• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 8 hours Could Venezuela become a net oil importer?
  • 32 mins Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 17 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 12 hours Why is permian oil "locked in" when refineries abound?
  • 8 hours Gazprom Exports to EU Hit Record
  • 1 hour Oil prices going down
  • 8 hours Could oil demand collapse rapidly? Yup, sure could.
  • 8 hours Oil Buyers Club
  • 10 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 1 day Teapots Cut U.S. Oil Shipments
  • 11 hours EVs Could Help Coal Demand
  • 6 hours Saudi Arabia turns to solar
  • 1 day Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 18 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
How To Trade OPEC’s Production Boost

How To Trade OPEC’s Production Boost

The long-awaited OPEC meeting has…

Who Gets Hold Of Russia’s Key Oil Hub?

Who Gets Hold Of Russia’s Key Oil Hub?

25 percent of the Novorossiysk…

API Lobbies For Arctic Drilling To Remain On the Table

Arctic Oil Rig

The American Petroleum Institute (API) and other energy industry groups are urging the U.S. government not to remove Arctic offshore drilling from the table through 2022, despite strong opposition over ecological issues.

In a letter to the U.S. Department of Interior, the oil industry group—which includes the API and the Independent Petroleum Association of America—insists on the importance of the Arctic for American energy sustainability.

“Access to oil and natural gas resources in the Alaska [outer continental shelf] under balanced and science-based regulations is an essential part of the nation’s long-term economic and energy security,” the letter reads.

“Our state’s oil fields have matured over the years, and it is vital that new arenas and development opportunities are realized for the future economic security of our state.”

The group said this move is supported by the Alaska-based business and labor organizations.

Advocacy group Oceana warns that Arctic drilling could present a high risk of major oil spills or other irreversible environmental problems.

“This administration now has the opportunity and obligation to think holistically about the future of the Arctic region and to ensure that decisions prioritize the health of ocean ecosystems,” wrote Oceana.

Related: Shell’s Ambitious Plan To Topple Exxon

“Removing the Chukchi and Beaufort seas from the 2017-2022 Five-Year Program is one important step to furthering those goals.”

The Obama administration is now at a critical junction in its decision to go ahead with the 2017-2022 program leases off the coast of Alaska as the Bureau of Ocean Energy Management (BOEM) puts together its drilling rights auction schedule for the next five years.

Any decision now will be difficult to reverse until after 2022.

By James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News