conocophillips - COP

Alaska’s largest oil company, ConocoPhillips, is suing the Biden administration over new rules regarding drilling in the National Petroleum Reserve in Alaska.

Under the agreement, ConocoPhillips will receive additional acreage to its existing U.S. onshore portfolio, adding over 2 billion barrels of resource.

The state of California has filed a lawsuit against major oil and gas companies, alleging the fossil fuel industry has lied about the harms of climate change for decades.

The CEO of ConocoPhillips hopes the Russia Ukraine situation will pave the way for more dialogue between the White House and the energy industry.

President Biden said the Department of Energy will release 50 million barrels of oil held in the U.S. Strategic Petroleum Reserve, as gas prices spike.

Even with stocks skidding to their worst day in four months, energy remains the top-performing sector in the market.