The Trump administration is backing away from a proposal to auction offshore oil and natural gas leases along the US East Coast, following backlash from Republican coastal states worried about tourism losses and environmental harm. The latest version of the Interior Department's draft five-year offshore leasing program includes potential lease sales in the Gulf of America, the West Coast and Alaska, though revisions are still possible.

Top oil executives view the anticipated global oversupply and price softness as manageable, describing the current downturn as temporary and likely to self-correct within months. Speaking at the Energy Intelligence Forum in London and during recent third-quarter earnings calls, leaders from Halliburton, SLB, ConocoPhillips, Trafigura and others said steady demand, restrained US shale activity and controlled inventory growth should keep prices from sliding too far. Most expect Brent crude to recover to the low- or mid-$60s per barrel by late 2026.

US crude oil stockpiles fell by 4 million barrels last week, surpassing analysts' expectations for a 2.9-million-barrel draw, according to the American Petroleum Institute. Gasoline and distillate inventories also declined by 6.3 million barrels and 4.4 million barrels, respectively.

The increased competitiveness of deepwater production will fuel a new wave of deepwater development and lead to more final investment decisions in the coming years, according to Clay Williams, CEO of oilfield services firm NOV. He said sustained cost reductions, standardized subsea systems and improved drilling efficiency have pushed deepwater marginal costs below those of North American shale. Successful exploration in new basins like Guyana, Namibia, the Eastern Mediterranean and the Gulf of America's Paleogene trend will support the recovery, Williams noted.

Strong diesel demand and tightening supplies following US sanctions on Russian suppliers Rosneft and Lukoil have pushed global refining margins to their highest levels in nearly two years. US ultra-low sulfur diesel futures widened to their steepest premium over crude futures since February 2024, while Singapore and European margins also rallied this week. Gasoline margins also rose by almost 30% this month to about $13 per barrel due to unplanned outages in Southeast Asia.

Geothermal energy is emerging as a rare point of agreement between Republicans and Democrats on Capitol Hill. Both parties are drawn to geothermal's combination of reliability, 24/7 baseload capability and low emissions. Several bills have been introduced to advance the energy source, including the Geothermal Energy Opportunity Act to streamline permitting.

The Energy Department has eliminated emissions and community-engagement requirements from its loan guarantee program under new rules implementing the One Big Beautiful Bill Act. The change expands the scope of the DOE Loan Programs Office's Section 1706 portfolio beyond infrastructure modernization to incorporate a broader range of energy projects, including fossil fuels and nuclear developments.

Energy Secretary Chris Wright is eyeing a 60-day review period -- rather than years -- for connecting new data centers to the grid, and he has directed the Federal Energy Regulatory Commission to weigh such a rule that also would allow joint interconnection requests, providing faster accessibility to data centers. The proposed rule has proponents and critics among power groups and environmentalists.

PIX provides a unique forum for pipeline operators to openly share information and lessons learned across a broad range of topic areas, including pipeline system incidents, near misses, industry best practices, lessons learned, and improvements made to pipeline safety programs through practical experiences. Call for abstracts is now open through September 26, 2025. Learn more.

The API Spec. Q1, 10th Edition training course is a multi-day course that offers management system requirements outlined in the 10th Edition of API Spec. Q1. The course aims to provide participants with a practical understanding of these requirements and their alignment with internationally recognized quality standards such as ISO 9001.

To register for courses including a June 9thth course, visit the API-U Catalog. The next dates November are 3rd and December 8th.