CNBC Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Following a drop of more than a dollar on Monday, Brent futures fell 0.2% to $89.44 a barrel at 11:52 a.m.
World Oil (Bloomberg) — President Joe Biden is set this week to announce as much as $7 billion in funding for hydrogen projects across the country as part of a competition to jump-start production of the clean-burning fuel in the U.S., according to people familiar with the matter. The funding for so-called hydrogen hubs, where the gas can both be
Oil Price Tens of thousands of people rallied in New York on Sunday, urging U.S. President Joe Biden to end approvals for new oil and gas projects as world leaders are heading to New York to take part in a climate summit on Wednesday. Leaders are gathering in New York for this week’s UN General Assembly and a separate Climate Ambition Summit at the
Nasdaq President Joe Biden’s administration has asked U.S. energy companies to prepare affidavits documenting how Mexico’s protectionist policies disrupted their investments as Washington prepares to escalate a trade dispute with its neighbor, according to three people familiar with the discussions. The request for affidavits from major U.S. oil and renewable energy companies represents the latest and clearest signal that the
World Oil (WO) — The Department of the Interior will hold the first-ever offshore wind energy lease sale in the Gulf of Mexico, advancing the Biden-Harris administration’s work to deploy 30 gigawatts (GW) of offshore wind energy by 2030. The areas to be auctioned on August 29, 2023, by the Bureau of Ocean Energy Management have the potential to generate
Investing The Biden administration’s climate agenda is facing an unexpected challenge in drought-prone Corpus Christi, Texas, where a proposed clean hydrogen hub would require the installation of energy-intensive, expensive and potentially environmentally damaging seawater desalination plants. The Gulf Coast port is in the running for up to $1 billion available under President Joe Biden’s 2021 Infrastructure Investment and Jobs Act
Oil Price The U.S. Administration has banned new oil and gas leasing near the Chaco Culture National Historic Park in New Mexico as part of a plan to protect the area and a larger portion of federal land from drilling. The Chaco Canyon, a major center of ancestral Pueblo culture between 850 and 1250, is a World Heritage site on the list of the
Nasdaq WASHINGTON – When OPEC+ made a surprise decision earlier this month to cut oil production, President Joe Biden responded with the political equivalent of a shrug – a far cry from his declaration that there would be “consequences” for Saudi Arabia, the de facto head of the oil cartel, when it lowered output in October. The tepid response reflects, in part,
Oil Price The Biden administration is planning to eliminate subsidies for the oil and gas industry in its next budget, Reuters has reported, citing a White House document. The report notes that the suggestion to remove government incentives for the oil and gas industry does not exactly stand a great chance of succeeding in Congress given Republican’s weight after the
Oil Price As part of a program to support nuclear power generation and the goal of zero-carbon electricity by 2035, the Biden Administration on Thursday offered funding of $1.2 billion to nuclear power reactors that are at risk of retiring soon or that ceased operations since November 15, 2021. The U.S. Department of Energy (DOE) today released application guidance for the second award
World Oil (Bloomberg) — The Biden administration telegraphed it could support a scaled-back drilling plan at ConocoPhillips’s proposed Willow project in northwest Alaska, even as it cited “substantial concerns” with the oil development and warned of further restrictions to limit its impact on wildlife and the climate. In an environmental review released Wednesday, the US Interior Department says it prefers an oil
Oil Price 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 Washington since President Biden took office. The previous five-year program expired in June 2022. The Biden Administration hasn’t yet published
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