The U.S. Department of Energy has withdrawn a solicitation to purchase oil for the Strategic Petroleum Reserve citing a lack of certainty around funding.
The economic fallout of the outbreak combined with a price war between major oil producer nations Saudi Arabia and Russia has triggered a slump in crude oil prices that threatens the once booming U.S. drilling industry.
In a letter seen by Reuters, Iraq's oil minister asked OPEC Secretary-General Mohammad Barkindo to help "urgently achieve" extraordinary meetings of the OPEC+ group.
The credit can be a significant source of cash and key to funding expensive innovation projects.
The report from the American Petroleum Institute (API) underscores mounting concern in the U.S. oil and gas industry over the possibility a Democratic candidate will rapidly end the fossil fuel economy.
The IRS and U.S. Treasury Dept. have not yet issued final rules on exactly how to implement these credits, causing proponents of carbon capture, use and storage technology a great deal of frustration.
Budget documents said a sale from the Strategic Petroleum Reserve would help raise funds for priorities including $242 million needed to fix a Naval Petroleum Reserve site in California.
The offshore drilling plan was part of a broader effort by the Trump administration to maximize domestic energy production, but has drawn vehement opposition from nearly every coastal state.
The lawsuit alleges the U.S. Bureau of Land Management failed to adequately consider the adverse effects oil and gas drilling would have on the people and environment in eight Central California counties.