The Biden Administration is finalizing the next five-year offshore leasing program, which has been delayed by several months already, creating yet another uncertainty for the U.S. oil industry which has had to grapple with numerous mixed messages from …
The oil industry generates around 10% returns on capital employed through the cycle, Chevron’s chief executive Mike Wirth told Bloomberg Television, pushing back on the persistent accusations by the Biden Administration that oil companies are profiteering from …
(Bloomberg) —The Biden administration has reversed course on a carbon capture funding program to allow oil production following an intervention by senators including Joe Manchin and Kyrsten Sinema, handing a win to the fossil fuel industry.
The Department …
(Bloomberg) — Energy Secretary Jennifer Granholm extended an olive branch to the oil and gas industry, telling executives at a meeting in Washington that she recognizes fossil fuels will be around for a long time, even as the …
A bid by Democratic leaders to add a plan by Senator Joe Manchin to fast-track energy projects to a must-pass defense bill failed amid a revolt by progressive Democrats and pushback from Republicans.
Manchin’s proposal, which would …
The United States’ Inflation Reduction Act represents a “turning point” when it comes to the economics of technologies such as renewables and hydrogen, according to Goldman Sachs.
During an interview with CNBC’s Steve Sedgwick on Tuesday, Michele …
President Biden this week made a splash in the world of news as he once again pointed the finger at the oil industry, accusing companies of “war profiteering” and threatening what essentially comes down to a financial punishment …
In December 1975, when memories of gas lines were fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed “to reduce the …
The American Petroleum Institute (API) today released the following statement from President and CEO Mike Sommers in response to President Biden’s remarks on gas prices:
“Rather than taking credit for price declines and shifting …
(Bloomberg) — House Republicans are launching an investigation into what they say could be the “potential misuse” by the Biden administration of the nation’s emergency oil reserves to lower gasoline prices, as well as White House deliberations over …
The Biden administration is ready to sell additional volumes of crude oil from the strategic petroleum reserve after the end of the 180-million-barrel release plan and then it would begin replenishing the SPR once prices fall to $67-$72 …
WASHINGTON – U.S. President Joe Biden will announce a plan on Wednesday to sell off the last portion of his release from the nation’s emergency oil reserve by year’s end and detail a strategy to refill the stockpile
U.S. President Joe Biden is re-evaluating the United States’ relationship with OPEC’s de facto leader Saudi Arabia after the Kingdom led the OPEC+ group to announce a major oil production cut last week, John Kirby, the coordinator for …
(Bloomberg) — U.S. President Joe Biden said he’s disappointed by the surprise OPEC+ decision to slash oil production but that he doesn’t regret a trip to Saudi Arabia just three months ago in which he urged its leaders …
Washington sees OPEC+’s decision to slash oil production by more than 2 million barrels a day as political interference and a “blow” against U.S. President Joe Biden, said Dan Yergin, vice chair of S&P Global.
On Wednesday, the …
(Bloomberg) — While U.S. gasoline prices have come down from the highs seen this summer, they’re clearly still weighing on President Joe Biden, who on Monday repeated demands for oil companies to charge less.
“Last month, the price …
What is the U.S. Strategic Petroleum Reserve (SPR)? What are the implications of depleting the SPR, which the U.S. has been doing now since 2016? Further, what has been the impact of the rapid drawdown of the SPR …
(Bloomberg) — The Department of Energy will offer additional U.S. reserve crude for sale ahead of plans by the European Union to ban most Russian oil in December.
The agency will offer 10 million barrels of low-sulfur …
(Bloomberg) — The Biden administration on Wednesday issued oil and natural gas leases to companies that nabbed the Gulf of Mexico drilling rights in a government auction later invalidated by a federal court.
The Interior Department’s Bureau
GUAYAMA, Puerto Rico – The U.S. Environmental Protection Agency plans to use new limits on traditional pollutants like ozone and coal ash to help encourage the retirement of the nation’s remaining coal-fired power plants, after the Supreme Court …
(Bloomberg) — President Joe Biden will announce executive action to address climate change Wednesday, as he continues to weigh a broader emergency declaration that would allow him to marshal sweeping powers against “global warming.”
The potential emergency order …
(Bloomberg) — President Joe Biden said he expects further oil supply increases from Saudi Arabia to help tame fuel costs at home after a landmark meeting with the kingdom’s rulers.
Biden’s trip didn’t result in an immediate …
(Bloomberg) — President Joe Biden said he’ll ask U.S. allies in the Persian Gulf region to boost oil production when he meets with them during a trip to Saudi Arabia next month, one of the key avenues he …
(Bloomberg) — French President Emmanuel Macron said that the United Arab Emirates’ ruler confided to him that OPEC’s two leading oil exporters are already pumping almost as much oil as they can.
The UAE is “at maximum” output …
President Joe Biden said Monday that he is seriously considering a temporary halt in the federal gas tax as the White House looks to take steps to lower the cost at the pump ahead of the July 4 holiday.…
As the Biden administration contemplates expanding punitive measures on Russia for its invasion of Ukraine, a big hurdle lies closer to home: the American consumer.
U.S. drivers are embarking on summer vacations with gasoline prices averaging more than …
Remember the outrage when a handful of U.S. oil refineries closed in 2020?
If you don’t, that’s because there wasn’t any outrage. Oil and gasoline prices were blissfully low and the COVID-19 pandemic dominated the news. Hardly …
President Joe Biden on Wednesday called on U.S. oil refining companies to produce more, saying they need to help alleviate the burden of high prices on consumers.
“At a time of war – historically high refinery profit margins
