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☆ Occidental and Climeworks big winners as Biden allocates billions for CO2 removal
▼ + stars: | 2023-08-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The money from the Bipartisan Infrastructure Law will now help fund two DAC hub projects, one in Texas and one in Louisiana. They will eventually remove more carbon per year than all of the current projects combined. Climeworks, based in Zurich, Switzerland, currently has the world's largest DAC plant in Iceland, which removes about 4,000 tons of CO2 per year. The DAC Hubs program is a vital investment for DAC to reach climate impact at scale," said Andrew Fishbein, senior climate policy manager for Climeworks. Heirloom is a California-based startup that is using limestone to remove carbon from the air.

Persons: Jennifer Granholm, Vicki Hollub, Andrew Fishbein Organizations: U.S . Department of Energy, Law, of Energy, Occidental Petroleum, Biden, Department, DAC, Breakthrough Energy, Microsoft Locations: Texas, Louisiana, U.S, Corpus Christi, United States, The Louisiana, Zurich, Switzerland, Iceland, California, Paris

That includes a $35 million government procurement program for carbon removal credits, and funding for 14 feasibility studies and 5 engineering and design studies for earlier-stage hub projects. Worsening climate change and inadequate efforts to cut emissions have thrust carbon removal into the spotlight. Although most environmental activists acknowledge that carbon removal will be needed for global climate targets to be met, they are concerned companies could use carbon removal development to give fossil fuel companies cover to maintain production, especially in minority and low-income areas. Erin Burns, director of carbon removal advisory firm Carbon180, said the United States is positioning itself as a leader in this technology. "This is the first major federal investment from any country on carbon removal at this level," Burns said.

Persons: Worley, Jennifer Granholm, Vicki Hollub, Erin Burns, Carbon180, Burns, Valerie Volcovici, Gerry Doyle Organizations: Reuters, REUTERS, Occidental Petroleum Corp, WASHINGTON, U.S . Department of Energy, Department of Energy, DOE, Battelle, Climeworks Corporation, Carbon, Inc, South, South Texas DAC, Occidental 1PointFive, Carbon Engineering Ltd, DAC, Energy Department, United Arab, Occidental, Thomson Locations: Handout, Texas, Louisiana, Cypress, South Texas, Kleberg County , Texas, United Arab Emirates, United States

☆ The US government will hand out up to $1.2 billion for companies to suck greenhouse gases out of the air
▼ + stars: | 2023-08-11 | by ( Grace Eliza Goodwin | Marianne Guenot | ) www.businessinsider.com time to read: +3 min

Once built, facilities in Texas and Louisiana will suck carbon dioxide pollution from the air. Removing greenhouse gases from the atmosphere is crucial to reversing the effects of climate change. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. How direct air capture differs from carbon capture technologyUnlike carbon capture technology, which captures carbon as its being produced by a facility before it reaches the atmosphere, direct air capture acts like a giant air purifier, separating carbon that is already in the air and pumping it underground or into rocks for permanent storage. The Texas site believes it could store up to 3 billion metric tons of CO 2 in saline formations under the hub.

Persons: Biden, Energy Jennifer Granholm, Granholm, Harris, Joe Biden Organizations: Service, Biden Administration, US Department of Energy, DOE, Energy, South, South Texas DAC, Infrastructure Law, DAC, Clean, Biden Locations: Texas, Louisiana, Cypress, Calcasieu Parish , Louisiana, South Texas, Kleberg County , Texas

☆ US scientists trying to harness the power of the sun have made a 2nd major breakthrough for the future of sustainable, green energy
▼ + stars: | 2023-08-08 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +7 min

Why nuclear fusion is so important for global energy needsWe see the colossal power of nuclear fusion in action every day — the sun. Meaning that unlike fossil fuels, nuclear fusion doesn't contribute to greenhouse gases in the atmosphere that are driving climate change. It was a major breakthrough and the first time a fusion experiment had ever generated an energy surplus. Why nuclear fusion beats nuclear fissionCurrent nuclear power plants use fission to make energy. While fission creates a chain reaction, nuclear fusion reactors of the future would not, avoiding the risk of a meltdown.

