Latest news with #ConocoPhillips
Yahoo
11 hours ago
- Business
- Yahoo
Trump Moves to Lift Biden-Era Curbs on Arctic Oil Drilling
(Bloomberg) -- The Trump administration is moving to repeal Biden-era curbs blocking oil drilling across most of the mammoth petroleum reserve in Alaska that's home to an estimated 8.7 billion barrels of recoverable oil. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Where the Wild Children's Museums Are The Economic Benefits of Paying Workers to Move Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania At London's New Design Museum, Visitors Get Hands-On Access Interior Secretary Doug Burgum announced the planned policy shift late Sunday at a town hall in Utqiagvik, a village on the Chukchi Sea coast, as he and fellow members of President Donald Trump's cabinet visit Alaska to promote energy development in the region. The measure would open up new opportunities for oil and gas development in the 23 million-acre National Petroleum Reserve-Alaska, an Indiana-sized parcel in the northwest of the state that was set aside as a source of energy for the Navy a century ago. The action responds to a directive Trump issued after his inauguration in January, when he signed an executive order compelling a host of policy changes meant to expand oil, natural gas and mineral development in Alaska. The reserve holds an estimated 8.7 billion barrels of recoverable oil, according to a 2017 assessment by the US Geological Survey. And its production is set to skyrocket, with the development of recent discoveries. Alaska has forecast that crude production from the reserve will climb to 139,600 barrels per day in fiscal 2033, up from 15,800 barrels per day in fiscal 2023. Trump's measure would repeal a 2024 rule imposed under former President Joe Biden, which designated 13 million acres of the reserve as 'special areas,' limiting future oil and gas leasing, while maintaining leasing prohibitions on 10.6 million acres of the NPR-A. The rule has complicated future oil drilling and production in the reserve where companies including ConocoPhillips, Santos Ltd., Repsol SA and Armstrong Oil & Gas Inc. have been active. ConocoPhillips is developing its 600-million-barrel Willow project in the refuge, which is expected to produce first oil in 2029. Burgum's announcement was greeted by applause inside a heritage center in Utqiagvik, where local residents had gathered to speak with officials from the Trump administration, as well as Senator Dan Sullivan and Alaska Governor Mike Dunleavy, about resource development. Burgum, who leads the National Energy Dominance Council, was joined by the panel's vice chair, Energy Secretary Chris Wright and Environmental Protection Agency Administrator Lee Zeldin. Wright said he anticipated increased oil development in Alaska — possibly quadrupling oil output on its prolific North Slope — and decried years of policies he said were 'smothering' the region's potential. Rex Rock Sr., the head of the Arctic Slope Regional Corporation, one of 13 Alaska Native Regional Corporations created under federal law, said that the 2024 rule restricting energy development in the far north didn't have the backing of the region. Conservationists called Biden's rule essential to protect a large stretch of unspoiled land in the Arctic, a vast region of tundra and wetlands that teems with wildlife. And they condemned the decision to unwind it Monday, calling it part of a broader Trump administration bid to give oil companies free rein to exploit public lands without sufficient safeguards for wildlife, fish or the indigenous people who depend on them for subsistence. 'Everyone who cares about public lands and is concerned about the climate crisis should be outraged by this move to exploit America's public lands for the benefit of corporations and the president's wealthy donors,' said Matt Jackson, Alaska senior manager for the Wilderness Society. 'The Trump administration is destroying safeguards for globally significant and invaluable resources and the local communities who depend on them for their way of life.' Beyond local conservation concerns, climate activists have opposed new oil development - especially of the scale promised on Alaska's north slope, arguing there is no room for that crude in a warming world. The new proposal will give the public 60 days to comment, setting the stage for a potentially rapid reversal and new leasing in the reserve. Conservationists who cheered the original protections could seek to challenge the pivot in federal court. (Updates with response from conservationists from fourth-last paragraph.) YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Will Small Business Owners Knock Down Trump's Mighty Tariffs? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Trump Moves to Lift Biden-Era Curbs on Arctic Oil Drilling
