Biden may be poised to tap U.S. oil reserve to control rising gas prices
2 years, 11 months ago

Biden may be poised to tap U.S. oil reserve to control rising gas prices

LA Times  

President Biden could announce a plan to release oil from the strategic petroleum reserve as early as Thursday. President Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have surged as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine. The announcement could come as soon as Thursday, when the White House says Biden is planning to deliver remarks on his administration’s plans to combat rising gas prices. The steady release from the reserve would be a meaningful sum and come near to closing the domestic production gap relative to February 2020, before the coronavirus caused a steep decline in oil output.

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History of this topic

Biden levies new sanctions against Russian energy sector; up to Trump to keep them
2 months, 2 weeks ago

Biden levies new sanctions against Russian energy sector; up to Trump to keep them

The Hindu  

President Joe Biden’s administration announced Friday that it’s expanding sanctions against Russia’s critically important energy sector, unveiling a new effort to inflict pain on Moscow for its nearly 3-year-old war in Ukraine as President-elect Donald Trump gets set to return to office vowing to quickly end the conflict. British Foreign Secretary David Lammy said, “oil revenues are the lifeblood of …

Joe Biden to block more offshore oil drilling before Donald Trump’s return
2 months, 3 weeks ago

Joe Biden to block more offshore oil drilling before Donald Trump’s return

Live Mint  

President Joe Biden is preparing to issue a decree permanently banning new offshore oil and gas development in some US coastal waters, locking in difficult-to-revoke protections for sensitive marine areas during his final weeks in the White House. Unlike other executive actions that can be easily undone, Biden’s planned declaration is rooted in a 72-year-old law that gives the White …

Trump plans to boost gas exports & oil drilling in 2nd term, say sources
4 months ago

Trump plans to boost gas exports & oil drilling in 2nd term, say sources

Firstpost  

Donald Trump’s transition team is putting together a wide-ranging energy package to roll out within days of his taking office that would approve export permits for new liquefied natural gas projects and increase oil drilling off the US coast and on federal lands, according to two sources familiar with the plans. An early priority would be lifting President Joe Biden’s …

Biden admin makes final oil purchase for depleted Strategic Reserve as emergency funds are used up
4 months, 2 weeks ago

Biden admin makes final oil purchase for depleted Strategic Reserve as emergency funds are used up

Firstpost  

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 Department of Energy said it had bought 2.4 million barrels of oil for the reserve for delivery from April through May to the SPR’s …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
10 months ago

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration said …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
10 months ago

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

Associated Press  

WASHINGTON — The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The move, which the department said is intended to help “lower costs for American families and consumers,″ follows a mandate from Congress to sell off the …

Opinion: Whatever Big Oil wants, Big Oil gets. As long as it bankrolls Trump
10 months, 1 week ago

Opinion: Whatever Big Oil wants, Big Oil gets. As long as it bankrolls Trump

LA Times  

Then-President Trump points at Harold Hamm, head of North Dakota’s largest oil company, Continental Resources, at an event in 2019. What better sign could there be that we’re drowning in political outrage, that we’re inured to it, than this: A national newspaper scooped this month that Donald Trump gathered about two dozen oil industry executives for a chopped steak dinner …

Biden administration restricts oil and gas leasing in 13 million acres of Alaska’s petroleum reserve
11 months, 1 week ago

Biden administration restricts oil and gas leasing in 13 million acres of Alaska’s petroleum reserve

Associated Press  

JUNEAU, Alaska — The Biden administration said Friday it will restrict new oil and gas leasing on 13 million acres of a federal petroleum reserve in Alaska to help protect wildlife such as caribou and polar bears as the Arctic continues to warm. “It’s more than a one-two punch to Alaska,” Alaska Sen. Lisa Murkowski said, “because when you take …

Biden Plans Sweeping Effort to Block Arctic Oil Drilling
11 months, 2 weeks ago

Biden Plans Sweeping Effort to Block Arctic Oil Drilling

Hindustan Times  

The US set aside 23 million acres of Alaska’s North Slope to serve as an emergency oil supply a century ago. Company executives and Alaska lawmakers have increasingly raised alarm over the plan, saying it could thwart oil and gas development across much of the reserve, even on existing leases. “It would openly defy federal law while ignoring rising energy …

US President Joe Biden, Federal Reserve can’t afford further rally in oil prices: Christopher Wood
1 year ago

US President Joe Biden, Federal Reserve can’t afford further rally in oil prices: Christopher Wood