Persons: Energy Jennifer Granholm, Lawrence, Jason Laurea, Paul Rhien, J, Robert Oppenheimer, Arjun Makhijani, Daniel Jassby, Jassby Organizations: Service, International Energy Agency, Department of Energy, Energy, Ignition, Lawrence Livermore National Laboratory, Financial Times, Manhattan, International Atomic Energy Agency, Scientists, Institute for Energy, Environmental Research, Princeton Plasma Physics Locations: Wall, Silicon, Lawrence Livermore, That's

☆ Biden administration puts the final nail in the coffin for incandescent light bulbs
▼ + stars: | 2023-08-02 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +4 min

On Tuesday, the Biden administration put the final nail in the coffin for incandescent light bulbs, the result of a decade-plus-long legislative path. A rule requiring the minimum standard efficiency of 45 lumens per watt for light bulbs effectively bans halogen and incandescent bulbs. Not all light bulbs are included in the ban. Exceptions include a whole slew of specific light bulb implications, including appliance lamps, black light lamps, bug lamps, colored lamps, general service fluorescent lamps, marine lamps, marine signal service lamps, mine service lamps, sliver bowl lamps, showcase lamps, and traffic signal lamp, to name a few. Also, while the 45 lumens per watt energy efficiency standard was being phased in, in December the Biden administration kickstarted the process to consider increasing the energy efficiency standard for light bulbs to over 120 lumens per watt for the most common bulbs.

Persons: Biden, Trump, Jennifer Granholm Organizations: Energy Independence, Security, Department of Energy, DOE, Energy, CNBC

☆ Biden heads to Arizona, other Western states to tout his economic policies
▼ + stars: | 2023-07-31 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, July 31 (Reuters) - U.S. President Joe Biden will travel to the key battleground state of Arizona and two other Western states next week as part of a travel blitz by senior administration officials touting recent economic gains and the anniversaries of key legislation. Biden will also host an event at the White House on Aug. 16, the official added. The Biden administration has struggled to sell its message of economic progress to a skeptical American public and connect the dots from the legislation to future jobs and growth. Vice President Kamala Harris will travel to Wisconsin with Commerce Secretary Gina Raimondo to highlight broadband infrastructure investments made possible by the $1 trillion bipartisan infrastructure law signed into law 20 months ago. Other cabinet members will visit Maine, Maryland, Nevada, Michigan and California, the official said.

Persons: Joe Biden, Biden, Kamala Harris, Gina Raimondo, Tom Vilsack, Jennifer Granholm, Ali Zaidi, Pete Buttigieg, Andrea Shalal, Mark Potter Organizations: White, White House, Energy, Transportation, Houston Port, Thomson Locations: Arizona, New Mexico, Utah, Delaware, U.S, Wisconsin, Oregon, Washington, Puerto Rico, Illinois, Houston , Texas, Maine , Maryland , Nevada , Michigan, California

☆ The FBI surveilled J. Robert Oppenheimer for months on one man's suggestion. During the surveillance, interviewees alleged he was feeding nuclear secrets to the Soviet Union.
▼ + stars: | 2023-07-29 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +4 min

The FBI watched J. Robert Oppenheimer for months after he helped make the WWII-ending atomic bomb. Reports from the FBI show Oppenheimer was accused of Communism and spreading information to Russia. During the investigation, though, Pitzer said he had new doubts about Oppenheimer's loyalty to the country, due to his initial reservations about the development of the H-bomb. The Atomic Heritage Foundation does consider Oppenheimer likely to have held communist sympathies, but maintains that information in the report was exaggerated. At the end of the inquest, Oppenheimer's top-level security clearances were revoked, a devastating blow to the scientist.