(Bloomberg) -- The Trump administration is moving to repeal Biden-era curbs blocking oil drilling across most of the mammoth petroleum reserve in Alaska that's home to an estimated 8.7 billion barrels of recoverable oil. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Where the Wild Children's Museums Are The Economic Benefits of Paying Workers to Move Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NYC Congestion Toll Brings In $216 Million in First Four Months Interior Secretary Doug Burgum announced the planned policy shift late Sunday at a town hall in Utqiagvik, a village on the Chukchi Sea coast, as he and fellow members of President Donald Trump's cabinet visit Alaska to promote energy development in the region. The measure would open up new opportunities for oil and gas development in the 23 million acre National Petroleum Reserve-Alaska, an Indiana-sized parcel in the northwest of the state that was set aside as a source of energy for the Navy a century ago. The action responds to a directive Trump issued after his inauguration in January, when he signed an executive order compelling a host of policy changes meant to expand oil, natural gas and mineral development in Alaska. The reserve holds an estimated 8.7 billion barrels of recoverable oil, according to a 2017 assessment by the US Geological Survey. And its production is set to skyrocket, with the development of recent discoveries. Alaska has forecast that crude production from the reserve will climb to 139,600 barrels per day in fiscal 2033, up from 15,800 barrels per day in fiscal 2023. Trump's measure would repeal a 2024 rule imposed under former President Joe Biden, which designated 13 million acres of the reserve as 'special areas,' limiting future oil and gas leasing, while maintaining leasing prohibitions on 10.6 million acres of the NPR-A. The rule has complicated future oil drilling and production in the reserve where companies including ConocoPhillips, Santos Ltd., Repsol SA and Armstrong Oil & Gas Inc. have been active. ConocoPhillips is developing its 600-million-barrel Willow project in the refuge, which is expected to produce first oil in 2029. Burgum's announcement was greeted by applause inside a heritage center in Utqiagvik, where local residents had gathered to speak with officials from the Trump administration, as well as Senator Dan Sullivan and Alaska Governor Mike Dunleavy, about resource development. Burgum, who leads the National Energy Dominance Council, was joined by the panel's vice chair, Energy Secretary Chris Wright and Environmental Protection Agency Administrator Lee Zeldin. Wright said he anticipated increased oil development in Alaska — possibly quadrupling oil output on its prolific North Slope — and decried years of policies he said were 'smothering' the region's potential. Rex Rock Sr., the head of the Arctic Slope Regional Corporation, one of 13 Alaska Native Regional Corporations created under federal law, said that the 2024 rule restricting energy development in the far north didn't have the backing of the region. Environmentalists had argued Biden's rule was essential to protect a large stretch of unspoiled land in the Arctic, a vast region of tundra and wetlands that teems with wildlife. And, they insisted, in a warming world there's insufficient justification for burning the large cache of oil the reserve contains. The new proposal will give the public 60 days to comment, setting the stage for a potentially rapid reversal and new leasing in the reserve. Conservationists who cheered the original protections could seek to challenge the pivot in federal court. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Will Small Business Owners Knock Down Trump's Mighty Tariffs? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Straits Times
a day ago
- Business
- Straits Times
Trump moves to lift Biden-era curbs on Arctic oil drilling
Utqiagvik, Alaska - The Trump administration is moving to repeal Biden-era curbs blocking oil drilling across most of the mammoth petroleum reserve in Alaska that is home to an estimated 8.7 billion barrels of recoverable oil. Interior Secretary Doug Burgum announced the planned policy shift late on Sunday at a townhall meeting in Utqiagvik, a village on the Chukchi Sea coast, as he and fellow members of President Donald Trump's Cabinet visit Alaska to promote energy development in the region. The measure would open up new opportunities for oil and gas development in the 23 million acre (9.3 million ha) National Petroleum Reserve-Alaska (NPR-A), an Indiana-size parcel in the north-west of the state that was set aside as a source of energy for the navy a century ago. The action responds to a directive that Mr Trump issued after his inauguration in January, when he signed an executive order compelling a host of policy changes meant to expand oil, natural gas and mineral development in Alaska. The reserve holds an estimated 8.7 billion barrels of recoverable oil, according to a 2017 assessment by the US Geological Survey. And its production is set to skyrocket, with the development of recent discoveries. Alaska has forecast that crude production from the reserve will climb to 139,600 barrels per day in fiscal year 2033, up from 15,800 barrels per day in fiscal year 2023. Mr Trump's measure would repeal a 2024 rule imposed under former president Joe Biden, who designated 13 million acres (5.25 million ha) of the reserve as 'special areas', limiting future oil and gas leasing, while maintaining leasing prohibitions on 10.6 million acres (4.3 million ha) of the NPR-A. The rule has complicated future oil drilling and production in the reserve where companies including ConocoPhillips, Santos, Repsol and Armstrong Oil & Gas have been active. ConocoPhillips is developing its 600-million-barrel Willow project in the refuge, and is expected to start producing commercial volumes of crude oil there in 