(Oil & Gas 360) – The seemingly unending downward pressure on domestic natural gas prices isn’t getting much relief, given October storage numbers, according to the Energy Information Administration (EIA). October is routinely known as the start of injection season for increasing natural gas inventories ahead of winter. The agency shows current storage to be over 175 billion cubic feet (BCF)
(Oil Price) – The United States is the world’s largest oil producer, pumping some 13 million barrels every day. Yet the U.S. is also the biggest consumer of crude, a major exporter, and a country with an empty strategic petroleum reserve. Continental Resources founder Harold Hamm called the U.S. “unusually vulnerable” to an oil shock. Just a month ago, such
Oil Price The price of the U.S. WTI crude oil has finally stayed in the low $70s per barrel for a sustainable period of time, allowing the Biden Administration to ramp up the refill of the Strategic Petroleum Reserve (SPR), which it had said would do at prices of $79 a barrel or below. WTI Crude is now at $70 per
World Oil (Bloomberg) – The Biden administration announced Monday it has purchased 4.65 MMbbl of crude oil for the nation’s emergency cache as it continues refilling the depleted reserve. The Energy Department has been slowly replenishing the Strategic Petroleum Reserve, which reached a 40-year-low following an unprecedented drawdown in the wake of Russia’s invasion of Ukraine. In 2022, the Biden
World Oil (Bloomberg) – Top Republicans are warning the Biden administration against tapping into the nation’s strategic oil reserve to bring down gasoline prices with five months to go before the presidential election. The message, sent in a letter Wednesday to Energy Secretary Jennifer Granholm, comes as Biden administration officials have hinted they may be willing to release oil from
World Oil (Bloomberg) – The Biden administration is taking advantage of a dip in oil prices to restart plans to refill its depleted emergency oil cache. The Energy Department announced Tuesday it was seeking as much as 3.3 MMbbl of crude oil in October for the Strategic Petroleum Reserve after a rise in oil prices led the agency to cancel
Oil Price The Biden Administration aims to have crude in the Strategic Petroleum Reserve (SPR) back up to the levels before the massive sales of 180 million barrels in the past two years, U.S. Energy Secretary Jennifer Granholm said at the CERAWeek energy conference in Houston. The U.S. saw the stockpiles of crude oil in the SPR fall from 638 million barrels
Oil Price The United States established its Strategic Petroleum Reserve (SPR) in the wake of the 1973–1974 oil embargo that disrupted oil imports and drove oil prices much higher. The SPR consists primarily of several large underground salt caverns for storage located along the Gulf Coast in Texas and Louisiana. These sites were chosen based on their geologic stability and
Oil Price 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 impact of severe energy supply interruptions” such as that caused by the embargo. This crude oil is stored in underground salt
Oil Price 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 per barrel. This is the main outtake from a fact sheet published by the White House this week as
Oil Price The Biden administration is planning to release another 10 to 15 million barrels of crude from the strategic petroleum reserve, Bloomberg reported today, citing unnamed sources in the know. This release would be the latest in the government’s 180-million-barrel program that was announced in March. The SPR release plan will soon come to an end, but U.S. fuel prices are
Oil 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 that has taken place this year? Let’s discuss. SPR 101 In December 1975, with memories of gas lines fresh
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