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In 2022, the Biden administration sold 180 million barrels of oil from the Strategic Petroleum Reserve over 6 months. The sale lowered the SPR to its lowest levels in 40 years and was the largest ever release of oil from the SPR. [10] SPR drawdowns continued into 2023, lowering the SPR by 45% from January 2021. [14]
Approximately 72% of world oil production came from the top ten countries, and an overlapping 35% came from the twelve current OPEC members. Members of OPEC+, which includes current OPEC members produce about 60% of the world's petroleum. In addition to being top 5 in oil production, the United States and Russia are also top 5 in oil exports ...
Venezuela's historic inflation rate beside annual oil revenues. Real and nominal price of oil from 1861 to 2015. Venezuela has the world's largest proven oil reserves at an estimated 304 billion barrels (18% of global reserves) as of 2020. The country was once one of the world's largest exporters of oil. Oil production peaked in the late 1990s and early 2000s. In 2008, crude oil production in ...
It's one of the largest divorce settlements in history. A judge has ordered Oklahoma oil tycoon Harold Hamm to pay his ex-wife Sue Ann Hamm $995.5 million. NBC explained how the massive settlement ...
Scott Sheffield, the founder and longtime CEO of Texas oil producer Pioneer Natural Resources, attempted to collude with OPEC and its allies to inflate oil prices, federal regulators alleged Thursday.
An oil tycoon who transformed corporate America. For premium support please call: 800-290-4726 more ways to reach us
The first transcontinental railroad was completed in 1869. Railroads played a large role in the development of the United States from the Industrial Revolution in the Northeast (1820s–1850s) to the settlement of the West (1850s–1890s). The American railroad mania began with the founding of the first passenger and freight line in the country ...
Henry Morrison Flagler (January 2, 1830 – May 20, 1913) was an American industrialist and a founder of Standard Oil, which was first based in Ohio. He was also a key figure in the development of the Atlantic coast of Florida and founder of the Florida East Coast Railway. He is also known as a co-founder and major investor of the cities of ...