Week Ahead: FERC Examines Electric Transmission, WA Reviews Clean Energy Plan, ME’s Renewable Energy Program
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U.S. Interior Issues New Onshore Oil, Gas Lease Sale Notices
The Bureau of Land Management on April 18 issued sale notices for its June 2022 competitive oil and gas lease sale. The reformed onshore lease sale follows the Department of the Interior’s November 2021 report that recommended an overhaul of the federal oil and gas program. The agency will apply the first increased royalty rate…...
U.S. President Biden Announces Ban on Energy Imports From Russia
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…...
Visual Primer: Russia-Ukraine War Prompts Rethinking of U.S. Energy Policies
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.
U.S. Senators Introduce Legislation to Ban Russian Energy Imports
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…...
U.S. Oil and Natural Gas Use to Rise Despite Growth of Renewables: EIA
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…...
Major Oil Companies Cut Ties with Russian Oil Firms
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…...
IEA Member Countries to Release 60 Million Barrels From Strategic Oil Reserves to Stabilize Market
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…...
U.S. Crude Oil Production to Approach Record High in 2023: EIA
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…
Court Invalidates Gulf of Mexico Oil, Gas Lease Sale Citing Inadequate Environmental Analysis
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…...