I will ask Congress to eliminate subsidies for fossil fuels- Biden
Doosuur Iwambe
President Joe Biden has disclosed that he will ask the United States Congress to eliminate subsidies for fossil fuels on a day he signed executive actions to combat climate change.
The comments and orders map out the direction for the Democratic president’s climate change and environmental agenda.
They mark a reversal from former President Donald Trump, a Republican businessman-turned-politician who sought to maximize U.S. oil, gas and coal output by removing regulations and easing environmental reviews.
Meanwhile, the US crude oil stocks has dropped but fuel inventories were higher in the most recent week, data from industry group the American Petroleum Institute revealed.
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According to the data, crude inventories dropped by 5.3 million barrels in the week to January 22 to about 481.8 million barrels, compared with analysts’ expectations in a Reuters poll for a build of 430,000 barrels.
The data disclosed further that Crude stocks at the Cushing, Oklahoma, delivery hub fell by 3.5 million barrels.
Refinery crude runs fell by 76,000 barrels per day, API data showed.
Gasoline stocks rose by 3.1 million barrels, more than analysts’ expectations in a Reuters poll for a build of 1.8 million barrels.
Distillate fuel inventories, which include diesel and heating oil, rose by 1.4 million barrels, compared to expectations for a draw of 361,000 barrels.
U.S. crude imports fell by 470,000 bpd, the data showed.
