Crude oil prices remained mixed in Asian trade on Tuesday on hopes of a rebound in demand for the fuel from top importer China, although worries about a slowing US economy capped gains.
Brent crude was down 10 cents at $88.09 a barrel at 08:20 Saudi Arabia time, rising to $88.36. U.S. West Texas Intermediate crude was up 2 cents at $81.6 a barrel, after opening the session at $81.88. Biden would veto the House Republican oil reserves bill.
According to the US Energy Secretary, In a letter last week, Granholm warned Republicans that limiting a Democratic president’s power to exploit the nation’s oil reserves would harm national security, cause oil shortages, and raise gasoline prices.
“He’s not going to let the American people suffer because of the backward agenda that House Republicans are pushing,” Granholm told reporters at the White House briefing on Biden.
The bill, called HR21, would prohibit the Secretary of Energy from using the SPR without a plan to increase oil and gas leasing on federal lands—unless the release involves a major oil supply crisis.
The House of Representatives, narrowly controlled by Republicans, is expected to vote on the bill this week. The legislation would face an uphill battle in the Democratic-controlled Senate.
The Republican lawmakers are concerned that emissions from last year’s SPR, the president’s largest crude oil reservoir, have damaged the ability to store, pipe, and pump oil in the SPR, which holds oil above several underground natural wells. caves along the coast of Texas and Louisiana.
Guyana is negotiating oil blocks with Qatar, the United Kingdom, the United Arab Emirates, and India.
Guyana is in talks with Qatar, the UK, the UAE, and India to directly award offshore blocks for oil and gas exploration at the same time as this year’s bidding round, President Irfan Ali said Monday.
South America’s newest crude producer has emerged as the world’s fastest-growing oil region, with more than 11 billion barrels of oil and gas discovered.
Guyana will receive bids from energy companies until mid-April for its tender, which offers 1
areas covering shallow and deep areas It held separate negotiations with other countries on the direct distribution of territories.
“We’ve been playing with some options,” Ali said on the sidelines of an energy conference in Trinidad and Tobago. “We have put out a call for tenders, and we also have a space where we are looking for intergovernmental cooperation.”
Ali visited India earlier this month, where he encouraged companies to participate in the round and held talks with the government on block allocations for state-owned companies and possible oil supply contracts for the Asian country.