Ukraine war ups pressure for US oil; industry faces hurdles

  • 📰 ksatnews
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 53%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

President Joe Biden’s move last week to ban oil from Russia over its invasion of Ukraine was met with calls to boost U.S. production to help bring down soaring gasoline prices

to address high gasoline prices. The White House, too, called for more drilling and cited the war as it shelved Biden’s campaign pledge to curb drilling on public lands because of climate change.Yet political rhetoric about quickly ramping up U.S.

Federal energy reserves account for about a quarter of U.S. oil, with the remainder coming from private, tribal and state land. ”It’s going to be a slower ramp up for fields like ours,” McDermott said. “Everybody in the industry would say if we have a consistent price, then you know what you would get for an extended period of time and it’s easy to make business decisions.”In the short term, the world's looking to other sources. The United Arab Emirates said last week it would urge OPEC to consider boosting oil output, which sent oil prices tumbling.

Operators in the Permian Basin described growth as steady since last spring. By January, they topped 5 million barrels a day.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 442. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ukraine war ups pressure for US oil; industry faces hurdlesPresident Joe Biden’s move last week to ban oil from Russia over its invasion of Ukraine was met with calls to boost U.S. production to help bring down soaring gasoline prices
Source: WOKVNews - 🏆 247. / 63 Read more »

What oil and gold prices tell us about the market reaction to the war in UkraineThe war picture is constantly changing, but so are the prices, writes economist BRuceYandle. 'Even outside the conflict zone, we continue to see signs of disruption, especially the significant gasoline premium being felt, and some acceptance of it.'
Source: dcexaminer - 🏆 6. / 94 Read more »