![]() The President is also calling on DOE to be ready to move forward with additional significant SPR sales this winter if needed due to Russian or other actions disrupting global markets. This sale will complete the historic, 180-million-barrel drawdown the President announced in the spring, which has helped to stabilize crude oil markets and reduce prices at the pump. ![]() President Biden is directing his Administration to take additional action to strengthen energy security, address the supply crunch, and lower costs.įirst, the Department of Energy (DOE) is issuing a Notice of Sale tomorrow morning for 15 million barrels from the Strategic Petroleum Reserve (SPR) to be delivered in December. According to an industry analyst, the most common price across the country today is $3.39. In fact, gas prices have fallen 15 out of the last 18 weeks. Gas prices fell at the fastest rate in over a decade this summer, with average prices down by about $1.15 per gallon since their peak in June – and just about 30 cents above levels on February 24, when the war in Ukraine began. President Biden is committed to doing everything in his power to respond to Putin’s Price Hike at the pump, and he is delivering. Get Involved Show submenu for “Get Involved””.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””.Administration Show submenu for “Administration””.Learn more about US energy and carbon capture in the US, and get the facts every week by signing up for our newsletter. However, not all data between these sources matches up, meaning there are several potential discrepancies depending on where sources come from. ![]() There are several other government resources that report oil production data at the national, state, and local levels, such as the Department of the Interior and the Bureau of Economic Analysis. The EIA collects, analyzes, and disseminates independent and impartial energy information for the purpose of informed policymaking and public understanding of energy and its impact on the economy and environment. Where did this data come from?Īll data provided in this article comes from the US Energy Information Administration, a subsidiary of the Department of Energy. In the US, the majority of domestically produced or imported crude oil undergoes refining processes to become various petroleum products, including gasoline, diesel fuel, heating oil, and jet fuel, which are subsequently consumed.ĭuring 2022, the US had an average daily petroleum consumption of approximately 20.3 million barrels, totaling about 7.4 billion barrels of petroleum for the year. This process facilitates the extraction of materials such as crude oil and natural gas, allowing them to be refined once returned to the surface. This technique, combined with horizontal drilling, has led to an unprecedented surge in oil production over the past several years.įracking involves injecting a high-pressure liquid, mostly water, into a well to fracture rock formations containing hydrocarbons. While hydraulic fracturing has helped extract fossil fuels for over six decades, its significant contribution to crude oil production is a more recent development. In 2022, two-thirds of all US oil came from fracking, compared to under 7% two decades ago. ![]() Since 2015, oil extracted through fracking has accounted for more than half of total US crude oil production. Other states, such as Texas, New Mexico, and North Dakota, among others, had a relative boost in production over the last decade, partially resulting from a new methodology of oil and gas extraction known as hydraulic fracturing, or fracking. ![]()
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