U.S. President Joe Biden announced on March 8 that the U.S. will ban imports of Russian oil and gas and energy, “targeting the main artery of Russia’s economy.” This is latest action taken by the Biden administration in response to Russia’s invasion of Ukraine that began nearly two weeks ago. Biden noted that the effort…...
Russia’s attack on Ukraine has roiled global markets, causing oil prices to soar at a time when the world is recovering from the economic fallout of the COVID-19 pandemic. The conflict, entangled with the global energy crisis, has been met with heavy economic sanctions from the U.S. and most European countries. Companies across the oil and gas value chain have also announced plans to abandon investments in Russia.
A group of 18 U.S. Senators on March 3 introduced legislation called the “Ban Russian Energy Imports Act” aimed to prohibit the import of Russian crude oil, petroleum, petroleum production, liquified natural gas and coal, following Russia’s invasion of Ukraine. The bill would declare a national emergency with respect to Russian aggression and at once…...
Oil and natural gas will remain the dominant sources of energy in the U.S. through 2050, according to the Energy Information Administration’s 2022 annual energy outlook released on March 3. U.S. petroleum consumption is expected to grow by 0.5 percent per year to 22.3 million barrels per day by 2050 and domestic gas consumption by…...
Russia’s invasion of Ukraine has been met with heavy economic sanctions from the U.S. and most European countries, while companies across the oil and gas value chain have announced plans to abandon investments in Russia. The Railroad Commission of Texas has also shown its support to encourage oil and gas companies to discontinue business associations…...
The U.S. and the 30 other member countries of the International Energy Agency have agreed to release 60 million barrels of oil from strategic reserves on Mar. 1 to ensure continuity of crude supplies amid Russia’s invasion of Ukraine. This is only the fourth time the IEA has undertaken a coordinated drawdown since it was…...
Prices for crude oil are projected to remain high enough to drive record output in the U.S. in 2023, reaching 12.6 million barrels a day, according to a Feb. 16 report from the U.S. Energy Information Administration (EIA). The Permian Basin is expected to contribute to the growth of overall crude oil production. According to…
The U.S. District Court for the District of Columbia on Jan. 27 invalidated the Interior Department’s Gulf of Mexico oil and gas lease sale citing failure to accurately consider greenhouse gas emissions that would result from the auction. The sale, Lease Sale 257, held in November 2021, offered about 80 million acres, the largest offshore…...
The National Energy Technology Laboratory on Jan. 24 announced that its Strategic Systems Analysis & Engineering, or SSAE, researchers are working towards using fossil energy resources to produce hydrogen by adopting advanced hydrogen production and carbon capture technologies. The new initiative by the Energy Department national lab is expected to expand the use of fossil-fuel…
The Federal Energy Regulatory Commission on Jan. 20 issued a decision lowering its oil pipeline price index, returning to its prior policy of calculating the level using the middle 50 percent of pipeline cost changes. The decision revises a December 2020 order, which based the calculation on the middle 80 percent of pipeline cost changes…...
The U.S. Energy Department on Jan. 18 approved an exchange of 400,000 barrels of crude oil for release to TotalEnergies’ subsidiary Atlantic Trading and Marketing, the fifth in a series of loans from the US Strategic Petroleum Reserve, or SPR. The exchange program is intended to increase short-term crude supplies in hopes of reducing retail…...