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

Green Car Congress

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). 2005 Hurricane Katrina Sale. (The 2005 Hurricane Katrina Sale.

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VinFast and Mitsubishi to Collab on After-Sales Service (and Recycling Used Cooking Oil)

The Truth About Cars

Perhaps answering at least some of the questions we all have about VinFast and its long-term plans in this country, owner Vingroup announced this morning it has signed a memorandum of understanding with Mitsubishi to explore providing after-sales services in international markets. Wait, what?

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US Treasury allows Chevron to resume oil production in Venezuela, delivery to US only

Green Car Congress

GL 41 explicitly does not authorize the sale of petroleum or petroleum products produced by or through the Chevron JVs for the exportation to any jurisdiction other than the United States. from receiving profits from the oil sales by Chevron. This authorization prevents PdVSA (Petróleos de Venezuela, S.A.)

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Cratering motor fuel sales in Norway show the death spiral that can end oil

Electrek

It’s common knowledge that Norway is the land of electric cars and that the country keeps breaking EV sales records with virtually no new fossil vehicle sales. But what’s really important is the effect those EVs are having on oil sales, which are in steep decline in the country as a result – and the same thing could happen elsewhere.

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EVs to Surpass ? of Global Car Sales by 2030, Putting at Risk Nearly Half of Oil Demand

CleanTechnica EVs

Exponential growth in electric vehicle (EV) sales is transforming the auto sector faster than currently predicted, with EVs set to dominate global car sales by the end of the decade, putting at risk nearly half of worldwide oil demand, according to new analysis by RMI.

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OMV says it will stop oil and gas production by 2050 in transformation to net-zero

Green Car Congress

Austria-based OMV, an international, integrated oil, gas and chemicals company, announced its intention to become a net-zero (Scope 1, 2 and 3) company by no later than 2050. Overall, these growth projects will increase sales of monomers by 35% and polyolefins by around 30%. Chemicals & Materials.

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EIA expects increased US crude oil production, with continued high petroleum prices in 2022

Green Car Congress

The US Energy Information Administration (EIA) forecasts that US crude oil production will average 11.9 Despite the increases in production, EIA expects the Brent crude oil price to remain above $100 per barrel this year, according to the agency’s May 2022 Short-Term Energy Outlook (STEO). million barrels per day this year and 12.8

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