Live Mint  

In the past week, the prices of crude oil have risen on the backs of high demand and reduced supply forecast by the International Energy Agency in 2024. Last week, both Brent and WTI crude oil witnessed a 4% rally, and as per Christopher Wood, the Global Head of Equity Strategy at Jefferies, rising oil prices in the last thing …

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
1 year, 2 months ago

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden

Live Mint  

President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the Energy Department’s coffers in the process. The Energy Department says it has already …

Biden's Plan Would Offer Record-Low Number Of Offshore Drilling Leases
1 year, 5 months ago

Biden's Plan Would Offer Record-Low Number Of Offshore Drilling Leases

Huff Post  

A man fishes near an oil drilling platform in May 2020, in Port Aransas, Texas. Eric Ga via Associated Press The Biden administration on Friday unveiled a long-awaited drilling plan that would drastically shrink the nation’s offshore oil and gas leasing program to a maximum of three lease sales over the next five years — the smallest number ever to …

Biden delays plans to restock nation’s emergency oil reserve
1 year, 7 months ago

Biden delays plans to restock nation’s emergency oil reserve

Associated Press  

WASHINGTON — The Biden administration is delaying plans to restock the nation’s emergency oil reserve amid a price hike that has pushed oil above $80 a barrel. The administration said it remains committed to refilling the reserve, which President Joe Biden significantly drained last year in a bid to stop gasoline prices from rising amid production cuts by OPEC and …

Biden delays plans to restock nation’s emergency oil reserve
1 year, 7 months ago

Biden delays plans to restock nation’s emergency oil reserve

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration is …

Biden touts US efforts as oil overshadows climate summit
1 year, 11 months ago

Biden touts US efforts as oil overshadows climate summit

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy President Joe Biden touted “unprecedented” climate efforts by his administration …

Biden’s oil comments spark debate over energy production
2 years, 1 month ago

Biden’s oil comments spark debate over energy production

Associated Press  

WASHINGTON — President Joe Biden sparked a firestorm in energy circles when he said in Tuesday’s State of the Union address that the United States will need oil “for at least another decade.″ Republicans in the House chamber laughed in derision at Biden’s off-the-cuff remark, which was not in his scripted speech. “We’re still going to need oil and gas …

US buying 3M barrels of oil to start replenishing reserves
2 years, 3 months ago

US buying 3M barrels of oil to start replenishing reserves

Associated Press  

WASHINGTON — The Biden administration said Friday it is buying 3 million barrels of oil to begin to replenish U.S. strategic reserves that officials drained earlier this year in a bid to stop gasoline prices from rising amid production cuts by OPEC and a ban on Russian oil imports. President Joe Biden withdrew 180 million barrels from the Strategic Petroleum …

US buying 3M barrels of oil to start replenishing reserves
2 years, 3 months ago

US buying 3M barrels of oil to start replenishing reserves

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Biden administration said …

Biden issues a warning as he accuses oil and gas companies of ‘war profiteering’ off Russia’s invasion of Ukraine
2 years, 4 months ago

Biden issues a warning as he accuses oil and gas companies of ‘war profiteering’ off Russia’s invasion of Ukraine

CNN  

CNN — President Joe Biden escalated weeks of sharp warnings to energy producers on Monday by floating a so-called “windfall” tax on their corporate profits, calling out major gas companies for racking up gains from a spike in prices he attributes to Russia’s war in Ukraine. The president called on oil companies to “act beyond their narrow self-interest,” arguing they …

Ahead of elections, Biden announces steps to reduce gas prices in U.S.
2 years, 5 months ago

Ahead of elections, Biden announces steps to reduce gas prices in U.S.

The Hindu  

Ahead of the crucial mid-term polls, U.S. President Joe Biden has announced a slew of measures to lower gas prices, which have been hurting the middle class. Mr. Biden, in a major policy speech, reiterated that Russian President Vladimir Putin was responsible for the hike in energy prices in the U.S. “When the price of gas goes up, other expenses …

Facing tough midterms, Biden releasing oil from US reserve
2 years, 5 months ago

Facing tough midterms, Biden releasing oil from US reserve

Associated Press  

WASHINGTON — High gasoline prices are the problem that President Joe Biden keeps trying to fix — and roughly a year’s worth of extraordinary efforts have done little to significantly lower costs. The reserve now contains roughly 400 million barrels of oil, a level that opponents say has more to do with Biden’s attempts to help his fellow Democrats than …

EXPLAINER: What is the Strategic Petroleum Reserve?
2 years, 5 months ago

EXPLAINER: What is the Strategic Petroleum Reserve?

