Oil & Gas

The U.S. Department of Energy is grappling with financial constraints as it seeks to replenish the Strategic Petroleum Reserve (SPR), following extensive drawdowns in recent years. With crude oil prices now stabilizing around $70 per barrel—below the administration’s target price of $79—the timing appears favorable for refilling the stockpile.

The U.S. Department of Energy is grappling with financial constraints as it seeks to replenish the Strategic Petroleum Reserve (SPR), following extensive drawdowns in recent years. With crude oil prices now stabilizing around $70 per barrel—below the administration’s target price of $79—the timing appears favorable for refilling the stockpile.

The shift from fossil fuels to renewable energy sources, often called the energy transition, is proving to be more challenging than many had hoped.

Chevron recently made headlines by starting oil production from a field with extreme pressure levels — 20,000 pounds per square inch (psi), which is three times higher than what was previously possible. This breakthrough could open up access to up to 5 billion barrels of oil that were previously out of reach.

In a recent interview with Donald Trump on X, Elon Musk, CEO of Tesla and a well-known advocate for renewable energy, made an important point about the oil and gas industry.