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Oil Change International
C: Wikimedia Commons/Ucheke
When President Joe Biden signed his first set of Executive Orders on Climate Change and cancelled the Keystone XL pipeline project soon after his inauguration, he sent a very clear message to the global fossil fuel industry: it’s no longer going to be business-as-usual with fighting the existential threat that climate change poses to humanity.
The administration’s pause on supporting fossil fuel companies re-echoed the President’s sticking campaign promise to address the catastrophic impacts of climate change. True to that commitment, it put a moratorium on new oil and gas leases on public lands and committed to undertake ambitious initiatives to transition from the oil industry.
The natural gas storage report from the EIA for the week ending January 29th indicated that the amount of natural gas held in underground storage in the US fell by 192 billion cubic feet to 2,689 billion cubic feet by the end of the week, which left our gas supplies 41 billion cubic feet, or 1.5% higher than the 2,648 billion cubic feet that were in storage on January 29th of last year, and 198 billion cubic feet, or 7.9% above the five-year average of 2,491 billion cubic feet of natural gas that have been in storage as of the 29th of January in recent years..the 192 billion cubic feet that were drawn out of US natural gas storage this week was a bit less than the average forecast of a 195 billion cubic foot withdrawal from an S&P Global Platts survey of analysts, but more than the 155 billion cubic foot withdrawal from natural gas storage seen during the corresponding week of a year earlier, and also more than the average withdrawal of 146 billion cubic feet of natural gas that have