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The Organization of Petroleum Exporting Countries (OPEC) and fellow oil-producing allies (OPEC+) are back in the driver’s seat as U.S. shale oil is no longer the marginal fuel due to President Joe Biden’s anti-oil and gas policies. Brent oil jumped to $85 a barrel since members of OPEC+ including Russia announced production cuts of 1.16 million barrels per day on […]
Biden’s Department of Energy will not be refilling the nation’s emergency reserves, the Strategic Petroleum Reserve, any time soon as the agency has rejected bids received for the February fill since the bids are above $70 a barrel. Today’s price for Texas Intermediate oil is $75.87 a barrel. Biden depleted the emergency oil reserve of 260 […]
President Biden is continuing with his program of “anywhere but the United States” when it comes to oil investment and future production. The United States is allowing Chevron to resume pumping oil from its Venezuelan oil fields that U.S. sanctions had halted almost three years ago. The license was granted to Chevron after President Nicolás Maduro’s government agreed to […]
On this episode of The Unregulated Podcast Tom Pyle and Mike McKenna discuss the final stories shaping the upcoming midterm elections. Links: The Crude Oil Windfall Profit Tax of the 1980s: Implications for Current Energy Policy A Windfall Profits Tax: Energy Policy for Dummies Eversource CEO seeks emergency order by Biden to ensure gas supplies […]
The Energy Information Administration indicates that U.S. oil production is nearing pre-pandemic levels, but President Biden wants to ruin that by placing a “windfall profits” tax on oil company profits. “Their profits are a windfall of war,” Mr. Biden said, referring to the Russian invasion of Ukraine as the reason for high prices for oil […]
Joe Biden and Congressional Democrats have a plan for American energy: make it harder to produce and more expensive to purchase. Since Biden took office, his administration and Congressional Democrats have taken over 125 actions deliberately designed to make it harder to produce energy here in America. A list of those actions appears below. A […]
Average U.S. gasoline prices hit $3.89 a gallon on October 17, up about 20 cents from a month ago, 56 cents higher than last year at this time, and $1.35 a gallon higher than when Biden took office on January 20, 2021. In March, gasoline prices hit $4 a gallon and then moved up to a record $5 a […]
At the Ministerial Meeting on October 5, OPEC Plus decided to cut oil production by 2 million barrels per day (2 percent of world oil demand) in November from “current baselines.” For October, the OPEC 10 production target is 26.689 million barrels per day, while the non-OPEC members of OPEC+ had a collective target of 17.165 million […]
President Biden must be living a life of luxury and seclusion because he has no concept of how gasoline prices are set, what the demand is, and how much oil production and refinery capacity are needed to meet it. He is back to accusing oil companies of price gouging should gasoline prices go up. Biden said that […]
Despite Biden saying he is doing all he can to increase domestic oil production, his numerous actions beginning on his first day in office show the opposite. Clearly, his climate/tax bill (the so-called Inflation Reduction Act) hits the domestic oil industry in the back with massive fees and royalty increases. Even production on non-federal lands gets hit with […]