Oil Gas Methane

Arctic Refuge Oil and Gas Lease Sale Receives No Bids

The U.S. Interior Department on Jan. 8 announced that the Bureau of Land Management received zero bids for the government authorized oil and gas lease sale for the Coastal Plain of the Arctic National Wildlife Refuge (Arctic Refuge), following the bid submission deadline of Jan. 6. The 2017 Tax Cuts and Jobs Act directed the…...

Offshore Oil Drilling 8 22 2019

President Biden Takes Action to Ban Offshore Drilling in 625 Million Acres of U.S. Ocean

The Biden-Harris administration released memoranda on Jan. 6 withdrawing more than 625 million acres of the U.S. ocean from offshore drilling. The action prohibits future oil and natural gas leasing in three ocean and coastal regions: the eastern U.S. Atlantic coast and Eastern Gulf of Mexico; Pacific Coast along California, Oregon, and Washington; and the…...

brent crude oil prices

Brent Crude Oil Prices Rangebound During 2024: EIA

Benchmark Brent crude oil futures prices averaged $80 per barrel (b) during 2024, down $2/b compared to 2023, according to an Jan. 6 report published by the U.S. Energy Information Administration. Despite the geopolitical uncertainty and risks evident in the global energy market, Brent crude oil prices traded in their narrowest range since 2019, with…...

oil companies

Enhanced Well Productivity Lowers Costs for U.S. Oil Producers: EIA

Increasing well productivity is assisting 34 publicly traded U.S. oil exploration and production companies lower production expenditures on a per barrel basis and making cash reserves available for uses such as share repurchases and dividends, according to a Dec. 11 report published by the U.S. Energy Information Administration. During the January to August 2024 period,…...

fuel market

California Fuel Market Faces Challenges Following New Regulations and Refinery Closure: EIA

The U.S. Energy Information Administration issued a report on Dec. 9 discussing the ongoing challenges in California’s fuel market following the enactment of a new law granting regulators authority over petroleum inventory levels, along with the announced closure of Phillips 66’s Wilmington refinery. California Governor Gavin Newsom signed a bill into law on Oct. 14…...

Energy Department Light Bulb Standards

Michigan’s Winter Energy Report Projects Higher Natural Gas Use Driven by Demand for Power Generation

The Michigan Public Service Commission’s 2024-2025 Winter Energy Appraisal, released on Dec. 5, forecasts a rise in electricity demand among residential and commercial customers. While natural gas demand for residential heating is expected to remain steady, overall demand is projected to rise due to higher usage for electricity generation. Overall electricity demand is projected to…...

crude oil production

U.S. Crude Oil Production Sets a Record High During August 2024: EIA

Average U.S. crude oil production hit a record high of 13.4 million barrels per day (b/d) during August 2024, according to a Nov. 26 report from the U.S. Energy Information Administration. U.S. crude oil production during August 2024 surpassed production during December 2023, when the previous monthly record of 13.3 million b/d was achieved. The…...

gasoline before thanksgiving

U.S. Gasoline Prices at Their Lowest Level Since 2020 Heading into Thanksgiving Weekend: EIA

The retail price of regular gasoline, on the Monday before Thanksgiving averaged $3.04 per gallon (gal) across the U.S., down seven percent compared to the same time during 2024, according to a Nov. 27 report published by the U.S. Energy Information Administration. Heading into the Thanksgiving weekend, retail gasoline prices are at their lowest level…...

U.S. Petroleum Coke Production

Most U.S.-Produced Petcoke Exported, Remains Steady Over Last Decade: EIA

U.S. petroleum coke, or petcoke, production on an annual basis remained relatively flat over the last decade (2014-2023) and averaged 46 million tons, according to an Nov. 14 report published by the U.S. Energy Information Administration. The majority of the petroleum coke produced in the U.S. is exported. During 2023, the U.S. exported around 41…

Maryland Enacts Law Allowing Participation in Regional Program to Cut Transportation Emissions

California’s Low Carbon Fuel Standard Updates Could Yield $20 Billion in Annual Savings by 2045

The California Air Resources Board on Nov. 8 announced updates to its Low Carbon Fuel Standard, or LCFS, program that would speed up the decarbonization of the state’s transportation sector by increasing clean fuel and transportation options for consumers. The updated LCFS sets new targets to reduce the carbon intensity of transportation fuel by 30…...

Oil Gas Methane

Biden Administration Makes Final Purchase for Strategic Petroleum Reserve

The U.S. Energy Department on Nov. 8 announced that 200 million barrels of crude oil have been delivered or contracted at an average price of $74.75 per barrel with the conclusion of the latest solicitation to procure 2.4 million crude oil barrels for the Strategic Petroleum Reserve, or SPR. The Biden administration’s aggressive buyback strategy…...

Trump Moves to Remove Restrictions on Higher Ethanol Fuels, Boost for Corn Ethanol Industry

California Announces Deal with Major Airlines to Boost Sustainable Aviation Fuel Consumption

The California Air Resources Board on Oct. 30 signed a deal with Airlines for America (A4A) to significantly increase the use of sustainable aviation fuel, or SAF, for Californian flights. The historic agreement between the two organizations will work towards California’s goal to ramp up the supply of SAF to 200 million gallons by 2035,…...