The U.S. Department of Energy (DOE) has announced that it intends to buy oil to replenish the country’s Strategic Petroleum Reserve (SPR), which has been depleted to multi-decade-low levels. According to the DOE’s Request for Proposal (pdf) issued on May 15, the department is seeking to purchase up to three million barrels of sour crude…

The Biden administration remains undecided about replenishing the nation’s strategic petroleum reserves (SPR) even as oil prices have fallen to favorable levels and resources are at multi-decade lows. Last year, the Biden administration sold 180 million barrels of oil from the SPR. In January 2021, when Biden became president, America’s SPR reserves stood at 638…

A House Oversight Subcommittee hearing on President Joe Biden’s decision to draw down the Strategic Petroleum Reserves had some tense moments as some committee members called witnesses shills for the oil industry and accused one of espousing white supremacist views. Both witnesses denied working for the fossil fuel industry, and the witness accused of racism…

Inflation numbers are out for January. Prices increased the most in three months, by 0.5 percent, and egg prices are up 70 percent year-over-year. We talk with Peter Schiff about where inflation is headed. Credit rating agencies report a drop in medical debt. What does the White House say is behind it? The Biden administration…

U.S. Secretary of Energy Jennifer Granholm sent a letter to the House energy panel warning that the GOP push to add stipulations to the withdrawal of oil from strategic reserves will harm Americans and contribute to an increase in gas prices. Earlier this month, Rep. Cathy McMorris Rodgers (R-Wash.) introduced the Strategic Production Response Act…

Monthly inflation is down for the first time in more than two-and-a-half years. We talk to traders about the report. The White House says the president does not support banning gas stoves, after an official said he’s thinking about it. House lawmakers come together to block China from buying oil from America’s emergency stockpile. Microsoft is…

News Analysis After the Biden administration released 180 million barrels of oil last year from its Strategic Petroleum Reserve (SPR) in an attempt to rein in gasoline prices, Washington is now facing a dilemma while trying to replenish the SPR as it deals with price and funding challenges. The release of 180 million barrels of…

The Biden administration has changed its stance on refilling the Strategic Petroleum Reserve (SPR) after significantly depleting it earlier in its attempt to control oil prices. During an interview with Bloomberg, energy security advisor Amos Hochstein said that the White House will consider replenishing the SPR once oil prices are “consistently” at the level of…

While the pandemic has spurred demand, leading to increased energy prices, the Biden administration’s reliance on imports is a greater contributor to the increased costs of oil and gas said Jerry Simmons the president of The Domestic Energy Producers Alliance (DEPA) in a Dec. 23 interview on NTD’s “Capitol Report” program. NTD is an affiliate of…

A coordinated global release of oil reserves led by the United States, resulting in 70–80 million barrels of additional crude supply, fell short of the amount markets were pricing in, and according to Goldman Sachs has turned out to be little more than a symbolic gesture as global oil prices rebounded to a one-week high…