Michigan suedes oil companies for collusion to restrain competition in EVs
Michigan Attorney General Dana Nessel filed an antitrust suit against four major oil firms on Friday, alleging that they have colluded over decades to prevent competition from renewable energy sources, including?electric cars. The lawsuit filed in U.S. District Court, western Michigan, names BP and Chevron. It also names ExxonMobil, Shell, and the American Petroleum Institute. The lawsuit said that the companies had acted as a "cartel, agreeing to limit the production…
Oil Prices Drop 2% as Trump Tones Down Threats Against Greenland, Iran
Oil prices slid about 2% on Thursday after U.S. President Donald Trump softened threats against Greenland and Iran, and as investors assessed the supply-demand outlook.Brent futures fell $1.01, or 1.6%, to $64.23 a barrel at 11:26 a.m. EDT (1626 GMT). U.S. West Texas Intermediate (WTI) crude fell 96 cents, or 1.6%, to $59.66 a barrel, headed for its lowest close since January 15.Trump said he had secured total and permanent U.S. access to Greenland in a deal with NATO…
Sources say that the US will finalize biofuel quotas for 2026 by early March and drop import penalties.
According to two sources familiar with the plans, the administration of 'President Donald Trump' plans to finalize biofuel blending quotes for 2026 by early March. They will keep them close to their initial proposal, while dropping plans to penalize imported renewable fuels and feedstocks. The plan, if finalized, would represent a partial compromise among rival oil and agricultural industry groups. It would preserve the increased blending goals sought by biofuel producers and drop a proposal which U.S.
Sources say that the US will finalize biofuel quotas for 2026 by early March and drop import penalties.
According to 'two sources who are familiar with these plans, the administration of Donald Trump intends to finalize biofuel blending targets for 2026 by early March. They will keep them close to their initial proposal, while dumping a plan that penalized imports of renewable feedstocks and fuels. The plan, if finalized by the administration of President Donald Trump, would represent a partial compromise among rival oil and agricultural industry groups. It would preserve increased blending targets that biofuel producers sought while dumping a proposal U.S.
US oil lobby group supports repeal of climate rule for vehicles but not power plants
According to its president, the American Petroleum Institute supports EPA's proposal to repeal greenhouse gas regulations for vehicles. However, it does not support the proposal for power plants and stationary industrial facilities. API President Mike Sommers' told reporters that "we would not support the repeal of the endangerment findings for stationary sources". He added that the trade -group believes it has the "best standing" in terms of regulatory stance and that it is obvious the EPA can regulate?greenhouse gases emissions from these sources.
API chief: US oil industry needs to reform its Venezuela policy on security in order to enter the country.
American Petroleum Institute President Mike Sommers said that the U.S. Oil Industry must have in place a number of prerequisites in Venezuela, including a workforce security policy and contract sanctity. He made this statement during a phone conference with journalists on Monday. He said that the U.S. Oil Industry had welcomed the move to remove Nicolas Maduro earlier this month, and added that the energy assets in the country are large enough to attract significant investment. Sommers said that "most of the reforms will have to be done in Venezuela by Venezuelans.
Trump administration could delay biofuel credit cuts as refiners balk
According to sources familiar with this matter, the Trump administration may delay for one or even two years the proposed cut in incentives for biofuels imported from the United States. This is due to pressure by U.S. refining companies who claim that the move would increase costs and reduce fuel supplies. The current delay could be welcomed by domestic oil refiners who have invested in bio-based diesel, but it would frustrate U.S. biofuel and agricultural producers.
White House hosts oil and biofuel discussions as Trump administration closes to a decision on refinery exemptions
Four sources familiar with these discussions say that the White House held separate meetings this week with oil refiners as well as biofuel producers to try to resolve an ongoing dispute about billions of gallons in biofuel blending requirements waived by the U.S. for small refineries. Discussions indicate that the Trump administration will soon make a final decision about whether or not larger refiners are required to compensate for the waived gallons. This decision was originally expected at the end of October, but the shutdown of the federal government delayed it.
API reverses its course on E15 fuel bill and calls for regulatory fix
The American Petroleum Institute announced on Tuesday that it is opposed to legislation that would expand the year-round sale of E15 gas. This reversal highlights the deepening tensions in oil and ethanol after a short period of cooperation. In exchange for restrictions to a program that allowed smaller refiners avoid renewable fuel obligations, the influential oil trade group teamed up earlier this year with lawmakers from farm states and ethanol producers in order to support a higher mandate for renewable fuel blends. E15 gasoline is a 15% blend of ethanol.
US oil group opposes Trump's plan to reduce biofuel import credit
The top U.S. trade group for oil on Thursday added its voice to the chorus of protests against a government proposal that would reduce incentives for biofuels imports. This will test the Trump administration’s resolve to maintain the policy over the next few months. As a result of the mounting criticism, the White House is forced to choose between farmers who want to prioritize domestic supplies or refiners who are looking for cheaper feedstock. Both groups are loyal to Donald Trump.
