oil

Sen. Hoeven Pushes Biden Administration For Increased Oil And Gas Production

WASHINGTON, D.C. (KVRR) — Sen. John Hoeven is pressing Energy Secretary Jennifer Granholm to increase domestic oil and gas production to bring down prices at the pump. He is also stressing the importance of increasing the nation’s refining capacity. Hoeven says U.S. oil refining capacity has dropped to nearly 18 million barrels per day from 19 million in 2019. He…

Three Tax Cut Bills Pass North Dakota House, Negotiations In Senate Next

BISMARCK, N.D. (KVRR/KFGO) — North Dakota House passes three bills dealing with state income tax reductions. One would eliminate the tax for single filers making under $44,750 and for married filers making under $74,750. It sets a flat tax rate of 1.5% for higher-income earners. Another bill gives tax credits of $800 for single filers and $1,600 per married filers…

North Dakota U.S. Sen. John Hoeven Sworn In For 3rd Term

WASHINGTON, D.C. (KVRR) — North Dakota Republican Sen. John Hoeven is sworn in for his third term along with fellow election winners including John Fetterman of Pennsylvania. Vice President Kamala Harris was the first woman to preside over opening day in the Senate as she swore in new senators. Hoeven says the 118th Congress needs to focus on addressing the…

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…