House Democrats Pass Biden's Social Safety Net Expansion but Major Obstacles Await in the Senate
WRCBtv, Nov. 19
President Biden's sweeping $1.9 trillion social safety net, known as the Build Back Better Act, passed on Nov. 19 by just seven votes, but still faces an uphill battle as the bill moves to the Senate.
U.S. to Sell 32 Million BBLs from 4 Sites as Part of Strategic Sale
Fidelity, Nov. 29
The U.S. will sell 32 million barrels of Strategic Petroleum Reserve crude in an effort to reduce global oil prices. However, industry traders say the sale of the mainly blended sour, or high-sulphur, crude will depress the value of U.S. sour crude and only benefit buyers in Asia.
Recent Legislation Would Reduce the U.S. Strategic Petroleum Reserve
Today in Energy, Nov. 29
The Infrastructure Investment and Jobs Act, signed into law early last month, includes a provision to draw down nearly 88 million barrels of crude oil from the nation's Strategic Petroleum Reserve (SPR) in fiscal years 2028 through 2031, reducing the SPR inventory to about 314 million barrels, a record low not seen since 1983.
U.S. Asks Big Oil Consuming Nations to Release Reserves
Oilprice.com, Nov. 18
In a further bid to reduce global oil prices, President Joe Biden has asked Chinese President Xi Jinping to release oil from his nation's storage. The request comes on the heels of requests to Japan, South Korea, and India to also release oil from national reserves.
EIA Forecasts Crude Oil Prices Will Decline During 2022
Today in Energy, Nov. 18
The Short-Term Energy Outlook from the U.S. Energy Information Administration indicates that increased production in OPEC+ countries and the U.S. will increase inventory levels and lower crude pricing in 2022, though Brent crude will remain above $80 a barrel through December 2021.
Ironwood Significantly Expands Eagle Ford Shale Footprint
Rigzone, Nov. 18
Ironwood Midstream Energy Partners II, LLC announced last month it has assumed management of Nuevo Midstream Dos assets in the Eagle Ford Shale region, including throughput capacities of more than 400,000 barrels per day of crude and 410 million cubic feet per day of natural gas.
Gunvor Sells Port of Rotterdam Oil Storage Assets
gCaptain, Nov. 11
Recently formed Global Energy Storage announced early last month it will buy assets in the Port of Rotterdam from Gunvor Group, with plans to store hydrogen and biofuels and redevelop 20 hectares of land within the port.
HollyFrontier Announces Promotion of Tim Go to President and Chief Operating Officer
Market Screener, Nov. 10
HollyFrontier announced last month the promotion of Tim Go to President and Chief Operating Officer of HollyFrontier effective Nov. 10, 2021.
Energy Company Cancels $2.5 Billion Oil Export Terminal in Louisiana
Grist, Nov. 24
Citing cultural, climate, and economic concers, Tallgrass Energy Partners announced late last month it will cancel its $2.5 billion export terminal and pipeline project slated for Plaquemines Parish, La.,