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 (WO) — On Dec. 26, the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves announced that contracts have been awarded for the acquisition of 3 MMbbl of U.S.-produced crude oil for the Strategic Petroleum Reserve (SPR). According to a press release, the contracts awarded for a March delivery follow the Request for Proposal (RFP) that was announced
DESMOG Oil & Gas 360 Publishers Note: Justin Mikulka has written an outstanding opinion piece of current issues surrounding the oil companies dire straights. The key takeaway:” “What happens?” Sheffield said. “As you know there’s about 74 public independents, there’s only gonna be about 10 left at the end of 2021 that have decent balance sheets. The rest are going
DESMOG Oil & Gas 360 Publishers Note: Justin Mikulka has written an outstanding opinion piece of current issues surrounding the oil companies dire straights. The key takeaway:” “What happens?” Sheffield said. “As you know there’s about 74 public independents, there’s only gonna be about 10 left at the end of 2021 that have decent balance sheets. The rest are going
Houston Chronicle The golden age of U.S. shale is far from over, with an expected slowdown in the Permian Basin likely to be temporary, according to the new U.S. Energy Secretary. The shale boom helped transform the U.S. into a net exporter of crude and petroleum products in September from a major importer a decade ago. Even as growth is
From Bloomberg Exxon Mobil Corp. is the latest company to raise concerns that a stockpile of U.S. government crude is tainted with poisonous gas. The American energy giant said some of the oil it purchased last year from the Energy Department’s Strategic Petroleum Reserve, or SPR, contained “extremely high levels” of hydrogen sulfide, according to emails obtained by Bloomberg under
Winning offers in the ~$65-$67 range The U.S. Department of Energy’s (DOE) Office of Fossil Energy announced on March 22 that it has awarded contracts to winning bidders in the recent Strategic Petroleum Reserve (SPR) crude oil sale. DOE offered 6 MMBO from strategic reserves for competitive sale On February 28, 2019, DOE’s Office of Fossil Energy issued a Notice
What to do with a vast government complex of underground salt caverns that once held hundreds of millions of barrels of oil? As Congress steadily sells off the oil contained within the Strategic Petroleum Reserve – residing 1,000 feet beneath the surface of coastal Texas and Louisiana – Democrats and Republicans are now exploring a concept that would have been
Recent U.S. legislation has directed the sale of more than 100 million barrels of oil from the Strategic Petroleum Reserve (SPR) in government fiscal years 2022 through 2027. Based on legislated sales established in multiple acts of Congress, the SPR could decline by about 40% in the coming decade while still meeting requirements for petroleum import coverage, the EIA said.
From Reuters WASHINGTON (Reuters) – The U.S. budget deal reached by Congress on Wednesday includes the sale of 100 million barrels of crude oil from the country’s emergency petroleum stash starting in 2022, or about 15 percent of the reserve, according to the text of the agreement. Under the agreement, which passed both houses and was signed by President Trump
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