Persons: Robert Oppenheimer, Oppenheimer, J, Christopher Nolan's, Edgar Hoover, Lewis Strauss, Hoover, Strauss, Kenneth Pitzer, Pitzer, Ward Evans, Jean Tatlock, Bernard Peters, Oppenheimer's, Jennifer Granholm, Granholm, AHF Organizations: FBI, Congress, Service, US Atomic Energy, Los Alamos National Laboratory, UC, Loyola University , Chicago, Atomic Energy, German Communist Party, Atomic Heritage Foundation, USA, US, Department of Energy, DOE Locations: Russia, Wall, Silicon, Soviet Union, UC Berkeley's

[1/3] U.S. Secretary of Energy Jennifer Granholm delivers a speech during the CERAWeek energy conference in Houston, Texas, U.S., March 8, 2023. REUTERS/Callaghan O'Hare/File PhotoWASHINGTON, July 28 (Reuters) - The largest U.S. solar power site and other clean energy projects could be built on lands owned by the Department of Energy, including where components for Cold War-era atomic bombs were developed, the agency said on Friday. The administration wants the U.S. grid to run on clean energy by 2035. The event included developers of renewable power and nuclear power, involving participants with experience implementing clean electricity projects generating at least 200 megawatts. Reporting by Timothy Gardner and Laura Sanicola in Washington Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: Energy Jennifer Granholm, Callaghan O'Hare, Jennifer Granholm, Granholm, Joe Biden's, Hanford, Timothy Gardner, Laura Sanicola, Marguerita Choy Organizations: Energy, REUTERS, WASHINGTON, Department of Energy, DOE, U.S . Energy, Washington , D.C, Idaho National Laboratory, Nevada Nuclear Security, Manhattan, Thomson Locations: Houston , Texas, U.S, Washington ,, Hanford, Richland , Washington, Idaho, Idaho Falls , Idaho, Nye County , Nevada, Savannah, Aiken , South Carolina, Carlsbad , New Mexico, Washington

☆ U.S. oil demand will rise to 12.5 million barrels per day this year, U.S. energy secretary says
▼ + stars: | 2023-07-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. oil demand will rise to 12.5 million barrels per day this year, U.S. energy secretary saysU.S. Energy Secretary Jennifer Granholm discusses volatility in the oil markets and says that the White House government wants to ensure that prices are stable for "real people who have to fill their tanks."

Persons: Jennifer Granholm Organizations: Energy, White House

Volatility is still weighing on oil markets, U.S. Energy Secretary Jennifer Granholm said Saturday, reiterating calls for additional supplies. Asked to comment on the state of oil markets, she told CNBC's Sri Jegarajah that "there's no doubt that there is a volatile environment, and ... there's plenty of indebtedness" — a situation that the White House is monitoring. "There is a lot of emotion in these markets and so we have deep concern about trajectories of where things are headed," the energy secretary added. Granholm said she expects oil demand in the U.S. to increase to 12.5 million barrels per day this year, and to make further gains in 2024. High crude oil prices continue to be a challenge for the Biden administration, and lowering costs remains a priority.

Persons: Jennifer Granholm, CNBC's, Granholm, —, Biden Organizations: U.S . Energy, Organization of, Petroleum, Coalition, Saudi, Washington Locations: U.S, OPEC, Saudi Arabia, Russia

☆ US plans water heater standards, says they will save consumers $11 billion
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, July 21 (Reuters) - The U.S. Department of Energy on Friday proposed energy efficiency standards on water heaters it said would save consumers $11.4 billion on energy and water bills annually. The standards on residential water heater efficiency, which are required by Congress, have not been updated in 13 years. The proposal would require the most common-sized electric water heaters to achieve efficiency gains with heat pump technology and gas-fired water heaters to achieve efficiency gains through condensing technology. Tankless water heater maker Rinnai (5947.T), however, said the proposed standards for its products were "technologically impossible" and would reduce consumer choice. Former President Donald Trump, a Republican, complained about efficiency standards for shower heads, saying that they interfered with the rinsing of his hair.

