Home · Politics · Nov 10 archive
Trump Admin Provides $480M Loan for Gulf of America Oil Project
· