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US energy secretary

US Energy Secretary Says Oil, Gas Output Will Continue to Increase

The US Energy Secretary said on Monday U.S. oil and gas production is rising. It will continue to rise to make up for the 1 to 1.5 million barrels of oil per day. Moreover, it has been pulled off the market in the wake of Russia’s invasion of Ukraine.

Jennifer Granholm told CNBC the boost in U.S. oil to market will be about 1 million barrels per day, first coming from President Joe Biden’s record release from the Strategic Petroleum Reserve starting in May and lasting six months.

The administration expects domestic oil production will increase as well in the coming months and help stabilize prices for crude and gasoline.

“That’s one of the reasons why perhaps you’re seeing some leveling off of prices,” Granholm said about the supply release’s effect on oil prices which also slumped on Monday as COVID-19 lockdowns in China and potential increases in the U.S. interest rate raise concerns about global growth.

Granholm said global and domestic oil markets may react if Europe bans imports of Russian crude. “If they do decide to do some form of ban or some medium version of that, then there will be an impact, no doubt on oil prices, because that will pull more supply off the market,” she said.

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Source: Reuters

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Oil and Gas Production

Oklahoma Has Only Slightly Increased Oil and Gas Production During the Ukraine War. Here’s Why

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 production and halt the importation of Russian energy products. The first-term Republican demanded that Biden relies on energy-producing states like Oklahoma to step up domestic production, a call echoed by other state leaders like Sen. Jim Inhofe.

“Every administration since 1973, Republican and Democrat, prioritized American energy independence – until yours,” Stitt wrote. “The recent events in Ukraine are yet another example of why we should be selling energy. Mainly to our friends and avoid buying it from our enemies.”

The U.S. is not a major buyer of Russian oil, nor does it import any gas from the country. Still, in early March, the U.S. banned the import of Russian oil, liquefied natural gas and coal, citing the nation’s “strong domestic energy infrastructure” as a reason why the country could take the step to reduce its dependence on Russian energy.

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Source: PBS

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oil and gas development

U.S. Resumes Plans for Oil and Gas Development on Federal Lands

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. This is a need after addressing the shortcomings in the federal oil and gas leasing programme.

The move follows the department’s November 2021 report. It highlighted that federal oil and gas leasing programmes and their administration remained virtually unchanged for decades.

This week, the BLM will issue final environmental assessments. Moreover, sale notices for future lease sales are based on several recommendations of the report.

BLM assessed eligible acreage located in the states of Colorado, Montana, Alabama, Nevada, Oklahoma, New Mexico, North Dakota, Utah, and Wyoming.

Overall, it assessed 646 parcels totalling around 733,000 acres.

However, following an environmental review, the final notices will include 173 parcels on roughly 144,000 acres, an 80% less acreage from what was originally nominated by the industry.

Additionally, the companies will pay higher royalties of 18.75% for new competitive leases.

Commenting on the move, Secretary Deb Haaland said: “How we manage our public lands and waters says everything about what we value as a nation. For too long, the federal oil and gas leasing programmes have prioritised the wants of extractive industries above local communities, the natural environment, the impact on our air and water, the needs of Tribal Nations, and, moreover, other uses of our shared public lands.

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Source: Offshore Technology

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Gas Prices Dropping | Finally It is Below $4 in Most States

Gas Prices Dropping | Finally It is Below $4 in Most States

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 way. On Monday a gallon of gas cost $4.11 on average across the entire country. Experts expect prices to keep on dropping in the days ahead.

“Gas prices have continued to move in the right direction — down — saving Americans approximately $100 million every day compared to when prices peaked about a month ago,” Patrick De Haan, head of petroleum analysis at GasBuddy.

De Haan added that “more good news is on the horizon: The national average this week will likely fall back under the critical $4 per gallon mark.”

Prices have already fallen below that threshold in 28 states. The lowest prices in the country can be found in Missouri and Oklahoma, where one gallon of regular gas costs an average of $3.67.

To help lower prices for consumers, a handful of states including Maryland and Georgia have paused their gas taxes. Some lawmakers have floated sending cash to Americans to offset high prices — like stimulus checks for gas. Last week, the Biden Administration announced that it would release up to 180 million barrels of oil from the United States’ strategic reserve in order to bring down prices.

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Source: Money.com

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Oil Production in the United States Rises, Matching Pandemic High

Oil Production in the United States Rises, Matching Pandemic High

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 output after spending February and part of March in 11.6 million b/d territories.

EIA data showed a 2.4 million bbl week/week build in U.S. commercial crude oil inventories, which finished last week at 412.4 million bbl. Domestic crude stocks ended last week about 14% below the five-year average for this time of year.

