Within months of President Joe Biden halting the Keystone Pipeline, pausing new oil and gas leases on federal lands, and imposing further restrictions on U.S. oil companies, U.S. oil imports from Russia set a new record in March.
According to International Energy Agency, U.S. imports of crude oil and petroleum products from Russia reached 22.9 million barrels in March, the highest level since August 2010. They had reached over 25 million barrels in April 2009.
Crude oil imports from Russia in March stood at 6.1 million barrels, making Russia the third-largest oil exporter to the United States. Read More
The crash in U.S. oil production is growing worse as freezing temperatures and power outages in Texas prevent pumping the fossil fuels from the ground.
Bloomberg reported that oil production has plunged by close to 40% — the most ever, according to traders and industry executives with direct knowledge of the operations. Read More
Cuts in oil supply and a record rebound in demand in 2021 will help put the fossil fuel industry on better footing even as the pandemic hammers oil demand, the International Energy Agency said Tuesday.
Demand for oil will rebound by a record 5.7 million barrels per day even as world demand for crude drops by 8.1 million barrels daily in 2020, the IEA reported. The report comes as city officials ease up on economic lockdowns, which is spurring a recovery in crude demand. Read More
Oil produced on federal land leased by the U.S Department of Interior topped one billion barrels last year, the department said Wednesday. Read More
Oil production on federal lands topped 1 billion barrels in 2019, marking a 29% increase from the Obama administration, Department of the Interior officials announced Tuesday. Read More