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Updated: Texas Republicans, oil industry slam Obama decision to open...
The Obama administration plans to release 30 million barrels of crude from its emergency oil stockpile as part of an international effort to put more oil in the market. The move comes as political...
View ArticleAuction process determines who gets stockpiled oil *updated*
Companies interested in snapping up some of the emergency oil the U.S. is releasing from the Strategic Petroleum Reserve will be invited to submit bids soon. Refiners said the administration didn't...
View ArticleCommentary: Plan to release oil from reserves shows desperation
The Strategic Petroleum Reserve is apparently a strategic political reserve, Loren Steffy writes. We now tap it not in times of crisis, but in times of desperation, hoping that we can quickly return to...
View ArticleAPI: Forecasted Gulf oil production down in year since spill
A slowdown in offshore energy development in the year since the Gulf oil spill has cost the U.S. a projected 57.9 million barrels of oil, according to new number crunching by the American Petroleum...
View ArticleLawmakers insist on plan for refilling emergency oil reserve
In a letter to President Barack Obama, Sugar Land Rep. Pete Olson and other Republican lawmakers today also are blasting the decision to tap the Strategic Petroleum Reserve as evidence that U.S. energy...
View ArticleFeds sell 30.6 million barrels of emergency crude to 15 companies
Oil refiners and traders are among the winning bidders for the oil being released from the Strategic Petroleum Reserve. Prices ranged from $104.97 to $109.26 per barrel.
View ArticleAlaska senator says U.S. sale of emergency oil may have violated Iran...
Sen. Lisa Murkowski, R-Alaska, says the U.S. may have violated sanctions against Iran by selling 4 million barrels of its stockpiled oil to the Dutch-Swiss energy trading company Vitol. Recent reports...
View ArticleUS to tap strategic petroleum reserve
The Obama administration will release 5 million barrels of sour crude from the United States' emergency stockpile in what officials described as a "test" of the nation's capability to respond to oil...
View ArticleLawmakers aim to limit emergency oil sales
The Obama administration could be facing new obstacles in its plan to establish a 1-million-barrel stockpile of gasoline in the Northeast.
View ArticleSenator: Time to rethink our emergency oil stockpile
Sen. Ron Wyden wants the United States to rethink the size and scope of its emergency oil stockpile.
View ArticleEnergy Secretary: Strategic Petroleum Reserve needs ‘modernization’
The Strategic Petroleum Reserve needs some changes, in light of shifts in the location and type of domestic oil production, Energy Secretary Ernest Moniz said Wednesday.
View ArticleFeds to buy 5 million barrels of oil for emergency stockpile
The planned purchase of sweet crude between June 1 and July 31 is required by federal laws forcing the Department of Energy to buy back petroleum products within one year, using the proceeds from a...
View ArticleCERAWeek: The Strategic Petroleum Reserve needs a makeover
The nations' strategic oil stockpile may need to be brought into the modern era, experts told CERAWeek attendees.
View ArticleMoniz says Strategic Petroleum Reserve could be tapped to control price shocks
Moniz said rising U.S. crude production gives the nation more flexibility in how it uses the reserve, created four decades ago in response to supply shortfalls caused by the Arab oil embargo. The four...
View ArticleStrategic Petroleum Reserve shouldn’t be used to fill federal coffers,...
Congress should not use the nation's emergency oil stockpile as an ATM, with sales of the crude funding unrelated legislative priorities, Sen. Lisa Murkowski said as she toured one of the Louisiana...
View ArticleGuest commentary: Time to fix the Strategic Petroleum Reserve
Two retired Air Force generals make a case for the importance of the country's Strategic Petroleum Reserve.
View ArticleMoniz: Strategic Petroleum Reserve is too valuable to sell its stockpiles
Forty years after the U.S. created an emergency crude stockpile, it needs modernization to swiftly respond to oil supply disruptions, Energy Secretary Ernest Moniz told senators.
View ArticleU.S. plans to sell down strategic oil reserve to raise cash
The proposed sale, included in a bill posted on the White House website, equates to more than 8 percent of the 695 million barrels of reserves, held in four sites along the Gulf of Mexico coast.
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