Demand was 19.8 million b/d for the week ending April 1, staying essentially flat week/week and year/year.

During the past four weeks, demand averaged 20.4 million b/d, up 5.5% year/year. Motor gasoline consumption for the past four weeks averaged 8.7 million b/d, down 0.3% from the corresponding period in 2021. Meanwhile, distillate fuel demand averaged 3.9 million b/d for the four-week span, representing a 1.8% year/year increase. Jet fuel product supplied was 1.5 million b/d for the period, up 28.9% year/year.

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Source: Natural Gas Intel

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Lower Gas Prices

Permian Basin the Site of Oil and Gas Expansion to Lower Gas Prices Amid Russia Conflict

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 throughout 2022 amid increased demand as COVID-19 subsided.

The invasion of Ukraine created further supply strains as it led to international condemnation of Russian leader Vladimir Putin and the removal of his country – the world’s second-highest oil producer – from the global market.

That supply disruption sent gas prices at the pump to $4 or more throughout New Mexico and the U.S. in the weeks since.

Some of the world’s largest oil and gas companies recently announced plans to increase their output from the Permian. This is with Chevron being the latest in announcing via an April 1 news release that it would increase its production in the region by 10 percent, amounting to about 1 million barrels a day by 2025.

That would be about a fifth of the about 5 million barrels a day produced in the Permian in 2021. Besides , this is per data from the U.S. Energy Information Administration.

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Source: Carlsbad Current-Argus

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oil prices ease

Oil Prices Ease as Nations Agree to Tap Reserves

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 Biden announced the release on Thursday.

Brent crude futures were down 32 cents, or 0.3 percent, at $104.39 a barrel. US West Texas Intermediate (WTI) crude futures fell $1.01, or 1 percent, at $99.27.

Biden announced a release of one million barrels per day (bpd) of crude oil for six months from May, which at 180 million barrels is the largest release ever from the US Strategic Petroleum Reserve (SPR).

Member countries of the IEA did not agree Friday on volumes or the commitments of each country at their emergency meeting, said Hidechika Koizumi, director of the international affairs division at Japan’s Ministry of Economy, Trade and Industry. He added that additional details could be known “within next week or so.”

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Source: ALJAZEERA

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Colorado Oil Production is Ramping Up Due to High Gas Price

With Gas Prices High, Colorado Oil Production is Ramping Up

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 reduced demand. New regulations made drilling more costly and investors started requiring more caution from producers.

Companies in Colorado pumped 152 million barrels of oil last year. This is according to the latest data from the Colorado Oil and Gas Conservation Commission. That’s the lowest production since 2017, and more than 20 percent off record numbers in 2019.

But this year, the war in Ukraine has disrupted energy markets and demand is rising as the pandemic eases, sending prices over $100 a barrel in recent weeks, well beyond what’s needed to profitably drill wells in Colorado. The number of drill rigs opening new wells in Colorado jumped from eight in March 2021 to 14 at the end of this month, according to Baker Hughes. That indicates more oil production is on the way.

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Source: CPR News

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U.S. Oil Production

U.S. Oil Production Recovery Speeds Up

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 in 2022. Projection is at between $80 and $90 per barrel. A much smaller portion—about 5 percent—expected WTI to end 2022 at between $110 and $120. Interestingly, a bigger portion of respondents believed the U.S. benchmark could end the year at more than $120 per barrel.

Another interesting outtake from the survey is the biggest portion of respondents in the survey, at 41 percent, believe a WTI price of between $80 and $100 is sufficient for more producers to switch to production growth mode. While the Dallas Fed’s own data supports this, based on reactions from the Biden administration, production has not been growing anywhere near fast enough.

However, it’s worth noting that about 30 percent of the respondents in the survey said that production growth plans were not dependent on oil prices. According to 59 percent, the main reason for production restraint was investor pressure to maintain capital discipline.

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Source: Oil Price

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Oil and Natural Gas Industry

Once Again, America’s Oil and Natural Gas Industry Stands Ready to Responsibly Meet Current and Future Demand

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 ensuring that we are responsibly producing and providing energy to the market in a way that meets current demand and future projections.

Domestic production supports national security, economic security, and global environmental goals.  But, in order for domestic production to help us fully realize these goals, it must be in a way that meets market demand, rather than reacting to volatility that could cause oversupply.

As demand continues to grow, so does our current and planned production. US oil production grew last year and output could rise as much as 900,000 barrels per day in 2022.  In the Permian Basin, our most prolific oil-producing basin, record-high oil production was just reached this month.  The Marcellus, the most prolific natural gas basin in the country, is also at record high production.

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Source: Real Clear Energy

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