The Permian basin, the U.S.’s most prolific shale patch, will produce crude oil at levels not seen since the start of the pandemic in the latest sign the global economy is heating back up.
President Joe Biden, who made clean energy a core tenet of his campaign, plans to set off one more oil-sector boom before shadows descend on fossil fuels.
Louisiana and dozens of other states are suing the Biden administration to end a suspension of oil and gas leasing on federal lands and waters.
National climate adviser Gina McCarthy on Monday met virtually with leadership from oil and gas companies to discuss “shared priorities” according to a readout from the White House.
Louisiana officials say the state’s oil and gas industry is in danger.
While the globe is getting optimistic about a post-COVID-19 economic recovery with vaccine distribution becoming more widespread, the sneaks in the OPEC Plus cartel are using this as a golden opportunity to fleece the global economy while the Biden Administration remained silent.
International benchmark Brent crude futures jumped above $70 for the first time in more than a year on Monday, before giving back those gains to trade in the red.
OPEC+ took the industry by surprise when it decided to roll over its quota.
Oil rebounded from its biggest slump since November ahead of a key OPEC+ meeting that may see some supply returned to a fast-tightening market.
Oil rose toward $63 a barrel with investment banks and traders predicting the market will tighten further and push prices higher.