, and other trade partnerships. 

“We will stand strong for Canada,” Trudeau said. “We will stand strong to ensure our countries continue to be the best neighbors in the world,” he added, urging citizens to support domestic businesses.

Trump’s 25% tariffs on nearly all Canadian goods were announced earlier on Saturday, with the White House citing concerns over illegal drug trafficking and immigration.

“The extraordinary threat posed by illegal aliens and drugs, including deadly fentanyl, constitutes a national emergency,” a White House fact sheet read. “President Trump is taking bold action to hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country.”

The US president claimed that Canada has played “a central role” in America’s fentanyl crisis and failed to “devote sufficient attention and resources” to combat the flow of illicit drugs.

In an effort to avert the tariffs, Ottawa introduced a $1.3 billion spending plan aimed at strengthening border surveillance and tackling drug trafficking. Trump said on Friday, however, that there is “nothing Canada can do right now” to avoid the new tariffs. 

Economists warn that the escalating trade dispute could lead to rising consumer prices and economic disruptions in both countries.

 

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China to sue US over Trump’s new tariffs

Energy News Beat

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The US president has placed restrictions on Chinese goods in what he said was retaliation for failing to stem the flow of migrants and drugs into America

China to sue US over Trump’s new tariffsChina to sue US over Trump’s new tariffs

China will file a lawsuit at the World Trade Organization (WTO) and take other retaliatory measures against US President Donald Trump’s new tariffs on its goods, the Commerce Ministry said in a statement on Sunday. According to the statement, Beijing sees Washington’s unilateral tariff increase as “seriously violating” WTO rules.

Trump announced new tariffs on China, Mexico, and Canada on Saturday, citing concerns over the three countries’ failures in stemming the flow of migrants and illegal drugs, such as fentanyl, into the US. In order to hike the tariffs, Trump declared a national economic emergency, invoking the International Emergency Economic Powers Act (IEEPA), which authorizes the president to unilaterally manage imports.

The tariffs, set to enter into effect on February 4, will amount to a 25% tax on all imports from Mexico and most goods from Canada, and a 10% tariff on Chinese goods. According to a fact sheet published by the White House, the tariffs will be in place with no exemptions “until the crisis is alleviated.”

China’s Commerce Ministry said Beijing is “strongly dissatisfied” with Washington’s action and “firmly opposes” it.

“It is not only unhelpful in solving [Washington’s] own problems, but also undermines the normal economic and trade cooperation between China and the US,” the ministry stated, adding that Beijing “will take corresponding countermeasures to firmly safeguard its own rights and interests,” without disclosing details. It added that the US should “objectively and rationally view and deal with its own problems” such as illegal drug imports, instead of “threatening other countries with tariffs.”

The ministry said Beijing will file a formal complaint over the new tariffs with the WTO, which has legal power to permit a country suffering from another country’s tariffs to respond with its own. As both the US and China are WTO members, they are required to abide by its decisions when in dispute.

China’s Foreign Affairs Ministry called the tariffs “not constructive,” warning that this could reignite a trade war.

“China’s position is firm and consistent. Trade and tariff wars have no winners… This move cannot solve the US’s problems at home and more importantly, does not benefit either side, still less the world,” the ministry said in a statement late Saturday. It also warned that the new tariffs will “harm the counternarcotics cooperation between the two sides in the future.”


READ MORE:
Trump vows to ‘absolutely’ impose tariffs on EU

Canada and Mexico have already lashed out against Trump’s accusations and tariffs. Hours after the announcement, Canada slapped 25% tariffs on US goods, which will be “far-reaching and include everyday items,” according to Prime Minister Justin Trudeau. Mexican President Claudia Sheinbaum instructed the Economy Ministry on Saturday to implement “Plan B,” which involves tariff and non-tariff retaliatory measures against Washington. While details have not been disclosed, sources claim that Mexico aims to impose measures on US industries such as agriculture.

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US refinery blaze prompts shelter-in-place alert

Energy News Beat

Six workers have been injured as a result of a fire at California’s Martinez Refining Company

A massive fire broke out at a refinery in Martinez, California on Saturday, prompting a shelter-in-place order for surrounding neighborhoods due to concerns about air quality. The order has since been lifted.

The blaze erupted after a hydrocarbon leak triggered an an explosion, local media outlet Mercury News reported. The fire was “burning ferociously,” with an unknown amount of fuel remaining, the news site cited Contra Costa County Fire Protection District Battalion Chief Bob Atlas as saying. He added that the smoke would become toxic at some point.

A video shared on social media shows the production facility operated by Martinez Refining Company on fire with plumes of black smoke swirling across neighboring areas.

The company said in a statement that a total of six injuries have been recorded, adding that four people were transported away from the scene, and two were treated on site and released.

Martinez Refining Company reported the fire at 1:47pm local time, stressing that it may affect people with respiratory issues in nearby neighborhoods. The company added that its HAZMAT team is investigating whether there will be community health impacts.

The local health authorities later said that air quality in areas near the refining facility has improved, adding that a Public Health Advisory remained for Martinez, parts of Pacheco, and Clyde as of 2:45pm.

The San Francisco Chronicle reported, citing the state’s Office of Emergency Services, that the fire resulted in the release of at least 500 pounds (227kg) of sulfur dioxide into the atmosphere. Contra Costa said, as cited by the news outlet, that the refinery, which is run by PBF Energy, will be required to produce a report analyzing the root causes of the fire in accordance with Martinez’s Industrial Safety Ordinance.

 

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EXPLOSIVE FIRE AT CALIFORNIA REFINERY—TOXIC SMOKE WARNING ISSUED

Energy News Beat

Firefighters rushed to the Martinez Refining Company but couldn’t get inside right away. Thick smoke filled the air, and officials had no idea what chemicals might be burning. A public health advisory is now in effect for Martinez and Pacheco. Air quality inspectors are on-site, warning that the smoke plume could impact nearby cities. People with respiratory issues are especially at risk. Residents were told to stay indoors as crews battle the fire. Source: Police Frequency, CBS News,

 

 

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