Part of the “Commitment to America” agenda. The House of Representatives voted to repeal part of the Inflation Reduction Act that provided funding to hire up to 87,000…
Read MoreStrategic Petroleum Reserve
Congressionally Mandated Oil Reserve Sales Cancelled for 2023
SPR levels were significantly depleted by sales in 2022. Congress included a provision in the 2023 spending bill that cancels certain mandated sales from the Strategic Petroleum Reserve…
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President Calls for Increased U.S. Oil Production
White House plans to restock emergency reserves. On Wednesday, President Biden announced a plan he claims will produce a “profit for taxpayers” and it includes increased production from…
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President Plans More Strategic Oil Reserve Releases
Will give out 10 to 15 million barrels between now and midterms. Earlier this week, President Biden suggested he would announce new actions to address rising gas prices,…
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Administration Reassessing Relationship with Saudi Arabia
OPEC’s oil supply reduction plays heavily in discussions. Last week, the Organisation of the Petroleum Exporting Countries (OPEC+) announced that they will be reducing their petroleum output by…
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Administration May Release More from Strategic Petroleum Reserve
The intent is to mitigate winter heating oil prices. President Biden’s administration is considering the release of more crude oil from the nation’s Strategic Petroleum Reserve after the…
Read MoreSecretary Granholm Estimates “Record” 2023 Oil Production
Anticipates restocking global oil market without Russian supply. Energy Secretary Jennifer Granholm recently said the United States is set to produce around 12.7 million barrels of oil per…
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Treasury Finds Gas Prices Improved with SPR Releases
Officials estimate fuel releases kept prices 20 to 40 cents lower. The Department of the Treasury released calculations this past week that estimate tapping into the Strategic Petroleum…
Read MoreHouse Votes to Sell Reserve Oil to China
Strategic Petroleum Reserve is at its lowest since 1985. While average gas prices at the pump have decreased from their $5 peak, gasoline is still significantly more expensive…
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American Oil Reserves Being Sent Overseas
Strategic Petroleum Reserve being reduced by 1 million barrels daily. Since March 31, the United States is releasing 1 million barrels of oil per day from its strategic…
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