Daily on Energy: Green groups raise concerns over Biden's new hydrogen hub project

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Ben Jealous, the executive director of Sierra Club, issued a word of warning to the administration: don’t be fooled by the oil and gas industry’s attempt to prolong their operations. Local groups are also raising concerns with the buildout of the hubs in their states. The Ohio River Valley Institute, a left-of-center think tank, stated that the buildout of the Appalachian Regional Clean Clean Hydrogen could yield “little economic or climate benefit” – and instead, may actually raise energy costs for families.

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“ geopolitical risk premium still lingers around the corner that is likely to support oil prices in the short-term," Kelvin Wong, a senior analyst at OANDA, told Reuters. Markets are most concerned by the potential for supply disruptions emanating from the Middle East tensions and potential for broader conflict, as well as retaliatory measures from Russia, which has threatened repeatedly to throttle or halt its oil exports.

According to the EIA's Weekly Petroleum Status Report, U.S. crude oil production increased by roughly 300,000 barrels per day last week compared to the previous seven-day period, averaging a record-high production level of 13.2 million bpd.

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