World Oil (Bloomberg) — The Biden administration is deferring a plan to crack down on smog in the drilling hotbed of the Permian Basin, handing a win to oil producers along with their allies in Texas and New Mexico. The Environmental Protection Agency had been considering formally labeling parts of the region as violating federal air quality standards for ozone
Oil Price The Biden administration has proposed a set of new rules aimed at curbing gas flaring on public lands, with the Bureau of Land Management saying these measures would result in $39.8 million in additional royalties for the United States. Per the proposal, every company applying for an oil and gas drilling permit must submit with it a plan for
World Oil The Biden administration has approved plans to build the nation’s largest oil export terminal off the Gulf Coast of Texas, which would add 2 million barrels per day to the U.S. oil export capacity, The Texas Tribune and Earthworks reported. The approval by the Department of Transportation’s Maritime Administration was filed in the federal register on Monday without any public announcement,
US News The Biden administration is likely to raise ethanol blending mandates for 2021 above the figure it proposed in December to align with actual U.S. consumption levels, according to two sources briefed on the decision. In December, the U.S. Environmental Protection Agency proposed that refiners blend 13.32 billion gallons of ethanol into the fuel pool, a move that angered
World Oil (Bloomberg) — The Biden administration said Friday it would resume plans for oil and gas drilling on federal lands after a federal appeals court granted a White House request to allow the administration to use a revamped metric for calculating the potential cost to society of greenhouse gas emissions. “With this ruling, the Department continues its planning for
Reuters NEW YORK, USA – Two months after US President Joe Biden announced an unprecedented effort among major oil consuming economies to work together to bring down rising fuel prices, prices are again approaching multiyear highs. And Biden has few options to stop the rally. Global benchmark Brent crude passed $84 a barrel on Wednesday, January 12, and leading analysts are forecasting that oil could
World Oil LONDON (Bloomberg) – European natural gas futures rose on Tuesday after the U.S. imposed its latest sanctions aimed at Russia’s Nord Stream 2 pipeline, a move the Kremlin says is “illegal.” Crude’s rise, in response to plans by the U.S. and other oil-consuming nations to tap their strategic reserves, also gave natural gas prices an extra boost. Benchmark
Reuters NEW YORK – The administration of U.S. President Joe Biden is considering big cuts to the nation’s biofuel blending requirements, according to a document seen by Reuters, a move triggered by a broad decline in gasoline demand during the coronavirus pandemic. If adopted, the proposal would be a win for the oil industry, most notably PBF Energy and CVR
Reuters The Biden administration announced plans on Tuesday to open millions of acres for oil and gas exploration as the White House sought to comply with a court order requiring it to resume lease auctions. The move, which includes some 80 million acres of water in the Gulf of Mexico along with potentially hundreds of thousands more onshore, represents a
Nasdaq The Biden administration said on Tuesday it would conduct a new environmental review of oil and gas leasing in Alaska’s Arctic National Wildlife Refuge. The widely anticipated move comes two months after the Department of Interior said it would suspend drilling leases handed out for the refuge during the final days of the Trump administration. During his campaign, President
CNBC Wall Street investors largely believe a Joe Biden presidency could mean lower stock-market returns, according to a new CNBC survey. As a part of CNBC’s Quarterly Report, we polled more than 100 chief investment officers, portfolio managers and CNBC contributors who manage money about where they stood on the upcoming year for stocks under a new administration. The survey
Reuters LONDON – Investors are pouring money into green funds, banking on a Joe Biden presidency in the United States for a further boost to the renewable and alternative energy industry at the expense of traditional oil and gas businesses. Shares in solar and wind energy businesses, electric vehicle companies and environmental technology pioneers have been on the rise for
