Biden Administration Pauses New LNG Export Approvals
On Friday, January 26, the Biden administration temporarily paused pending decisions on exports of Liquefied Natural Gas (LNG) to non-free trade agreement (FTA) countries until the Department of Energy (DOE) can update its underlying analyses for authorization. This measure will likely disrupt plans for billions of dollars in natural gas projects.
Biden Administration Eases Oil Sanctions on Venezuela After Election Negotiations
On Wednesday, October 18th the Biden Administration announced that it is easing sanctions against companies that trade oil produced in Venezuela or invest in its oil industry. The United States has imposed sanctions against the Venezuelan government or individuals for more than 15 years, but significantly tightened them in early 2019 after declaring Maduro’s 2018 victory illegitimate. This new deal comes in response to Venezuela announcing they will allow free elections next year, 2024.
Oil Prices Hit 10-Month High
Yesterday, September 18th, the price per barrel neared $95, reaching a new 10-month high. This increase is up from $72 a barrel at its lowest in June, this difference marks the largest jump since Russia’s invasion of Ukraine. Rising crude oil prices directly impact higher prices at the gas pump, one of the most visible hallmarks of inflation.
Price Check: Labor Day Holiday Offers Opportunity for Travel Costs Assessment
As Labor Day Weekend approaches and many families seek to enjoy the final few weeks of summer vacation, lets take a look at where fuel costs for transportation are impacting the cost of travel this Summer compared to recent years.
Biden Approves Drilling in Alaska: The Willow Project and What This Means
The Biden Administration has approved the Willow Project in Alaska, which is set to be a significant and decades-long oil drilling venture located in the National Petroleum Reserve (NPR-A), previously known as Naval Petroleum Reserve.