Wednesday, January 8, 2025
Biden signals third year of offshore oil-leasing delay in gulf- oil and gas 360

Biden signals third year of offshore oil-leasing delay in gulf

World Oil (Bloomberg) — The Biden administration doesn’t anticipate selling offshore drilling rights in the Gulf of Mexico through at least October 2023, effectively stretching a delay in that activity to a third year, according to economic projections included in its newly released budget proposal. The numbers show expected revenues from offshore oil auction bids and annual rental payments on existing leases

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories decrease by 3.4 million barrels

Weekly Crude Oil Storage as of March 25, 2022   U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.4 million barrels from the previous week.  At 409.9 million barrels, U.S. crude oil inventories are about 14% below the five year average for this time of year, according to the EIA crude oil and petroleum