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The Biden administration has bought back 59 million barrels after the 2022 sale at an average price of less than $76 a barrel, far lower than the $95 a barrel it sold oil in 2022.
The major drop came from Biden's decision to flood the U.S. oil market with millions of barrels from the SPR to keep oil costs down following Russia's invasion of Ukraine. ... DOE has fully ...
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.
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 ...
U.S. net crude oil imports are forecast to fall by 20% next year to 1.9 million barrels per day, their lowest since 1971, the Energy Information Administration said on Tuesday, pointing to higher ...
The American Petroleum Institute (API), the nation's top oil and gas trade group, urged Trump's incoming administration to do away with vehicle emissions standards meant to move the auto industry ...
Crude oil prices spiked last week amid fears the Israel-Hamas war could broaden to other countries — namely Iran — a key global oil producer.. Despite last week's gains, prices are still ...
Critics accuse President Joe Biden of waging a war on the oil industry that is hurting consumers at the gas pump. And yet, on his watch, US oil production is poised to shatter all-time records set ...