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EIA: Crude oil demand returns faster than supply, increasing prices and reducing inventories

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The price of US benchmark West Texas Intermediate (WTI) crude oil is near its highest level since 2014, increasing rapidly from low prices in mid-2020 as demand returns faster than supply, according to the US Energy Information Administration (EIA). US crude oil inventories were 440.3 US crude oil production then fell to 9.7

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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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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 expects summer US real gasoline and diesel prices to be the highest since 2014

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After adjusting for inflation, this summer’s forecast national average price would mark the highest retail gasoline and diesel prices since 2014. EIA expects higher fuel prices this summer as a result of higher crude oil prices. Greater demand will contribute to higher crude oil prices.

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Aramco and Stellantis collaboration indicates eFuel compatibility with 24 European engine families produced since 2014 (Euro 6)

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Stellantis has concluded that 24 engine families in European vehicles sold since 2014, representing 28 million vehicles on the road, are ready to use advanced drop-in eFuel without any powertrain modification, following months of testing at its technical centers across Europe.

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DOE to award up to $88M for oil and natural gas recovery research

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The Department of Energy’s (DOE’s) Office of Fossil Energy announced up to $88 million in federal funding for cost-shared research and development projects enhancing technologies for oil and natural gas recovery under two separate funding opportunity announcements (FOAs). trillion cubic feet (Tcf) in 2017, beating the 2014 record of 388.8

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California Governor orders end to fracking by 2024, instructs CARB to analyze pathways to phase out oil-production by 2045

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Additionally, Governor Newsom requested that the California Air Resources Board (CARB) analyze pathways to phase out oil extraction across the state by no later than 2045. California’s production of oil has been steadily dropping since 1985. According to the California Energy Commission, California oil represented 34.9%

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