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Biden authorizes release of more than 180M barrels of oil from Strategic Petroleum Reserve; 1M bpd for 6 months

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In an effort to address the rapidly increasing cost of gasoline, President Biden authorized the release of 1 million barrels of oil per day for the next six months—more than 180 million barrels—from the Strategic Petroleum Reserve (SPR). million barrels of sweet and 200,000 barrels of sour crude oil. President George W.

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EIA: US crude oil exports reached record levels in 2020 and remain high in 2021

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Despite volatility in global oil markets, US crude oil exports reached a record high in 2020, according to the US Energy Information Administration (EIA). As of 9 July 2021, US crude oil exports have averaged 3.00 The most recent four-week rolling average of US crude oil exports reached 3.51 million barrels per day (b/d).

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EIA: US crude oil imports in 2011 dropped to lowest level since 1999 as domestic oil production rose

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US crude oil imports during 2011 fell to their lowest level in twelve years and were down 12% from their peak in 2005, as higher domestic oil production and decreased consumption of petroleum products reduced American refiners’ purchases of foreign crude, according to the US Energy Information Administration (EIA).

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Honeywell, Oriental Energy to build million-ton sustainable aviation fuel production facility in China

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Honeywell and Oriental Energy Company announced that a sustainable aviation fuel (SAF) production facility with an annual output capacity of 1 million tons will be built in Maoming, Guangdong Province in China. In 2021, Ecofining technology supported the world’s first jet flights using SAF produced from algal oil.

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Oil Majors’ Costs Have Risen 66% Since 2011

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The oil majors reported poor earnings for the fourth quarter of last year, but many oil executives struck an optimistic tone about the road ahead. The collapse of oil prices forced the majors to slash spending on exploration, cut employees, defer projects, and look for efficiencies. by Nick Cunningham of Oilprice.com.

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MIT/UC Davis professors challenge claims that ethanol production decreased gasoline prices in 2010 and 2011

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Two professors from MIT and UC Davis have released a paper challenging the recent claims by the Renewable Fuel Association (RFA) and US Secretary of Agriculture Vilsack that ethanol production decreased gasoline prices by $0.89 in 2010 and 2011, respectively. t margin for oil refiners. t margin for oil refiners.

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API: US petroleum demand down 1.2% in 2011, domestic production up 2.5%

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million barrels a day in 2011 compared with 2010, according to the American Petroleum Institute (API). December 2011 petroleum deliveries were down 5.9% December 2011 petroleum deliveries were down 5.9% Gasoline deliveries showed declines for 2011 as a whole and for the month of December. Distillate production at 4.5

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