article thumbnail

Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

Green Car Congress

In an effort to address the rapidly increasing cost of gasoline, President Biden authorized the release of 1 million barrels of oil per day for the next six months—more than 180 million barrels—from the Strategic Petroleum Reserve (SPR). million barrels of sweet and 200,000 barrels of sour crude oil. Background.

Oil 418
article thumbnail

DOE: Adjusted for inflation, the price of gasoline in 2019 was similar to the price in 1929

Green Car Congress

The graph below shows the effect of the oil embargo in the early 1980s. From 2002 to 2008, the price of gasoline rose substantially, but then fell sharply in 2009 during the economic recession. In 2012, prices reached the highest level in both current and constant dollars but began a steep decline thereafter.

Gasoline 418
article thumbnail

USGS boosts assessment of recoverable natural gas in Marcellus Shale by 42x from 2002; now 84 trillion cubic feet

Green Car Congress

Technically recoverable oil and gas resources are those quantities of oil and gas producible using currently available technology and industry practices, regardless of economic or accessibility considerations. billion barrels of natural gas liquids. the fracking boom) have been significant in the last decade, USGS says. Coleman, J.L.,

2002 210
article thumbnail

Report: PetroChina to Boost Investment in Oil Gas in Indonesia by 30% This Year

Green Car Congress

The Jakarta Post reported that Chinese oil and gas firm PetroChina will increase its investment in oil and gas exploration and development in Indonesia by 30% this year to boost oil lifting and counteract declining production.

Indonesia 210
article thumbnail

BP Announces Giant Oil Discovery in the Deepwater Gulf of Mexico

Green Car Congress

BP announced a giant oil discovery at its Tiber Prospect in the deepwater Gulf of Mexico (GOM). The Tiber well was drilled to a total depth of approximately 35,055 feet (10,685 metres) making it one of the deepest wells ever drilled by the oil and gas industry. The well found oil in multiple Lower Tertiary reservoirs.

Mexico 225
article thumbnail

Study Finds that US Subsidies for Fossil Fuels Are Almost 2.5x Those for Renewables

Green Car Congress

US subsidies for fuels and renewable energy, 2002-2008. The study, “Estimating US Government Subsidies to Energy Sources: 2002-2008”, found that fossil fuels benefited from approximately $72 billion over the seven-year period, while subsidies for renewable fuels totaled $29 billion. Nuclear was not included in the analysis.

Renewable 338
article thumbnail

Oil sands company Suncor Energy strengthens its focus on hydrogen and renewable fuels, divesting wind and solar

Green Car Congress

Suncor Energy, a Canadian integrated energy company that is one of the top oil sands producers in the country, will strengthen its focus on hydrogen and renewable fuels to accelerate progress towards its objective to be a net-zero company by 2050. In 2002, Suncor partnered with Enbridge to build one of the first renewable.

Oil-Sands 225