Department of Energy News Updates

The Energy Department plans to loan 315,000 barrels from the 1 million-barrel Northeast Home Heating Oil Reserve, according to a statement Oct. 21. 

The trucking industry is navigating major fuel cost pressures heading into the holiday shipping season, but the severity remains uneven.

Drivers are paying an average of $4 a gallon for gasoline and $5.40 a gallon for diesel in the second week of August for the first time.

President Donald Trump on March 14 called on other countries to send warships to keep the strait open, saying he hopes China, France, Japan, South Korea and the U.K. would take part.

The two-day visit comes as the administration seeks to defend against China’s hold on critical minerals, some of which are abundant in Venezuela.

A decision to tap the Energy Department’s Strategic Petroleum Reserve could help stanch price spikes, at least temporarily. The reserve currently holds about 415 million barrels.

The U.S. government on Feb. 11 further asserted its self-appointed role in turning around Venezuela’s oil industry with the arrival of Energy Secretary Chris Wright for a firsthand assessment.

Oil executives and industry leaders have stressed companies need political and legal reforms, contract certainty and security guarantees before investing in Venezuela.

Oil companies are wary of spending tens of billions of dollars into the country over the next decade and are looking for guarantees of physical and financial security amid stability concerns.

Energy Secretary Chris Wright will attend the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami that executives from Chevron, ConocoPhillips and other companies are set to attend.