President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nation’s strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India and the United Kingdom.
November 23, 2021GovernmentBusinessFuel
Tapping US Oil Reserve Would Have ‘Short-Lived’ Impact, EIA Says
Releasing oil from the U.S. government’s strategic reserve would have a “short-lived” impact on soaring fuel prices, according to the U.S. Energy Information Administration.
November 16, 2021GovernmentBusinessFuel
Oil and Gas Leases on Hold in New Mexico’s Chaco Park
New oil and gas leasing within 10 miles of Chaco Culture National Historical Park will be prohibited for the next two years as officials consider a proposal to withdraw federal land in the area from development for a 20-year period, the U.S. Department of Interior said Nov. 15.
November 15, 2021GovernmentBusinessFuel
OPEC+ Rejects Biden’s Plea for Bigger Oil-Supply Increase
OPEC and its allies will stick to their slow pace of oil-production increases, disregarding President Joe Biden’s demand to go faster.
November 4, 2021GovernmentBusinessFuel
US Says Oil, Gas Sales Damage Climate — But Won’t Stop Them
The Biden administration is planning to sell oil and gas leases on huge tracts of public land in the U.S. West, despite the Interior Department’s conclusion that doing so could cost society billions of dollars in climate change impacts.
November 2, 2021GovernmentBusinessFuel
Exxon CEO Denies Spreading Climate Change Disinformation
ExxonMobil’s chief executive said Oct. 28 that his company “does not spread disinformation regarding climate change,” as he and other oil company chiefs countered congressional allegations the industry concealed evidence about the dangers of global warming.
October 28, 2021BusinessFuel
Crude Closes Above $80 With Energy Crisis Boosting Demand
West Texas Intermediate crude closed above $80 a barrel for the first time since late 2014 as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter.
October 12, 2021BusinessFuel
California’s Offshore Industry Under Fire After Oil Spill
California's worst oil spill in almost 30 years has drawn fresh scrutiny of aging offshore oil and gas infrastructure around the world, built decades ago back before fracking, horizontal drilling and shale made ocean drilling less economic.
October 5, 2021BusinessFuel
Oil Futures Fall 7.5%, Largest Decline Since September
Oil was the biggest loser in a broad market selloff after OPEC+ agreed to boost crude supply as a resurgent virus shook investor confidence in the global economic recovery.
July 19, 2021GovernmentBusinessFuel
Key US Oil Storage Hub Seen Depleting as Producers Hold Tight
Crude oil inventories in America’s largest storage hub are falling fast as the post-pandemic demand rebound continues to outpace production.
June 24, 2021