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Releasing oil from the U.S. government’s strategic reserve would have a “short-lived” impact on soaring fuel prices, according to the U.S. Energy Information Administration.

New oil and gas leasing within 10 miles of Chaco Culture National Historical Park will be prohibited for the next two years as officials consider a proposal to withdraw federal land in the area from development for a 20-year period, the U.S. Department of Interior said Nov. 15.

OPEC and its allies will stick to their slow pace of oil-production increases, disregarding President Joe Biden’s demand to go faster.

The Biden administration is planning to sell oil and gas leases on huge tracts of public land in the U.S. West, despite the Interior Department’s conclusion that doing so could cost society billions of dollars in climate change impacts.

ExxonMobil’s chief executive said Oct. 28 that his company “does not spread disinformation regarding climate change,” as he and other oil company chiefs countered congressional allegations the industry concealed evidence about the dangers of global warming.

West Texas Intermediate crude closed above $80 a barrel for the first time since late 2014 as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter.

California's worst oil spill in almost 30 years has drawn fresh scrutiny of aging offshore oil and gas infrastructure around the world, built decades ago back before fracking, horizontal drilling and shale made ocean drilling less economic.

Oil was the biggest loser in a broad market selloff after OPEC+ agreed to boost crude supply as a resurgent virus shook investor confidence in the global economic recovery.

Crude oil inventories in America’s largest storage hub are falling fast as the post-pandemic demand rebound continues to outpace production.

The national average price of diesel barely moved this past week, inching up two-tenths of a cent, according to Energy Information Administration data released May 31.