U.S. commercial stores of crude oil fell by another 2.8 million barrels to a total of 479.4 million barrels for the week ending May 22, according to data collected by the U.S. Energy Information Administration.
Severe weather is the leading cause of power disruptions, costing the U.S. economy from $18 billion to $33 billion a year, and climate change will only make it worse, a White House review on energy infrastructure concludes.
The goal is to build a supercomputer that will help the U.S. compete internationally with other next-generation computing efforts and ensure the United States’ economic and national security, agency officials said.
The Senate bill was co-sponsored by Democrat Jeanne Shaheen of New Hampshire and Republican Rob Portman of Ohio. A similar bill was defeated last year after it became enmeshed in a partisan fight over the Keystone XL oil pipeline.
In order for the U.S. to keep domestic production high and imports low, oil companies should start probing the Artic now because it takes 10 to 30 years of preparation and drilling to bring oil to market, according to a draft of the study’s executive summary obtained by the Associated Press.
The planned purchase of sweet crude between June 1 and July 31 is required by federal laws forcing the Department of Energy to buy back petroleum products within one year, using the proceeds from a test sale.
If record production in the U.S. keeps up, storage tanks could approach their operational limits, known in the industry as “tank tops,” by mid-April and send the price of crude — and probably gasoline, too — plummeting.
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