As part of a massive, pre-holiday weekend document dump by the Biden administration on June 30, the domestic oil and gas industry received an unwelcome gift from the U.S. Fish & Wildlife Service (USFWS), one that shifts Mr. Biden’s continuing war on oil and gas to the Permian Basin.
The federal U.S. government could begin buying crude oil to refill the strategic petroleum reserve this fall, the President’s special coordinator for global infrastructure and energy security has said.
The Organization of Petroleum Exporting Countries (OPEC) and fellow oil-producing allies (OPEC+) are back in the driver’s seat as U.S. shale oil is no longer the marginal fuel due to President Joe Biden’s anti-oil and gas policies.
Fossil fuel energy companies looking to extract oil and natural gas from U.S. waters in the Gulf of Mexico got a boost on Wednesday, as they secured access to 1.6 million acres of waters offered at auction.
The statement from the U.S. Energy Secretary that it will be difficult to refill the SPR despite oil prices being in the desired range has added downward pressure to oil prices and limited the potential for a rebound.
President Biden is planning to harm the domestic oil and gas industry and make them less globally competitive despite asking them to produce more energy. Biden’s budget proposal for fiscal year 2024 is for the astounding amount of $6.9 trillion and includes withdrawing tax deductions from oil and gas businesses that other manufacturing entities receive and would harm the small mom-and-pop companies whose production is critical for meeting demand.
The US Department of the Interior (DOI) has approved a development plan allowing just three well pads for ConocoPhillips’ Willow oil project in Alaska, reduced from the originally proposed five-pad project.
The United States believes that OPEC’s Middle Eastern producers have room to boost production and will take “a few more steps” to boost supply to the oil market soon, according to Amos Hochstein, the special presidential coordinator for international energy affairs.
Saudi Arabian officials on Saturday stressed the need for more upstream investment to resolve oil market pressures, saying that the kingdom would add some oil production capacity but has limits.
Chevron Chief Executive Michael Wirth on Tuesday rebutted White House officials’ criticism of the oil industry over energy costs, saying reducing fuel prices will require “a change in approach” by the government.