Trade groups and companies warn that Trump's America First policy on biodiesel could be costly to US businesses, consumers and trade groups.
According to some trade groups in refining and biofuels, the Trump administration's efforts to discourage the use foreign feedstocks for domestic biodiesel may lead to higher prices and a reduction of domestic production. The warning is a reflection of the ongoing tension between the Environmental Protection Agency under President Donald Trump and its traditional allies, the energy and agricultural industries. Trump has promised that he will lower consumer energy prices…
Clean-energy supporters blast US budget as a setback
Clean energy advocates decried Thursday the House of Representatives' final passage of the President Donald Trump tax cut bill as a reverse in the energy transition. Meanwhile, fossil fuel interests celebrated. The bill now goes to Trump's desk. Trump is expected sign the bill on Friday. The law drastically reduces the 30% tax credit that developers were relying on for their solar and wind projects. This credit was set to last until 2032. Energy Innovation, a research firm, predicted that the bill will result in a decline of 300 gigawatts in U.S.
US EPA proposes increased biofuel blend volumes through 2027
NEW YORK - On Friday, the Trump administration proposed that oil refiners increase the amount biofuels they must mix into the nation's gasoline over the next two-years, due to a rise in biomass-based fuel mandates. Biofuels industry welcomed the move which included measures to discourage imports of biofuels. They had been lobbying for this issue for several months. The U.S. Environmental Protection Agency announced on Friday that the total volume of biofuels to be blended in 2026 will be 24.02 billion gallon and 24.46 in 2027.
US finds endangered Gulf of Mexico Whale threatened by oil and Gas Vessel Strikes
The Trump administration released a long-awaited assessment of environmental impact on Tuesday. It found that vessel strikes relating to oil and natural gas drilling in Gulf of Mexico will likely threaten the existence of endangered Rice's Whale. The biological opinion is an analysis that determines how to protect endangered marine species from oil and gas operations in the Gulf of America, renamed by President Donald Trump. According to the analysis, there are 51 Rice's Whales in the Gulf.
Last-ditch lobbying campaign aims to save Biden’s clean-energy tax credit
Trade groups in the U.S. Energy Industry have launched a last minute lobbying campaign to urge Congress to spare former President Joe Biden’s clean energy tax credit from being cut out of the Republican budget plan. The House Ways and Means Committee proposed on Monday that several lucrative subsidies in Biden's signature climate legislation, the Inflation Reduction Act, be phased out or cancelled. Several subsidies related to solar and wind power, hydrogen and other technologies that reduce greenhouse gas emissions are on the table.
Trump hosts top US oil executives as trade wars threaten
Donald Trump, the U.S. president, will be hosting top oil executives in the White House this Wednesday to discuss plans for boosting domestic energy production amid falling crude prices and trade wars. This will be Trump's first meeting with oil and gas executives since he returned to the White House in January for his second term. According to a source familiar with planning the event, it will include members of American Petroleum Institute (API)'s executive committee.
US EPA delays Midwest ethanol expansion South Dakota, Ohio
The U.S. Environmental Protection Agency announced on Friday that it will delay by one year the expansion of sales of higher ethanol blended gasoline in South Dakota, Ohio and the other eight Midwestern States who requested increased sales. The EPA released a statement on Friday following its decision made last week that it would implement the April 28 date set by eight Midwest Governors who requested year-round sale of gasoline containing 15 percent ethanol (also known as E15). States could request a one-year extension until February 26, 2018.
Oil trade group calls for national ethanol policy in the US after EPA approves Midwest expansion
The American Petroleum Institute, a trade group, pushed for a national policy on gasoline blends with higher ethanol levels on Monday after President Donald Trump’s administration announced on Friday that it would expand sales of this product in certain Midwestern States. The U.S. Environmental Protection Agency announced on February 21 that it would support an April 28th implementation date in response to a request by eight Midwest Governors for year-round sale of gasoline containing 15 percent ethanol (also known as E15).
Oil industry unlikely rush to Alaska despite Trump’s call for drilling
U.S. companies will not expand their development in Alaska or the Arctic after President Donald Trump signed an executive order that allows them to do so. Industry representatives and company officials said this, pointing out that a future president would be able to reverse Trump's decision. U.S. Oil Production is Already at Record Levels. This is largely due to the increased production of oil in more accessible areas such as Texas and New Mexico. Companies have also limited their spending on new projects, focusing on returning cash to investors.
Can Trump reverse Biden's offshore oil drilling ban?
In an executive order issued on Monday, President Donald Trump revoked the ban placed by former Democratic president Joe Biden against new offshore oil-and-gas development along most of America's coasts. Trump will face legal challenges regarding his authority. What did BIDEN and Trump do? Biden used his authority, granted by the Outer Continental Shelf Lands Act of 1970, to stop oil and gas drilling in federal waters along the East and Western coasts of the United States as well as the eastern Gulf of Mexico.