2029. Mr Burgum's announcement was greeted with applause inside a heritage centre in Utqiagvik, where local residents had gathered to speak with officials from the Trump administration, as well as Senator Dan Sullivan and Alaska Governor Mike Dunleavy, about resource development. Mr Burgum, who leads the National Energy Dominance Council, was joined by the panel's vice-chairman, Energy Secretary Chris Wright, and Environmental Protection Agency administrator Lee Zeldin. Mr Wright said he anticipated increased oil development in Alaska – possibly quadrupling oil output on its prolific North Slope – and decried years of policies he said were 'smothering' the region's potential. Mr Rex Rock Sr, the head of the Arctic Slope Regional Corporation, one of 13 Alaska native regional corporations created under federal law, said that the 2024 rule restricting energy development in the far north did not have the backing of the region. Environmentalists had argued that Mr Biden's rule was essential to protect a large stretch of unspoiled land in the Arctic, a vast region of tundra and wetlands that teems with wildlife. And, they insisted, in a warming world, there is insufficient justification for burning the large cache of oil the reserve contains. The new proposal will give the public 60 days to comment, setting the stage for a potentially rapid reversal and new leasing in the reserve. Conservationists who cheered the original protections could seek to challenge the pivot in federal court. Bloomberg Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
3 days ago
- Business
- Yahoo
Seattle woman's 2021 heat death blamed on fossil fuel giants in first of its kind lawsuit
A wrongful death lawsuit filed in King County Superior Court claims major fossil fuel companies are responsible for the death of a 65-year-old woman during the record-breaking 2021 Pacific Northwest heat dome, arguing the companies knowingly contributed to climate change and misled the public about its dangers. According to the complaint filed May 29 by Misti Leon, her mother Juliana 'Julie' Leon died of hyperthermia in her car in Seattle on June 28, 2021, after being overwhelmed by extreme heat. The lawsuit alleges that oil giants including ExxonMobil, BP, Chevron, Shell, and ConocoPhillips are liable for Julie's death and accuses them of a decades-long campaign of deception about the risks of burning fossil fuels. On the day she died, Seattle reached 108°F—its highest recorded temperature. Julie, who lived in Ferndale, had driven to Seattle for a post-operative appointment following bariatric surgery. With her car's air conditioning not working, she tried to cool herself by rolling down the windows. The complaint states she pulled over to a residential street after feeling ill, and was later found unconscious by a passerby. Despite CPR and emergency treatment, her body temperature reached 110°F, and she died from heat stroke. The suit claims this unprecedented heat wave, part of what scientists called the 2021 'Heat Dome,' would have been 'virtually impossible' without human-caused climate change—fueled primarily by burning fossil fuels. The legal complaint argues the fossil fuel companies have known since at least the 1950s that their products were accelerating climate change. Instead of alerting the public, the lawsuit claims, the companies 'concealed their knowledge,' 'sowed public doubt,' and blocked climate action in order to preserve profits. It further alleges that the companies funded disinformation campaigns, downplayed risks, and falsely presented themselves as climate-conscious in recent years despite continued large-scale fossil fuel production. Julie's daughter is seeking damages under Washington's wrongful death and product liability laws, claiming the defendants failed to warn consumers about the foreseeable dangers of their products and caused public harm through false advertising and promotion. She also claims the companies' actions delayed the shift toward cleaner energy sources and left vulnerable populations—like her mother—unprotected from intensifying climate threats. The defendants named include: Exxon Mobil Corporation and ExxonMobil Oil Corporation BP P.L.C., BP America Inc., and Olympic Pipeline Company Chevron Corporation and Chevron U.S.A., Inc. Shell PLC and Shell USA, Inc. ConocoPhillips, ConocoPhillips Company, Phillips 66, and Phillips 66 Company The lawsuit marks one of the first known wrongful death claims in Washington directly linking a fatality to climate change and holding fossil fuel companies accountable. A trial date has not yet been set.
Bloomberg
3 days ago
- Business
- Bloomberg
Florida Congresswoman Asks Rubio to Stop Auction of Citgo Assets
By Bloomberg News Save US Representative Maria Elvira Salazar is pressing the Trump administration to block the forced sale of Venezuela's largest foreign asset, warning the move could undercut efforts to rebuild the nation when President Nicolas Maduro's regime eventually ends. At the center of the dispute is Citgo Petroleum Corp., a network of US-based refineries, lubricant plants and pipelines managed by Venezuela's opposition. Its parent company, PDV Holding — a subsidiary of Venezuela's state-owned oil firm — is being auctioned off in a federal court in Delaware to satisfy more than $20 billion in claims by creditors including Crystallex and ConocoPhillips.
