oil

Biden administration announces it will resume onshore oil & gas lease sales on federal land

WASHINGTON (CNN) – The Department of Interior announced Friday it planned to resume onshore oil and gas lease sales on federal land, with a higher royalty rate for companies to pay to the federal government. The Bureau of Land Management will issue sale notices on Monday for upcoming oil and gas projects. The Biden administration had previously planned to hold the…

North Dakota oil executive sentenced to prison for fraud

BISMARCK, N.D. – A former North Dakota oilfield executive whose false claims about his company’s value resulted in more than $886 million in shareholder losses has been sentenced to three years in federal prison and ordered to pay back $406 million. The government had asked for a 20-year sentence for 61-year-old Joseph Kostelecky before his sentencing hearing. Kostelecky, of Dickinson,…

Burgum blasts plan to tap strategic reserve, says Biden ‘demonizing’ oil producers

BISMARCK, N.D. (KVRR) – North Dakota Gov. Doug Burgum says President Biden’s plan to release millions of barrels of oil from the Strategic Petroleum Reserve “does little to reduce prices at the pump and ease the burden on hardworking Americans.” Biden announced Thursday that he’s ordered the release of about one million barrels of oil each day for six months….

Biden orders release of millions of barrels from strategic reserve

WASHINGTON – President Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices. Those have spiked as the U.S. and allies imposed steep sanctions on Russia over its invasion of Ukraine. The White House says Biden will make the formal announcement…

Gas prices are surging with rising costs of oil

Prices at the pump continue to spike and there are no signs of them dropping anytime soon.

FARGO-MOORHEAD (KVRR)- Prices at the pump continue to spike and there are no signs of them dropping anytime soon. “We get very little of our fossil fuels from Russia so in terms of a national supply of fossil fuels this is going to have a minimal impact and so doing a minimal impact on Russia as well,” said Dr. David…

Sen. Cramer happy Biden banned Russian oil imports, says it should’ve happened sooner

WASHINGTON (KVRR) – North Dakota Senator Kevin Cramer says America shouldn’t help fund Russia’s war with Ukraine by buying their oil, especially because he believes America can produce enough of its own. “How would you tell a single parent in North Dakota they could soon see gas prices go up above $4 a gallon, that would you tell a single…

Watch: Biden bans Russian oil imports

WASHINGTON – President Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter. The move follows pleas by Ukrainian President Volodmyr Zelenskyy to U.S. and Western officials to cut off the imports. Energy exports have kept a steady influx of cash flowing…

Oil driller invests in carbon-capture pipeline for Midwest

BISMARCK, N.D. – North Dakota’s biggest oil driller says it will commit $250 million to help fund a proposed pipeline that would gather carbon dioxide produced by ethanol plants across the Midwest and pump it underground for permanent storage. Continental Resources said Wednesday it’s making the investment into Summit Carbon Solutions’ $4.5 billion pipeline. There are 31 ethanol facilities across…

Fargo-Moorhead gas prices spike again

FARGO (KVRR) – You may have noticed that local gas prices jumped significantly overnight. In the Fargo-Moorhead area, some retailers are selling regular unleaded for up to $3.59 per gallon, an increase of about 20 cents. AAA says in North Dakota, the average price is nearly $3.41 per gallon. Minnesota’s average is around $3.45.  The national average price is nearly…