Persons: Jennifer Granholm, Joe Biden, Donald Trump, Biden, Timothy Gardner, Nichola Groom, Alison Williams, Matthew Lewis Organizations: U.S . Department of Energy, Congress, DOE, Energy, Natural Resources Defense Council, Democrat, Republican, Energy Department, Thomson Locations: United States, Washington, Angeles

☆ Oppenheimer went into a deep depression after reading about the effects of the atomic bomb on Japan and even publicly spoke out against using the bomb
▼ + stars: | 2023-07-21 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +3 min

J. Robert Oppenheimer "plunged into a deep depression" after he created the atomic bomb. Days later when the US dropped a second bomb on Nagasaki, things began to change for the physicist, The Post reported. Oppenheimer didn't think it was necessary or justified to drop the second bomb, according to the Post. "Mr. President, I feel I have blood on my hands," Oppenheimer told Truman, according to Bird's book, "American Prometheus," the Post reported. Oppenheimer then began to publicly denounce the use of his atomic bomb, much to the NSA's dismay, Bird said.

Persons: Robert Oppenheimer, Kai Bird, Harry Truman, Oppenheimer, Kai Bird —, Oppenheimer —, Truman, Mr, Bird, Biden, Energy Jennifer Granholm Organizations: Service, Manhattan, CBS, Washington Post, Post, Energy Locations: Wall, Silicon, Hiroshima, Nagasaki, Alamos

☆ Who was J. Robert Oppenheimer? What you need to know before watching Christopher Nolan's biopic
▼ + stars: | 2023-07-20 | by ( Caolán Magee | ) edition.cnn.com time to read: +5 min

Director Christopher Nolan’s latest creation concerns an earlier existential threat, telling the story of the atomic bomb through the lens of its creator, J. Robert Oppenheimer – played by “Peaky Blinders” star Cillian Murphy. ullstein bild Dtl./ullstein bild/Getty ImagesWho was J. Robert Oppenheimer? Oppenheimer is widely considered the father of the atomic bomb. He quickly rose to prominence as an internationally renowned physicist, employed by the US government to create an atomic bomb to quell the threat of Nazi Germany. In the post-WWII era, as the world entered the Cold War, Oppenheimer was suspected by US intelligence of having ties with communists.

Persons: Oppenheimer ”, Christopher Nolan’s, J, Robert Oppenheimer –, “ Peaky, Cillian Murphy, Matt Damon, Emily Blunt, Florence Pugh, Robert Downey Jr, Kai Bird, Martin J, Sherwin’s Pulitzer, Robert Oppenheimer, ” Oppenheimer, Oppenheimer, Fotosearch, Adolf Hitler, Albert Einstein, Leo Szilard, Eugene Wigner, Jennifer Granholm, ” Organizations: CNN, Trinity, Los Alamos National Laboratory, United States Atomic Energy Commission, Manhattan, Institute for, Study, Committee, Atomic Energy Commission, US Department of Energy, ” Locations: New York, Nazi Germany, New Mexico, Alamogordo , New Mexico, Germany, Los Alamos , New Mexico, Hiroshima, Nagasaki, Princeton , New Jersey, Spanish

☆ The White House plan to sell Bidenomics: Hit the road, ignore the polls
▼ + stars: | 2023-07-20 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +4 min

US President Joe Biden speaks about his economic plan "Bidenomics" at the Philly Shipyard, in Philadelphia, Pennsylvania, on July 20, 2023. But the choreographed excitement and stagecraft on display in Philadelphia belied a different sentiment among voters about what's been dubbed "Bidenomics." "Together we are transforming the country, not just through jobs, not just through manufacturing, but also by rebuilding our infrastructure," Biden told a crowd of hardhat-wearing union workers who stood atop steel beams three storeys high. We've got a long way to go on the economy," Biden told the shipbuilders. "I'm here to say we have more work to do, but we have a plan that's turning things around pretty quickly."

