Biden – Page 4 – Oil & Gas 360

The future of U.S. offshore oil drilling hangs in the balance

January 13, 2023

Oil Price The Biden Administration is finalizing the next five-year offshore leasing program, which has been delayed by several months already, creating yet another uncertainty for the U.S. oil industry which has had to grapple with numerous mixed messages from Washington since President Biden took office. The previous five-year program expired in June 2022. The Biden Administration hasn’t yet published

Chevron CEO pushes back on Biden claims of ‘War Profiteering’

January 4, 2023

Oil Price The oil industry generates around 10% returns on capital employed through the cycle, Chevron’s chief executive Mike Wirth told Bloomberg Television, pushing back on the persistent accusations by the Biden Administration that oil companies are profiteering from the surge in prices after the Russian invasion of Ukraine. “Through the cycle, it’s an industry that generates 10%-ish returns on

Biden approves funding for carbon capture programs using enhanced oil recovery

December 16, 2022

World Oil (Bloomberg) —The Biden administration has reversed course on a carbon capture funding program to allow oil production following an intervention by senators including Joe Manchin and Kyrsten Sinema, handing a win to the fossil fuel industry. The Department of Energy announced $3.7 billion of funding to back projects that remove carbon dioxide from the atmosphere, which have long

Biden administration attempts to reconcile with oil and gas industry

December 15, 2022

World Oil (Bloomberg) — Energy Secretary Jennifer Granholm extended an olive branch to the oil and gas industry, telling executives at a meeting in Washington that she recognizes fossil fuels will be around for a long time, even as the Biden administration works to transition away from them to cleaner alternatives. “We are eager to work with you,” she

Manchin energy-permit plan left out of defense bill amid revolt

December 7, 2022

World Oil A bid by Democratic leaders to add a plan by Senator Joe Manchin to fast-track energy projects to a must-pass defense bill failed amid a revolt by progressive Democrats and pushback from Republicans. Manchin’s proposal, which would have sped approval of a stalled $6.6 billion natural gas pipeline by Equitrans Midstream Corp. in his home state of

Biden’s Inflation Reduction Act makes green hydrogen profitable at scale, Goldman Sachs says

November 30, 2022

CNBC The United States’ Inflation Reduction Act represents a “turning point” when it comes to the economics of technologies such as renewables and hydrogen, according to Goldman Sachs. During an interview with CNBC’s Steve Sedgwick on Tuesday, Michele DellaVigna — who is Goldman’s commodity equity business unit leader for the EMEA region — touched upon a number of issues related

Biden’s rocky relationship with big oil and OPEC

November 3, 2022

Oil Price President Biden this week made a splash in the world of news as he once again pointed the finger at the oil industry, accusing companies of “war profiteering” and threatening what essentially comes down to a financial punishment unless they turn the taps on. It’s a rhetoric that sounds familiar and takes one back to the summer

How OPEC outplayed Biden

November 2, 2022

Oil Price In December 1975, when memories of gas lines were fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed “to reduce the impact of severe energy supply interruptions” such as that caused by the embargo. This crude oil is stored in underground salt

API to Biden: Americans looking for solutions, not rhetoric

November 1, 2022

World Oil The American Petroleum Institute (API) today released the following statement from President and CEO Mike Sommers in response to President Biden’s remarks on gas prices: “Rather than taking credit for price declines and shifting blame for price increases, the Biden administration should get serious about addressing the supply and demand imbalance that has caused higher gas

House Republicans launch probe of Biden’s oil reserve release

October 27, 2022

World Oil (Bloomberg) — House Republicans are launching an investigation into what they say could be the “potential misuse” by the Biden administration of the nation’s emergency oil reserves to lower gasoline prices, as well as White House deliberations over a fuel-export ban. The move by the Republicans on the House Committee on Oversight and Reform previews a more robust probe

Biden just put a floor under oil. Will it work?

October 24, 2022

Oil Price The Biden administration is ready to sell additional volumes of crude oil from the strategic petroleum reserve after the end of the 180-million-barrel release plan and then it would begin replenishing the SPR once prices fall to $67-$72 per barrel. This is the main outtake from a fact sheet published by the White House this week as

Biden to lay out plan to complete emergency oil sales, support U.S. production

October 19, 2022

US News WASHINGTON – U.S. President Joe Biden will announce a plan on Wednesday to sell off the last portion of his release from the nation’s emergency oil reserve by year’s end and detail a strategy to refill the stockpile when prices drop, administration officials said. The plan is intended to add enough supply to prevent oil price spikes

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