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

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API: total US petroleum demand topped 20.8 mb/d in July, highest since 2005; on-road fuel demand down

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year-over-year increase and the highest demand for the month since 2005, according to the latest Monthly Statistical Report released by the American Petroleum Institute (API). compared with July 2018—and the highest demand for the month of July since 2005. Total US petroleum demand averaged 20.8 This was a decrease of 0.9%

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China’s CNOOC to acquire Canada-based Nexen for $15.1B; offshore oil and gas, oil sands, and shale gas

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CNOOC Limited—China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world—is acquiring all of the Common Shares of Canada-based energy company Nexen Inc. It is the second-largest oil producer in the UK North Sea.

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INEOS investing additional $1.4B in Grangemouth complex in next phase of GHG reductions; blue hydrogen

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INEOS acquired Grangemouth in 2005, and has so far delivered a 37% reduction in net CO 2 emissions. INEOS FPS operates the Forties Pipeline System landing and processing approximately 40% of North Sea oil and gas production for onward domestic and international sales. The Petroineos JV operates the Grangemouth Refinery.

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Viridos executes agreement with ExxonMobil to help scale algae biofuels toward commercial levels

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At that time, ExxonMobil expected to spend more than $600 million, which includes $300 million in internal costs. In the past few years Viridos’ leadership in engineering microalgae has achieved greater than 5x bio-oil productivity increases by increasing both the oil content in the algae and the algae yield. Earlier post.).

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Study finds that worldwide SO2 emissions rose between 2000-2005 after decade of decline; China, shipping topped growth

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Global sulfur dioxide (SO 2 ) emissions peaked in the early 1970s and decreased until 2000, with an increase in recent years due to increased emissions in China, international shipping, and developing countries in general, according to a new analysis appearing in the open access journal Atmospheric Chemistry and Physics. Click to enlarge.

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EIA: light duty vehicle energy consumption to drop 25% by 2040; increased oil production, vehicle efficiency reduce US oil and liquid imports

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quadrillion Btu in 2040 in AEO2014 , reflecting the impacts of increased foreign trade on international shipping and higher incomes on recreational boating. Domestic crude oil production increases sharply in the AEO2014 Reference case, with annual growth averaging 0.8 With domestic crude oil production rising to 9.5

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