Persons: Joe Biden, what's, I've, Biden, Patrick Murray, it's, Biden hasn't, Jennifer Granholm, Xavier Becerra, Jill Biden, We've Organizations: Philly Shipyard, CNBC, America Economic Survey, Monmouth University, Biden, Monmouth University Polling Institute, Energy, Human Services, Citigroup Locations: Philadelphia , Pennsylvania, Philadelphia, America, Philly, U.S, Monmouth, North Carolina, South Carolina, Georgia, Tennessee, Ohio , Michigan, New York

☆ Another earnings season begins, but investors are already looking beyond it
▼ + stars: | 2023-07-13 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —As the second-quarter earnings season kicks off this week, investors want answers on the health of the United States’ companies and its economy. The projected second-quarter earnings decline for companies listed in the S&P 500 is roughly 7.6% compared to the prior year, according to FactSet. That would be the third consecutive quarter of declines and the largest earnings decline reported by the broad-based index since a roughly 32% loss during the second quarter of 2020. But investors will be looking even more closely at what companies forecast for their financial performance and the broader economy. Energy secretary vows to replenish Strategic Petroleum ReserveEnergy Secretary Jennifer Granholm said the United States will refill the depleted Strategic Petroleum Reserve, reports my colleague Matt Egan.

Persons: It’s, ”, Paul Eitelman, What’s, Steve Wyett, Jennifer Granholm, Matt Egan, Joe Biden, “, ” Granholm, Biden, Granholm, ” Read, Danielle Wiener, ” Jared Bernstein, Read Organizations: CNN Business, Bell, New York CNN, United, Wealth Management, Gross, North America, Russell Investments, Macy’s, Costco, JPMorgan Chase, Citigroup, BOK Financial, Energy, Strategic Petroleum Reserve Energy, Strategic Petroleum Reserve, CNN, The Energy Department, Bronner, of Labor Statistics, of Economic Advisers Locations: New York, United States, Wells Fargo, BlackRock, Ukraine, That’s

☆ Energy Secretary vows to 100% refill emergency oil stockpile by Biden's second term
▼ + stars: | 2023-07-12 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Fourth of July gas prices took an almost unprecedented plunge on an annual basis. “I forecast oil prices headed higher this decade and, if that’s right, then SPR refilling will largely stop. Although important symbolically, those 12.3 million barrels represents just a drop in the bucket. The reserve held 346.8 million barrels of oil as of the week ending July 7 according to federal data. Beyond the efforts to buy oil, the Energy Department won approval from lawmakers to cancel Congressionally-mandated sales of 140 million barrels of oil through fiscal 2027.

Persons: Joe Biden, Jennifer Granholm, Biden, ” Granholm, Granholm, it’s “, I’m, ”, Bob McNally, George W, Bush, “, McNally, We’re, Granholm ‘ Organizations: New York CNN Business —, CNN, Energy, Strategic Petroleum Reserve, Energy Department, AAA, Congressionally, Rapidan Energy Locations: Russia, Ukraine, Saudi, Saudi Arabia

[1/4] Liquified petroleum gas vessel Zita Schulte is seen docked at the port of Corpus Christi, Texas, U.S., May 15, 2023. A hydrogen hub would require access to millions of gallons of water – a challenge in Corpus Christi which is experiencing a multi-year drought. Peter Zanoni, the city manager for Corpus Christi, said the hydrogen project, if approved, all but requires the adoption of seawater desalination. And seawater desalination plants are energy intensive and expensive to build and maintain, energy experts say. Corpus Christi first proposed seawater desalination in 2017 to supply its rapidly growing energy and petrochemicals industries.

