Oil industry decries downsized oil, gas lease sales
The Interior Department this week will hold the Biden administration's first onshore oil and natural...
The Interior Department this week will hold the Biden administration's first onshore oil and natural gas drilling auctions, but the oil industry is displeased with the reduced size of the auctions and the higher royalty rates it will have to pay. American Petroleum Institute Senior Vice President of Policy, Economics and Regulatory Affairs Frank Macchiarola said, "We are concerned about the reduction in available parcels, we're concerned about royalty rate increases, we're concerned that the administration's approach … is limited at a time when we really need something bold."
The American Petroleum Institute (API) reported a large draw this week for crude oil of 3.799...
The American Petroleum Institute (API) reported a large draw this week for crude oil of 3.799 million barrels, while analysts predicted a draw of 110,000 barrels.
U.S. crude inventories have shed some 71 million barrels since the start of 2021 and about 15 million barrels since the start of 2020, according to API data.
In the week prior, the API reported a build in crude oil inventories of 5.607 million barrels—the biggest increase since February—after analysts had predicted a draw of 1.433 million barrels.
Distillate stocks saw an inventory build of 2.613 million barrels for the week, compared to last week's 1.656-million-barrel decrease.
Cushing saw a decrease of 650,000 barrels this week, compounding last week’s draw.
U.S. economy contracted slightly more than previously estimated in first quarter
The numbers: The first quarter is in the books: The economy shrank at a 1.6% annual...
The numbers: The first quarter is in the books: The economy shrank at a 1.6% annual pace, the government’s final appraisal shows. And the second quarter isn’t looking all that great, either.
The contraction in gross domestic product — the official scorecard for the economy — was the first since the onset of the pandemic in early 2020. Previously the government put the decline at 1.5%.
The drop in the headline number was somewhat misleading. A record surge in the U.S. trade deficit was largely responsible for the decline in first-quarter GDP. All figures are adjusted for inflation.
Consumer spending and business investment, the two biggest pillars of the economy, both rose in the first quarter and indicated the U.S. was still expanding at a modest pace. Consumer spending wasn’t nearly as strong in the first quarter as it previously looked, though.
Exxon Mobil CEO Predicts Resurgence of Investment in Fossil Fuels
Exxon Mobil’s CEO predicted a resurgence of investment in fossil fuel production as he blamed soaring...
Exxon Mobil’s CEO predicted a resurgence of investment in fossil fuel production as he blamed soaring oil and gas prices on pressure to move to cleaner energy at a time of relentless demand.
Darren Woods, the head of the biggest western oil and gas supermajor, said efforts to reduce emissions by cutting production before addressing consumption had left the world struggling to meet energy needs, pointing to an “optimistic view” about how quickly the energy transition can happen.
Governments had not only failed to deal “with the demand side of the equation” but also did not recognize “that you need a fairly robust set of alternative solutions if you’re going to reliably and affordably meet the needs of people”, Woods told the Financial Times.
Mountain Valley Pipeline seeks more time to complete
The developers of the 2-billion-cubic-feet-per-day Mountain...
The developers of the 2-billion-cubic-feet-per-day Mountain Valley Pipeline in Appalachia have asked the Federal Energy Regulatory Commission for four more years, until Oct. 13, 2026, to complete the long-delayed project, citing ongoing litigation and permitting hurdles. Mountain Valley remains committed to placing the pipeline into full service in the second half of 2023, a spokesperson said.
