President Biden announced earlier this week that there will be an additional release of crude oil from the Strategic Petroleum Reserve (SPR). The scheduled release of ten to fifteen million barrels of crude oil by the Biden Administration in December is the last of the one hundred eighty million barrels President Biden authorized in March […]
Read MoreBiden Administration meets with Major Refiners and Oil Companies
On June 23rd, Energy Secretary Jennifer Granholm and other Biden administration officials met with top oil CEOs from Chevron, Phillips 66, BP, Shell and ExxonMobil. Last week, in a letter to several major refiners and oil companies, President Joe Biden called for industry giants to use “historically high” margins to help ease the pain at […]
Read MoreA new EPA standard
On Monday, December 20th, President Joe Biden committed to raising the average fuel mileage on new vehicles to 40 MPG in passenger cars and light duty trucks. EPA standards will be improved upon annually until the 40 MPG target is achieved in the year 2026. The most recent target was 32 MPG, set by the […]
Read MoreThe New Infrastructure Bill
The Senate’s bipartisan infrastructure bill states that, $274 billion of the $550 billion in new spending is going towards transportation.
Read MoreBiden Administration Suspended Oil Leases in the Arctic National Wildlife Refuge
In August 2020, the Trump Administration opened the Arctic National Wildlife Refuge (ANWR) in Alaska to oil drilling for the first time. The U.S. Department of the Interior believes that this area can be drilled in a responsible and sustainable manner only taking up 0.01 percent of the 19 million acres of wildlife refuge. At […]
Read MoreInfrastructure Deal Gaining Momentum
Last week, meetings were held at the White House with key Democratic and Republican senators discussing President Biden’s American Jobs Plan. President Biden has made it known that he is willing to narrow the scope of the bill, which is currently slated as a massive $2.3 trillion dollar proposal. By narrowing the scope of this […]
Read MoreOPEC+ Alterations Amidst Additional Oversupply
For the 2021 calendar year, there will be 5.8 million barrels per day crude production cuts. These cuts are an effort to balance the current oversupply due to COVID-19 with an estimated demand forecast for the year.
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