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US EIA: US crude oil production fell by 8% in 2020, the largest annual decrease on record

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US crude oil production averaged 11.3 million b/d in 2019, according to the US Energy Information Administration (EIA). The production decline resulted from reduced drilling activity related to low oil prices in 2020. The production decline resulted from reduced drilling activity related to low oil prices in 2020.

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EIA forecasts Bakken oil production will top 1M barrels per day next month; >10% of US oil production

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The latest monthly update of estimated crude oil production in the Bakken region of North Dakota and Montana shows total wellhead output topping 1 million barrels of oil per day (bbl/d) next month. The update appears in the most recent issue of the US Energy Information Administration’s Drilling Productivity Report (DPR).

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Commentary: Could falling oil prices spark a financial crisis?

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The oil and gas boom in the United States was made possible by the extensive credit afforded to drillers. Junk-bond debt in energy has reached $210 billion, which is about 16 percent of the $1.3 Junk-bond debt in energy has reached $210 billion, which is about 16 percent of the $1.3 by Nick Cunningham of Oilprice.com.

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DOE awards $8.4M for accessing geothermal potential from abandoned oil and gas wells

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The US Department of Energy (DOE) selected four new projects to receive up to $8.4 million to establish new geothermal energy and heat production from abandoned oil and gas wells. Transitional Energy (Aurora, CO). University of Oklahoma (Norman, OK). ICE Thermal Harvesting (Houston, TX).

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EIA: proved reserves of US natural gas established a new record; oil reserves increased by 16% at the end of 2021

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In 2021, proved reserves of natural gas set a new record in the United States, and proved reserves of crude oil and lease condensate increased, but not quite to pre-pandemic levels, according to the US Energy Information Administration (EIA). In 2021, Texas’s annual crude oil and lease condensate proved reserves increased by 12% (1.9

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Cohort of new stakeholders joins Open Hydrogen Initiative

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In February 2022, GTI Energy, S&P Global Commodity Insights and the National Energy Technology Laboratory (NETL) launched the Open Hydrogen Initiative (OHI), a collaboration to further transparency into the environmental impact of hydrogen production and help unlock its full potential as an important driver of energy transitions.

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Goodyear determines soybean oil can reduce use of petroleum in tires

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Researchers at the Goodyear Tire & Rubber Company have found in their tests that using soybean oil in tires can potentially increase tread life by 10% and reduce the tiremaker’s use of petroleum-based oil by up to seven million gallons each year.

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