OKLAHOMA CITY – The price for gasoline is up nationwide as American consumers feel the squeeze from global sanctions against Russia. Basically, oil and gas production is affected. Last month, Oklahoma Gov. Kevin Stitt wrote a letter to President Joe Biden days after Russia invaded Ukraine, urging the administration to embrace domestic oil and gas […]
The US is planning to advance with onshore lease sales. This is a move that may mark the resumption of new oil and gas development on federal lands. The US Department of the Interior announced that the Bureau of Land Management (BLM) will issue notices. These notices are for the reformation of onshore lease sales. […]
Gas prices are finally dropping back to Earth. The price of a gallon of regular gas averaged an all-time high of $4.33 in the U.S. Prices had risen a staggering 22% between February 21 and March 14. This is the largest jump ever recorded in a three-week span. Now, the market is swinging the other […]
Domestic crude oil production edged upward last week, the United States Energy Information Administration (EIA) reported Wednesday. For the week ending April 1, U.S. crude oil production increased by 100,000 b/d. It is now at 11.8 million b/d, according to EIA’s latest Weekly Petroleum Status Report It was yet another weekly uptick in domestic oil […]
Triple-digit oil prices in the U.S. continued for the second month in a row. This is leading to increased operations and land deals in the nation’s most active oilfields in southeast New Mexico and West Texas. So what’s the current strategy in place to lower gas prices? The Permian Basin saw rising fossil fuel activity […]
Oil settled lower on Friday as members of the International Energy Agency (IEA) agreed to join in the largest-ever United States oil reserves release. This will surely result to oil prices ease. Both Brent and US crude benchmarks settled down around 13 percent in their biggest weekly falls in two years after US President Joe […]
The number of active oil wells in Colorado has nearly doubled in the last year. Is it a sign that high prices are bringing the industry back to life? What’s next with the Colorado oil production? Production in Colorado had fallen 11 percent in 2021, continuing a slide that began as the COVID-19 pandemic dramatically […]
Crude U.S oil production in the United States grew faster during the first quarter of the year. The Dallas Fed reported in its quarterly industry survey, noting that costs also increased. Price sentiment in the industry was guardedly bullish. It is with a majority of respondents in the survey expect West Texas Intermediate to end […]
Oil and natural gas industry is a global commodity– their price is a result of supply and demand. Geopolitical disruptions like Russia’s brazen invasion of Ukraine cause unpredictability and extreme volatility in global energy markets. International conflict and inflation at home are serious issues, and our industry is working hard to meet the moment while […]
WASHINGTON, DC – In its Annual Energy Outlook 2022 (AEO2022) Reference case. The US Energy Information Administration (EIA) projects that US energy consumption will grow through 2050. This is primarily through the population and economic growth. In this case, the EIA says that renewable energy will be the fastest-growing energy source through 2050. Firstly, petroleum […]
