crude oil

Business, Fuel

OPEC+ Sticks to Planned Supply Hike But Adds a Get-Out Clause

OPEC+ Sticks to Planned Supply Hike But Adds a Get-Out Clause An Iranian national flag flies above the Persian Gulf Star Co. refinery in Bandar Abbas, Iran. (Ali Mohammadi/Bloomberg)

OPEC and its allies will proceed with their next oil-production hike, but said they could revisit the decision at any moment as the risk to demand from the omicron variant of COVID-19 becomes clearer.

December 2, 2021
Government, Technology, Safety, Fuel

Texas Regulator Closes Draft Gas-Winterization Loophole

Texas Regulator Closes Draft Gas-Winterization Loophole Pumpjacks operate in the snow in the Permian Basin in Midland, Texas. (Matthew Busch/Bloomberg)

Texas’s top oil and gas regulator voted Nov. 30 to more clearly define who will be at the top of the list to keep receiving electricity during severe winter weather.

December 1, 2021
Government, Fuel

US to Release 50 Million Barrels of Oil to Ease Energy Costs

Oil reserves tapped to quell energy costs An oil tanker passes near an offshore oil and gas platform off the coast of Long Beach, Calif. (Tim Rue/Bloomberg News)

President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nation’s strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India and the United Kingdom.

Josh Boak and Colleen Long | Associated Press
November 23, 2021
Government, Business, Fuel

Tapping US Oil Reserve Would Have ‘Short-Lived’ Impact, EIA Says

Tapping US Oil Reserve Would Have ‘Short-Lived’ Impact, EIA Says Attendant Marv Aldridge fills a customers car with gasoline at a full service pump at a Beck's station in Princeton, Ill. (Daniel Acker/Bloomberg)

Releasing oil from the U.S. government’s strategic reserve would have a “short-lived” impact on soaring fuel prices, according to the U.S. Energy Information Administration.

November 16, 2021
Government, Business, Fuel

Oil and Gas Leases on Hold in New Mexico’s Chaco Park

Oil and Gas Leases on Hold in New Mexico’s Chaco Park A view of Pueblo Bonito, the largest archeological site at the Chaco Culture National Historical Park, in northwestern New Mexico. (Cedar Attanasio/Associated Press)

New oil and gas leasing within 10 miles of Chaco Culture National Historical Park will be prohibited for the next two years as officials consider a proposal to withdraw federal land in the area from development for a 20-year period, the U.S. Department of Interior said Nov. 15.

Susan Montoya Bryan | Associated Press
November 15, 2021
Government, Business, Fuel

OPEC+ Rejects Biden’s Plea for Bigger Oil-Supply Increase

OPEC+ Rejects Biden’s Plea for Bigger Oil-Supply Increase A crew works on an oil drilling rig that's drilling into the Bakken Formation at sunset outside the small boom-town of Watford City, N.D. (Matthew Staver/Bloomberg)

OPEC and its allies will stick to their slow pace of oil-production increases, disregarding President Joe Biden’s demand to go faster.

November 4, 2021
Government, Business, Fuel

US Says Oil, Gas Sales Damage Climate — But Won’t Stop Them

US Says Oil, Gas Sales Damage Climate — But Won’t Stop Them An oil drilling site. (Leah Millis/Associated Press)

The Biden administration is planning to sell oil and gas leases on huge tracts of public land in the U.S. West, despite the Interior Department’s conclusion that doing so could cost society billions of dollars in climate change impacts.

Matthew Brown | Associated Press
November 2, 2021
Government, Business, Fuel

Exxon CEO Denies Spreading Climate Change Disinformation

Exxon CEO Denies Spreading Climate Change Disinformation Darren Woods, CEO of ExxonMobil testifies via video conference during a House Committee on Oversight and Reform hearing on the role of fossil fuel companies in climate change, Thursday, Oct. 28. (Jacquelyn Martin/Associated Press)

ExxonMobil’s chief executive said Oct. 28 that his company “does not spread disinformation regarding climate change,” as he and other oil company chiefs countered congressional allegations the industry concealed evidence about the dangers of global warming.

Matthew Daly | Associated Press
October 28, 2021
Business, Fuel

Crude Closes Above $80 With Energy Crisis Boosting Demand

 Propane delivery trucks at a Suburban Propane Partners location in Jeffersonville, Ind. Propane delivery trucks at a Suburban Propane Partners location in Jeffersonville, Ind. (Luke Sharrett/Bloomberg News)

West Texas Intermediate crude closed above $80 a barrel for the first time since late 2014 as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter.

Julia Fanzeres | Bloomberg News
October 12, 2021
Business, Fuel

California’s Offshore Industry Under Fire After Oil Spill

Oil that has washed up on the shores of Huntington Beach Oil that has washed up on the shores of Huntington Beach. (Ariana Drehsler/Bloomberg News)

California's worst oil spill in almost 30 years has drawn fresh scrutiny of aging offshore oil and gas infrastructure around the world, built decades ago back before fracking, horizontal drilling and shale made ocean drilling less economic.

October 5, 2021

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