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The world is going to need fossil fuels far longer than President Biden seems to think.
In his first week in office, Biden canceled the Keystone XL pipeline and placed a ban on new federal oil and gas leasing, which remained in place until April 2022. While record gas prices in 2021 ...
But the oil and gas industry in the United States has thrived under the current president, even as the Biden administration has touted its efforts to transition away from fossil fuels and towards ...
Offshore oil production, which primarily takes place in the Gulf of Mexico, accounts for about 15% of U.S. crude oil production. Environmentalists praised Biden's action.
In the near term, as far as the demand for crude oil markets, it’s been a little different. Last month imports fell by about 10% from the month prior, and there’s been a year-over-year drop of ...
As it stands, the reserve is a "nice insurance policy," Gross says, and now that crude oil prices have fallen below the government's target price of $79 per barrel, it is likely that further ...
That’s largely why the U.S. imports 6.5 million barrels a day of mostly heavy crude, Thummel said, even though the country seemingly makes enough oil to meet its needs.
Crude was recently under $70 a barrel, well below the nearly $80 average it captured during the second quarter. Now the company's earnings and cash flow are likely to decline in the second half of ...