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President Joe Biden said in his State of the Union address Tuesday night that the United States is going to rely on oil and gas even as his administration pursues a transition to renewable energy sources, provoking laughter from Republicans and grumbling and boos from members of his own party.
US petrol prices dropped in early December to below the levels seen a year ago with the slide in international crude oil prices to below $80 per barrel—the lowest level in a year.
US oil and gas producers and refiners reported strong third-quarter results, drawing renewed criticism from President Joe Biden, while inventories of distillate fuel in America are at their lowest in decades just as the winter heating season begins, and US oil supply growth could be lower than earlier estimates.
Oil and gas activity in the United States continues to expand, but delays in the supply chain and cost inflation persist.
The Inflation Reduction Act and its implications for the US oil and gas sector was the highlight of the past month in the American energy industry, where the oilfield services sector added more jobs for a ninth month in a row and where high liquefied natural gas exports made the United States the world’s top LNG exporter.