Latest news with #ChrisWright
Bloomberg
15 hours ago
- Business
- Bloomberg
Bloomberg Surveillance TV: June 27, 2025
- Chris Wright, US Secretary: Energy - Tobin Marcus, Head: Policy & Politics at Wolfe Research - Marissa Adams, Head: Global Trade Solutions at HSBC - Alejandra Grindal, Chief Economist at Ned Davis Research Chris Wright, US Secretary: Energy, joins to discuss the outlook for energy and oil following the US' intervention into the Israel-Iran conflict. Tobin Marcus, Head: Policy & Politics at Wolfe Research, discusses the latest on the US tax bill going through Congress. Marissa Adams, Head: Global Trade Solutions at HSBC, on recent US trade negotiations and whether more deals can continue to come through. Alejandra Grindal, Chief Economist at Ned Davis Research, reacts to today's and this week's eco data.
Bloomberg
16 hours ago
- Politics
- Bloomberg
Energy Secretary Wright on Iran, Oil, Nuclear Power
US Energy Secretary Chris Wright talks about the impact of airstrikes against Iran's nuclear facilities, oil sanctions that are still in place and the need for more nuclear power in the US. He is on "Bloomberg Surveillance." (Source: Bloomberg)
Bloomberg
16 hours ago
- Politics
- Bloomberg
Iran Still 'Shell-Shocked' After US Strike, Says Wright
US Energy Secretary Chris Wright says Iran is still "shell-shocked" after US airstrikes targeted their nuclear facilities and sanctions are still in place. He speaks on "Bloomberg Surveillance." (Source: Bloomberg)
Reuters
a day ago
- Business
- Reuters
US will not complete oil deliveries into its reserve until year-end
WASHINGTON, June 26 (Reuters) - The U.S. will not complete scheduled deliveries of crude oil into the Strategic Petroleum Reserve until the end of the year due to maintenance, as much as seven months behind schedule, the Department of Energy said on Thursday. Former President Joe Biden's administration scheduled 15.8 million barrels of deliveries to the SPR from January through May. So far this year only 8.8 million of that has been delivered to the reserve. "Due to site maintenance, the SPR rescheduled crude oil secured from previous solicitations, as well as exchanges, through December 2025," an Energy Department spokesperson told Reuters. Biden carried out several sales from the Strategic Petroleum Reserve including 180 million barrels in 2022, the largest ever, in an attempt to control spiking gasoline prices after Russia invaded Ukraine. President Donald Trump vowed on his first day in office in January to fill the SPR "right to the top", in an effort to support the domestic oil industry, but it is taking time. Energy Secretary Chris Wright has estimated it would take $20 billion and years to refill the reserve to the level it was before the sales. Trump's tax-and-spending bill allocates about $1.5 billion for purchases and SPR maintenance. Wright has also blasted Biden's large sale from the reserve, saying it caused hundreds of millions of dollars in damages. When asked for a breakdown of those damages, his department said the 180 million barrel sale resulted in $2 million in emergency repairs, $35 million in costs to move the oil and $243 million in costs from delays to congressionally-directed maintenance. The Biden administration said in November it had bought back 59 million barrels for the SPR after the 2022 sale at an average price of less than $76 a barrel, far lower than the $95 a barrel at which it sold oil in 2022. That resulted in a profit of about $3.5 billion, Biden's DOE said at the time.
Yahoo
a day ago
- Business
- Yahoo
US will not complete oil deliveries into its reserve until year-end
By Timothy Gardner and Shariq Khan WASHINGTON (Reuters) -The U.S. will not complete scheduled deliveries of crude oil into the Strategic Petroleum Reserve until the end of the year due to maintenance, as much as seven months behind schedule, the Department of Energy said on Thursday. Former President Joe Biden's administration scheduled 15.8 million barrels of deliveries to the SPR from January through May. So far this year only 8.8 million of that has been delivered to the reserve. "Due to site maintenance, the SPR rescheduled crude oil secured from previous solicitations, as well as exchanges, through December 2025," an Energy Department spokesperson told Reuters. Biden carried out several sales from the Strategic Petroleum Reserve including 180 million barrels in 2022, the largest ever, in an attempt to control spiking gasoline prices after Russia invaded Ukraine. President Donald Trump vowed on his first day in office in January to fill the SPR "right to the top", in an effort to support the domestic oil industry, but it is taking time. Energy Secretary Chris Wright has estimated it would take $20 billion and years to refill the reserve to the level it was before the sales. Trump's tax-and-spending bill allocates about $1.5 billion for purchases and SPR maintenance. Wright has also blasted Biden's large sale from the reserve, saying it caused hundreds of millions of dollars in damages. When asked for a breakdown of those damages, his department said the 180 million barrel sale resulted in $2 million in emergency repairs, $35 million in costs to move the oil and $243 million in costs from delays to congressionally-directed maintenance. The Biden administration said in November it had bought back 59 million barrels for the SPR after the 2022 sale at an average price of less than $76 a barrel, far lower than the $95 a barrel at which it sold oil in 2022. That resulted in a profit of about $3.5 billion, Biden's DOE said at the time. Sign in to access your portfolio