Associated Press  

DALLAS — President Joe Biden plans to release 15 million barrels of oil or more from the U.S. strategic reserves in an effort to stop gasoline prices from rising now that OPEC and its allies plan to cut production. America’s Strategic Petroleum Reserve is a collection of underground salt caverns in Texas and Louisiana that can hold more than 700 …

Biden to release 15M barrels from oil reserve, more possible
2 years, 5 months ago

Biden to release 15M barrels from oil reserve, more possible

Associated Press  

WASHINGTON — President Joe Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday as part of a response to recent production cuts announced by OPEC+ nations, and he will say more drawdowns are possible this winter, as his administration rushes to be seen as pulling out all the stops ahead of next …

Biden releasing 15 million barrels of oil from strategic reserve
2 years, 5 months ago

Biden releasing 15 million barrels of oil from strategic reserve

Al Jazeera  

Just weeks before US midterms, move completes a previously announced release of 180 million barrels amid war in Ukraine. US President Joe Biden has announced the release of 15 million barrels of oil from the United States strategic reserve, a move that follows contentious OPEC+ production cuts that have drawn scorn in Washington in advance of next month’s midterm elections. …

Joe Biden to release 15 million barrels from oil reserve, more possible
2 years, 5 months ago

Joe Biden to release 15 million barrels from oil reserve, more possible

India TV News  

Highlights Joe Biden will announce the release of 15 million barrels of oil from the US strategic reserve today This will be done as part of a response to recent production cuts announced by OPEC+ nations US Prez Biden will deliver remarks on Wednesday to announce the drawdown from the strategic reserve United States news : US President Joe Biden …

Biden To Release 15 Million Barrels From Oil Reserve In Effort To Reduce Gas Prices
2 years, 5 months ago

Biden To Release 15 Million Barrels From Oil Reserve In Effort To Reduce Gas Prices

Huff Post  

LOADING ERROR LOADING WASHINGTON — President Joe Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday as part of a response to recent production cuts announced by OPEC+ nations, and he will say more oil sales are possible this winter, as his administration rushes to be seen as pulling out all the …

White House 'plans to release another 15 MILLION barrels of oil' from the US's emergency stockpile
2 years, 5 months ago

White House 'plans to release another 15 MILLION barrels of oil' from the US's emergency stockpile

Daily Mail  

Joe Biden is planning to release up to 15million barrels of oil from the US's emergency oil reserves as he tries to stem soaring gasoline prices. President Biden is planning to release up to 15million barrels of oil from the United States' emergency oil reserves as he tries to stem soaring gasoline prices The oil release would be the latest …

Joe Biden has ‘no plans’ to meet Saudi Arabia’s MBS at G20 summit
2 years, 5 months ago

Joe Biden has ‘no plans’ to meet Saudi Arabia’s MBS at G20 summit

Al Jazeera  

Saudi Arabia’s defence minister, meanwhile, said he is ‘astonished’ by accusations the kingdom is ‘standing with Russia in its war with Ukraine’. United States President Joe Biden has “no plans” to meet with Saudi Crown Prince Mohammed bin Salman at next month’s G20 summit in Indonesia, a senior US official says, as tensions over the OPEC+ decision to cut oil …

Biden vows ‘consequences’ for Saudi Arabia after oil output cuts
2 years, 5 months ago

Biden vows ‘consequences’ for Saudi Arabia after oil output cuts

Al Jazeera  

US president suggests he will soon take action as aides announce the White House is re-evaluating its relationship with the kingdom. Joe Biden, the United States president, has warned Saudi Arabia that there will be “consequences” after a global cartel of oil-producing countries led by the kingdom and Russia announced that they would cut oil production despite Washington’s objections. Biden …

Joe Biden to 'Re-evaluate' Saudi Ties After OPEC Snub: White House
2 years, 5 months ago

Joe Biden to 'Re-evaluate' Saudi Ties After OPEC Snub: White House

News 18  

President Joe Biden is to “re-evaluate” the US relationship with Saudi Arabia in light of the OPEC+ decision to cut oil production, a White House spokesperson said Tuesday. “Certainly in light of the OPEC decision, I think that’s where he is.” The 13-nation, Saudi-led OPEC cartel and its 10 allies headed by Russia agreed last week to reduce output by …

OPEC+ makes small trim to world oil supplies as prices fall
2 years, 6 months ago

