oil Archives - Page 2 of 2 - The Virginia Star

As Biden Seeks to Limit U.S. Oil Production, Reliance on Russian Imports Rises

June 21, 2021June 20, 2021 The Center Square

Within months of President Joe Biden halting the Keystone Pipeline, pausing new oil and gas leases on federal lands, and imposing further restrictions on U.S. oil companies, U.S. oil imports from Russia set a new record in March.

According to International Energy Agency, U.S. imports of crude oil and petroleum products from Russia reached 22.9 million barrels in March, the highest level since August 2010. They had reached over 25 million barrels in April 2009.

Crude oil imports from Russia in March stood at 6.1 million barrels, making Russia the third-largest oil exporter to the United States.

Federal Judge Orders Biden Administration to Halt Oil and Gas Leasing Ban

June 17, 2021June 16, 2021 Virginia Star Staff

A federal judge ordered the federal government to halt its ban on new oil and gas leases in a major setback for President Joe Biden’s administration.

Judge Terry Doughty, of the U.S. District Court for the Western District of Louisiana, granted a preliminary injunction that had been requested by a large coalition of Republican state attorneys general in an order released Tuesday evening. The Department of Interior is prohibited from enforcing the oil and gas leasing ban until the case is concluded, according to the order.

Commentary: The Keystone Cancellation and Biden’s Climate Cronyism

January 24, 2021January 23, 2021 Virginia Star Staff

Among many executive actions signed on Inauguration Day to sweep Trump policies out the door along with the man himself, President Biden rescinded approval for the Keystone XL oil pipeline. Keystone XL, according to Biden’s top climate policy adviser Gina McCarthy, “was not consistent with addressing the climate crisis to the depth and scope that we are planning to address it.”

Keystone XL has now played the role of political football for a full decade, and Americans can be forgiven for having forgotten the project’s details.

Venezuela Judge Convicts Six American Oil Execs, Orders Prison

November 30, 2020November 29, 2020 The Associated Press

Six American oil executives held for three years in Venezuela were found guilty of corruption charges by a judge Thursday and immediately sentenced to prison, dashing hopes of a quick release that would send them home to their families in the United States.

Some relatives had been bracing for the disheartening outcome, which came on the evening of Thanksgiving Day.

Biden’s Plan to ‘Transition Away’ from the Oil Industry Would Hurt New Mexico, Texas the Most

October 29, 2020October 28, 2020 The Center Square

Both Republicans and Democrats are pushing back on comments Democratic presidential candidate Joe Biden made about “transitioning away” from the oil industry.

At the presidential debate Thursday night, Biden said, “I would transition away from the oil industry, yes. The oil industry pollutes, significantly. It has to be replaced by renewable energy over time.”

Oil and Gas Production to Account for 68 Percent of Energy Consumption Over Next Two Decades

October 28, 2020October 27, 2020 The Center Square

Over the next two decades, oil and gas production is projected to account for 68 percent of energy consumption in the U.S. and will play a key role in the energy transition to a low carbon future, according to a new report published by the U.S. Department of Energy.

Natural gas is increasingly powering plants to produce electricity, but oil and natural gas are revitalizing the U.S. petrochemical industry, growing the liquefied natural gas industry, and boosting high-tech materials, the report states.

Oil Demand to Spike in 2021 by 5.7 Million Barrels Daily as Oil Companies Slash Production: IEA

June 17, 2020June 16, 2020 Virginia Star Staff

Cuts in oil supply and a record rebound in demand in 2021 will help put the fossil fuel industry on better footing even as the pandemic hammers oil demand, the International Energy Agency said Tuesday.

Demand for oil will rebound by a record 5.7 million barrels per day even as world demand for crude drops by 8.1 million barrels daily in 2020, the IEA reported. The report comes as city officials ease up on economic lockdowns, which is spurring a recovery in crude demand.

OPEC, Allied Nations Extend Nearly 10M Barrel Cut by a Month

June 8, 2020June 7, 2020 The Associated Press

OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.

Ministers of the cartel and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic. It represents some 10% of the world’s overall supply.

However, danger still lurks for the market. Algerian Oil Minister Mohamed Arkab, the current O

Trump Approved the First-Ever US Oil Facility in Arctic Waters

October 26, 2018October 26, 2018 Admin

by Tim Pearce The Department of the Interior approved what could be the first-ever oil and gas production facility in U.S.-controlled Arctic waters Wednesday. Hilcorp Alaska submitted a proposal to build a 9-acre gravel island off the coast of Alaska in the Beaufort Sea. The artificial island, called the Liberty Project,…

‘Not Here, Not Now’: Gov. Brown Signs Bill Blocking Trump’s Offshore Drilling Plan

September 9, 2018September 8, 2018 Admin

by Chris White Gov. Jerry Brown signed a bill Saturday effectively prohibiting new federal offshore oil drilling along California’s coast, and announced that he opposes plans to expand crude exploration on public lands in the state. The legislation he signed blocks the Trump administration’s plan to expand offshore oil drilling…

Police Raid Anti-Pipeline Site, Destroy Their Camp And Send Them Straight To Jail

August 18, 2018August 17, 2018 Admin

by Jason Hopkins Law enforcement ended a lingering standoff with an anti-pipeline camp site, arresting five protesters and destroying all the makeshift homes that were built. Intense opposition has centered around the Trans Mountain pipeline project, an expansion proposal that will ultimately stretch from Alberta to British Columbia’s west coast.…