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 the time of this decision, nearly 70% of Americans apposed drilling in this protected space. The initial land auction was supposed to take place at the end of 2020, but it was noted that the interest in the sale was quite low as most of the larger oil companies avoided the controversial sale. Read More
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 bill to traditional infrastructure items such as roads, bridges, and broadband, there is optimism that a bipartisan deal can be reached.
Today President Biden is set to unveil a 1.8 trillion-dollar package to help American families. To cover the cost of the plan, Biden plans to increase taxes for anyone making over $400,000 and closing tax loopholes for wealthy Americans. This announcement comes on Biden’s 100th day in office. Read More
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.