OPEC+ makes small trim to world oil supplies as prices fall

Associated Press  

FRANKFURT, Germany — OPEC and allied oil-producing countries, including Russia, made a small trim in their supplies to the global economy Monday, underlining their unhappiness as recession fears help drive down crude prices — along with the cost of gasoline, to drivers’ delight. Since then, growing worries about slumping future demand have helped send oil prices down from June peaks …

‘Slap in the face’: Biden’s fist bump with MBS fails to move the OPEC needle significantly
2 years, 7 months ago

‘Slap in the face’: Biden’s fist bump with MBS fails to move the OPEC needle significantly

CNN  

CNN — Candidate Joe Biden promised in 2019 to make Saudi Arabia a “pariah” over the kingdom’s human rights record. “It’s a purely symbolic gesture.” Others go even further, describing the OPEC+ move as an insult given Biden’s journey to Saudi Arabia, the de facto leader of the producer group. “Well, no it doesn’t,” White House senior energy adviser for …

Biden tells oil refiners: Produce more gas, fewer profits
2 years, 9 months ago

Biden tells oil refiners: Produce more gas, fewer profits

Associated Press  

President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. “While we appreciate the opportunity to open increased dialogue with the White House, the administration’s misguided policy agenda shifting away …

Biden is under pressure on gas prices. So he's putting pressure on oil companies
2 years, 9 months ago

Biden is under pressure on gas prices. So he's putting pressure on oil companies

NPR  

Biden is under pressure on gas prices. So he's putting pressure on oil companies Enlarge this image toggle caption Mario Tama/Getty Images Mario Tama/Getty Images Under intense political pressure to address soaring gasoline prices, President Biden is trying to push the nation's largest refiners to do more to boost supplies and lower prices. "My administration is prepared to use all …

Several factors are converging to push gas prices higher
2 years, 9 months ago

Several factors are converging to push gas prices higher

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. The United States is the world's largest oil …

News Analysis: Biden, who ran on competency and experience, is struggling to manage multiple crises
2 years, 9 months ago

News Analysis: Biden, who ran on competency and experience, is struggling to manage multiple crises

LA Times  

President Biden campaigned on a pledge to restore competency and stability to government. “You can’t control the hand you’re dealt, and this is one of the worst hands any president has ever been dealt,” said Chris Whipple, the author of a book on White House chiefs of staff and another on the Biden administration to be published later this year. …

Biden is ‘obsessed’ with lowering ‘outrageous’ gas prices, but presidents don’t control prices, says Energy Secretary
2 years, 10 months ago

Biden is ‘obsessed’ with lowering ‘outrageous’ gas prices, but presidents don’t control prices, says Energy Secretary

CNN  

New York CNN Business — Energy Secretary Jennifer Granholm said President Joe Biden is laser-focused on knocking down sky-high gasoline prices, though she concedes that even the most powerful person on the planet has limited influence to do that. “He’s obsessed with the fact that gas prices are so high and people are hurting,” Granholm told CNN on Tuesday following …

Oil extends four weeks of gains amid tight supply
2 years, 10 months ago

Oil extends four weeks of gains amid tight supply

Al Jazeera  

The rise in energy costs has contributed to rampant inflation, stoking investor concerns that growth will slow. Oil extended four weeks of gains amid tight fuel supplies and a weaker dollar, though elevated prices are fanning concerns that the world economy may be heading for a recession. The Biden administration is considering tapping a little-used emergency diesel fuel reserve to …

OPEC+ opens oil taps gradually as Russian war roils markets
2 years, 10 months ago

OPEC+ opens oil taps gradually as Russian war roils markets

Associated Press  

LONDON — OPEC and allied oil-producing countries decided Thursday to gradually increase the flows they send to the world, even as Europe’s plan to sanction Russian oil threatens to yank millions of barrels off a global market already thirsty for crude. Still, analysts from Rystad Energy foresee the global market potentially losing up to 2 million barrels within six months …

Biden administration launches plan to refill emergency oil reserve
2 years, 10 months ago

Biden administration launches plan to refill emergency oil reserve

CNN  

New York CNN Business — The Biden administration plans to seek bids this fall to buy 60 million barrels of crude oil as the first step in a years-long process aimed at replenishing America’s emergency oil reserve, an Energy Department official told CNN. This would mark the first time since the early 2000s that the Energy Department has acquired large …

Oil climbs to highest since March as US eyes crude purchases
2 years, 10 months ago

Oil climbs to highest since March as US eyes crude purchases

Al Jazeera  

Prices were also supported by OPEC+ ratifying a limited production increase following the European Union’s proposed ban on Russian imports. Oil jumped to the highest since late March after a report said the U.S. plans to seek bids this fall to replenish its emergency crude reserves. The Biden administration plans to seek bids for 60 million barrels of crude oil …

