FILE PHOTO: Unused oil rigs sit in the Gulf of Mexico near Port Fourchon, Louisiana
The suit is the latest dispute between the oil and gas industry and the administration of President Joe Biden over leasing federal lands and waters for energy development. The lawsuit, filed in federal court for the Western District of Louisiana, comes after the Interior Department's Bureau of Ocean Energy Management on Wednesday finalized plans to conduct the lease sale. The final sale notice included new restrictions on development meant to protect the endangered Rice's whale.
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Canada steps up pace of oil production growth, seen rising 8% in two yearsA busy oil sands maintenance season and early summer wildfires put a dent in Canadian crude production in the second quarter, but oil companies are ramping up growth over the next two years and will add nearly 8% to Canada's total output, analysts estimate. The roughly 375,000 barrel per day (bpd) increase in two years would be more than Canada, the world's fourth-largest oil producer, has managed to add over the last five years combined, even after promising European allies it would boost crude output in the wake of Russia's invasion of Ukraine in early 2022. According to Canada Energy Regulator data, Canadian oil production averaged 4.86 million bpd in 2022, up from 4.61 million bpd in 2018.
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