Biden orders ‘the largest release of oil reserves in American history’ to lower prices

U.S. President Joe Biden last night announced plans for what is said to be the largest release from the strategic petroleum reserves in American history of 1 million barrels a day for six months to lower gas prices at the pump.

In his speech, Biden revealed a two-point plan, which includes immediate action through the release of reserves and a call to reduce the dependence on fossil fuels altogether and speed up the transition to clean energy.

Path Investments plc (LON:PATH) is an energy investment company, and is focused on making investments in the energy sector on a global basis. The company seeks to create value for its shareholders through acquisitions, joint ventures or direct interests in energy businesses or associated projects. 

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Path Investments Plc

More articles like this

Path Investments Plc

Fed Budget to fuel net zero goals

The 2022-23 Federal Budget is set to back the Australian industry while building new energy industries, securing reliable and affordable energy, and putting Australia on track to reach net zero emission by 2050. Minister for Industry,

Path Investments Plc

U.S. oilfield services giants suspend Russian operations

Three U.S. oilfield services providers – Halliburton, Schlumberger, and Baker Hughes – have decided to suspend any future investments and operations in Russia following the country’s attack on Ukraine and the widespread sanctions imposed as a

Path Investments Plc

Strong gas flows achieved at Lockyer

Norwest Energy has advised that in preparation for production testing for its Lockyer Deep-1 conventional gas discovery well, perforating operations were conducted from 10-12 March. The objective of the operation was to perforate the 25 metre

Path Investments Plc

25 companies join emissions transparency report pilot

Twenty-five major companies from across the economy have opted into the Corporate Emissions Reduction Transparency (CERT) report pilot. The Clean Energy Regulator said this is a significant step forward in supporting transparency and consistency of net emissions reporting

Path Investments Plc

Schlumberger and Rockwell partnership resolves issues

The complexity and inefficiency of oil well surveillance systems is being overhauled by Sensia, a joint venture between industrial automation leader Rockwell Automation, and oil and gas instrumentation leader Schlumberger. “With most systems in place today, surveillance engineers responsible

Path Investments Plc

Bass to acquire Cooper Basin assets

Bass Oil has entered into a conditional sale and purchase agreement with a subsidiary of Beach Energy to acquire a portfolio of Cooper Basin assets for a cash consideration of $650,000.  The assets Bass will acquire include the producing

Path Investments Plc

BP to get rid of its interest in Russia’s Rosneft 

UK’s oil major BP has decided to exit its shareholding in Russia’s oil and gas giant Rosneft while Norway’s Equinor has moved to exit its joint ventures in Russia following the attack on Ukraine, which started

Path Investments Plc

Beach benefits from high oil and gas prices

Profit at Beach Energy has jumped 66 per cent thanks to soaring oil and gas prices, despite the company’s half-year oil and gas production rates falling 15 per cent. In its half-yearly report, the company reported

Path Investments Plc

U.S. operator boosts fleet with three more offshore supply vessels

U.S. offshore vessel operator Hornbeck Offshore has added three offshore supply vessels (OSVs) to its fleet following an auction carried out by the U.S. Department of Transportation’s Maritime Administration (MARAD). The vessels are candidates for deployment in the U.S.

Path Investments Plc

Vintage triples Vali gas reserves

According to Vintage managing director Neil Gibbins, the company’s results from the December quarter put the “stepping stones” in place for Vintage to transition from an exploration company to an exploration and production company supplying gas

Path Investments Plc

Senex hits record Surat production

Senex has seen continued strong operation performance, delivering its 20th consecutive quarter of record Surat Basin production, up 5 per cent from last quarter.  Total sales volumes were 3 per cent higher than the previous quarter,