Persons: Zita Schulte, Joe Biden's, Read, Jennifer Granholm, Biden, Minh Khoi, Radhika Fox, Peter Zanoni, Zanoni, Paul Montagna, Christi, Errol Summerlin, Brandon Marks, Marks, Charles Zahn, Valerie Volcovici, Richard Valdmanis, Suzanne Goldenberg Organizations: Investment, Jobs, Biden, Coastal Alliance, Corpus, U.S . Energy, Reuters, Rystad Energy, Department of Energy, DOE, Environmental, Corpus Christi, ExxonMobil, Saudi Arabia's Basic Industries Corporation, M University, Harte Research, Gulf of, Gulf of Mexico Studies, EPA, Texas Commission, Texas Campaign, Thomson Locations: Corpus Christi , Texas, U.S, Gulf, Christi , Texas, Corpus Christi, Southern California , Colorado , Kansas, New Mexico, Texas, Corpus, United States, Gulf of Mexico, San Diego , California, Hillcrest, San Antonio

☆ US announces $46 million in funds to eight nuclear fusion companies
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 31 (Reuters) - Eight U.S. companies developing nuclear fusion energy will receive $46 million in taxpayer funding to pursue pilot plants attempting to generate power from the process that fuels the sun and stars, the Department of Energy said on Wednesday. Generating more energy from fusion reaction than goes into it has eluded scientists for decades. The Energy Department's Milestone-Based Fusion Development Program hopes to help develop pilot-scale demonstration of fusion within a decade. The awardees are:-Commonwealth Fusion Systems-Focused Energy Inc-Princeton Stellarators Inc-Realta Fusion Inc-Tokamak Energy Inc-Type One Energy Group-Xcimer Energy Inc-Zap Energy IncThe funding, which comes from the Energy Act of 2020, is for the first 18 months. Looking to launch fusion plants that use lasers or magnets, private companies and government labs spent $500 million on their supply chains last year, according to a Fusion Industry Association (FIA) survey.

Persons: Harris, Jennifer Granholm, Timothy Gardner, Matthew Lewis Organizations: U.S, Department of Energy, Energy, Biden, Harris Administration, Commonwealth Fusion Systems, Inc, Princeton Stellarators Inc, Tokamak Energy Inc, One Energy, Xcimer Energy, Fusion Industry Association, FIA, Thomson Locations: Washington

☆ Manchin's Mountain Valley Pipeline would get the green light debt ceiling deal
▼ + stars: | 2023-05-31 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

The conservative Democrat from West Virginia, who has been critical of the Biden administration’s environmental goals, praised the White House and congressional Republicans this week. “All of a sudden, [the White House] did their job, they negotiated. Manchin has been critical of Biden's climate goals, but praised the White House and congressional Republicans this week for their work on the debt ceiling deal. White House officials backed Manchin’s effort last year, and climate and energy officials – including White House senior adviser John Podesta and Energy Secretary Jennifer Granholm – voiced support for approving the pipeline more recently. A Hail Mary effort to remove itThere could be a last-ditch effort to undo the pipeline piece of the debt ceiling bill.

Persons: CNN — Sen, Joe Manchin’s, Virginia –, Manchin, Kevin McCarthy, ” Manchin, “, Joe Biden’s, Justin Pearson, Kent Nishimura, Biden, ”, Abdullah Hasan, West Virginia’s Marcellus, James Van Nostrand, John Podesta, Jennifer Granholm –, Chuck Schumer, Mary, Sen, Tim Kaine, “ Sen, Kaine Organizations: CNN, Democratic, Democrat, Biden, White, Republicans, West, Appeals, Fourth Circuit, Keck, Environmental, Los Angeles Times, West Virginia University, White House, Energy, DC, Senate, Virginia Democrats, House, Republican, Kaine Locations: West Virginia, Virginia, Tennessee, clawing, West, Utica, Texas

