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The U.S. Energy Information Administration said that oil inventories fell by 800,000 barrels to 502 million barrels in commercial storage.
In a letter to Senate Majority Leader Mitch McConnell, R-Ky., American Petroleum Institute President Jack Gerard said Thursday his group “strongly supports” the legislation, named the Energy Policy Modernization Act.
The agency is currently studying emission levels of what it terms “hazardous air pollutants,” a category that includes 187 compounds including benzene, a chemical found in gasoline.
Oil slumped before weekly U.S. government data forecast to show stockpiles rose in the world’s biggest crude consumer.
The head of the oil industry’s top lobbying group says the U.S. is an emerging global energy powerhouse, and can can grow even stronger if the federal government imposes fewer regulations.
Worries about the extra crude oil sent prices down $1.20 per barrel or 3.2 percent in early trading, leaving the benchmark U.S. price at $36.67 per barrel.
The lifting of the embargo is part of a spending deal expected to be pushed through the House and Senate by the end of the week.
Temperatures in Chicago, Detroit, New York and Washington have been as much as 25 degrees above normal in the past five days, according to AccuWeather.
By Erik Milito Safe, responsible energy development in the Gulf of Mexico and beyond is vital to the U.S. economy and job growth, as well as U.S. energy and national security. Joint efforts from the oil and natural gas industry and federal government have made great strides to enhance the safety of offshore operations in […]
Representatives of the oil industry’s biggest trade group, the American Petroleum Institute, were scheduled to meet with White House officials Friday to argue that ethanol quotas should be kept below the current 10 percent threshold acceptable for use in all cars and trucks.