Debate fueled as Biden taps key petroleum stockpile
2 years, 11 months ago

Debate fueled as Biden taps key petroleum stockpile

China Daily  

Fuel prices are displayed at a gasoline station in San Francisco last month. DAVID PAUL MORRIS/BLOOMBERG/GETTY IMAGES Rising gasoline prices highlight US political divide In response to rising gasoline prices and amid political rumblings, United States President Joe Biden has tapped the nation's Strategic Petroleum Reserve to increase the available oil supply while promoting a transition from fossil fuels. The …

Debate fueled as Biden taps key petroleum stockpile
2 years, 11 months ago

Debate fueled as Biden taps key petroleum stockpile

China Daily  

Fuel prices are displayed at a gasoline station in San Francisco last month. DAVID PAUL MORRIS/BLOOMBERG/GETTY IMAGES Rising gasoline prices highlight US political divide In response to rising gasoline prices and amid political rumblings, United States President Joe Biden has tapped the nation's Strategic Petroleum Reserve to increase the available oil supply while promoting a transition from fossil fuels. The …

Debate fueled as Biden taps key petroleum stockpile
2 years, 11 months ago

Debate fueled as Biden taps key petroleum stockpile

China Daily  

Fuel prices are displayed at a gasoline station in San Francisco last month. DAVID PAUL MORRIS/BLOOMBERG/GETTY IMAGES Rising gasoline prices highlight US political divide In response to rising gasoline prices and amid political rumblings, United States President Joe Biden has tapped the nation's Strategic Petroleum Reserve to increase the available oil supply while promoting a transition from fossil fuels. The …

Debate fueled as Biden taps key petroleum stockpile
2 years, 11 months ago

Debate fueled as Biden taps key petroleum stockpile

China Daily  

Drivers wait to cross the San Francisco-Oakland Bay Bridge in California last month. DAVID PAUL MORRIS/BLOOMBERG/GETTY IMAGES Once the president calls for a release, it can take at least 13 days for the oil to go out for delivery, according to the DoE. The first 90 million barrels will be released from May to July through two notices of sale …

Biden boosts ethanol to lower US fuel prices amid war in Ukraine
2 years, 11 months ago

Biden boosts ethanol to lower US fuel prices amid war in Ukraine

Al Jazeera  

With gas prices surging amid Russia’s invasion and inflation rising, US president unveils new plan for corn-based fuel. “Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world,” Biden told workers at POET Bioprocessing, the largest biofuels producer in the country. “The Environmental Protection Agency is planning to issue an emergency waiver allowing E15 …

Why Biden’s release of US oil reserves won’t end pain at the pump
2 years, 11 months ago

Why Biden’s release of US oil reserves won’t end pain at the pump

Al Jazeera  

Gas prices will keep rising amid Russian war in Ukraine as sanctions tighten and demand outstrips supply, experts say. Washington, DC – When Joe Biden announced that the United States would release more than 180 million barrels of oil from its strategic petroleum reserve over the next six months, the US president hailed it as an historic move that would …

Oil prices ease as nations agree to tap reserves
2 years, 11 months ago

Oil prices ease as nations agree to tap reserves

Al Jazeera  

Both Brent and US crude benchmarks settled down around 13 percent. Both Brent and US crude benchmarks settled down around 13 percent in their biggest weekly falls in two years after US President Joe Biden announced the release on Thursday. Biden announced a release of one million barrels per day of crude oil for six months from May, which at …

Joe Biden orders release of 1 million barrels of oil daily from strategic reserve to tame prices
2 years, 11 months ago

Joe Biden orders release of 1 million barrels of oil daily from strategic reserve to tame prices

India TV News  

Joe Biden orders release of 1 million barrels of oil daily from strategic reserve to tame prices The revenue generated from selling the oil would be used to restock the Strategic Petroleum Reserve when prices are lower so that the US is ready for future emergencies. US President Joe Biden on Thursday announced to release 1 million barrels of oil …

Biden oil move aims to cut gas prices ‘fairly significantly’
2 years, 11 months ago

Biden oil move aims to cut gas prices ‘fairly significantly’

Associated Press  

WASHINGTON — President Joe Biden on Thursday ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, a bid to control energy prices that have spiked after the United States and allies imposed steep sanctions on Russia over its invasion of Ukraine. Biden said Thursday he expects gasoline prices could …

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