☆ Biden administration grants Mountain Valley Pipeline permit
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - The Biden administration has approved a permit to allow the Mountain Valley natural gas pipeline to run through the Jefferson National Forest straddling Virginia and West Virginia, Senator Joe Manchin said on Tuesday. Manchin, a conservative Democrat of West Virgina, has introduced a bill to speed fossil fuel and renewable energy projects that calls on the administration to approve Equitrans Midstream Corp's (ETRN.N) $6.6 billion Mountain Valley pipeline. The Biden administration has supported Manchin's bill as it would help renewable energy companies reap the benefit of billions of dollars of tax credits contained in last year's Inflation Reduction Act. The Mountain Valley Pipeline has been opposed by environmental activists, but won the backing of Biden administration officials, including Secretary of Energy Jennifer Granholm. The Forest Service is part of USDA.

☆ US to buy 3 mln barrels to refill emergency oil reserve
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] U.S. Energy Secretary Jennifer Granholm testifies at a congressional hearing on Capitol Hill in Washington, U.S., June 15, 2021. REUTERS/Evelyn Hockstein/File PhotoCompanies U.S. Department of Energy FollowMay 15 (Reuters) - The U.S. Department of Energy said on Monday it will purchase 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August, and asked that offers be submitted by May 31. The new purchase would be for sour crude oil delivered to the Big Hill SPR site in Texas sometime during the month of August, according to the announcement. The sales brought the SPR inventory to around 372 million barrels, the lowest since 1983, amounting to just under 20 days of cover at current U.S. consumption rates. U.S. crude prices were around $71 a barrel on Monday.

At least 300,000 barrels of oil equivalent per day (boepd) production was shut in last week in Alberta. Also supporting oil prices, the U.S. could start repurchasing oil for the Strategic Petroleum Reserve (SPR) after completing a congressionally mandated sale in June, Energy Secretary Jennifer Granholm told lawmakers on Thursday. Global crude supplies could also tighten in the second half as OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - plan additional output cuts. Fears of a slowdown in the global economy limited gains in oil prices. "If credit conditions ease over the coming months, allaying economic fears for the world's largest economy, oil prices could bounce back without assistance but it seems a little premature at this point," said OANDA analyst Craig Erlam.

☆ Oil prices rise as tight supplies compete with economic concerns
▼ + stars: | 2023-05-15 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

SINGAPORE, May 15 (Reuters) - Oil prices edged up on Monday as the prospect of tightening supplies due to OPEC+ production cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in top global oil consumers the United States and China. Still, global crude supplies could tighten in the second half as OPEC+ - the Organization of the Petroleum Exporting Countries and allies including Russia - is making additional output cuts that are reducing sour crude volumes. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting on June 4, said its oil minister, Hayan Abdel-Ghani. Meanwhile, flows of northern Iraqi crude oil to Turkey's Ceyhan port have yet to resume following Baghdad's request to restart them last week, industry sources said on Monday, helping keep global supplies tight. The tightening of sanctions will also seek to undermine Russia's future energy production and curb trade that supports the Russian military, the people said.

SINGAPORE, May 15 (Reuters) - Oil prices fell on Monday as concerns about fuel demand in the top global oil consumers, the United States and China, offset bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 26 cents, or 0.35%, to $73.91 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude was at $69.34 a barrel, down 20 cents, or 0.29%. Investors will scour China's slew of economic data on industrial output, fixed assets investment and retail sales in the week ahead for signs of oil demand improvement, she said. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, said its oil minister, Hayan Abdel-Ghani. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

☆ Oil falls as economic concerns offset prospect of tighter supplies
▼ + stars: | 2023-05-15 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

SINGAPORE, May 15 (Reuters) - Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers U.S. and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 43 cents, or 0.6%, to $73.74 a barrel by 0130 GMT while U.S. West Texas Intermediate crude was at $69.67 a barrel, down 37 cents, or 0.5%. Investors will scour China's slew of economic data on industrial output, fixed assets investment, and retail sales in the week ahead for signs of oil demand improvement, she added. However, Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said. 1 crude importers, respectively, have been the key buyers of Russian crude since the European Union embargo started in December.

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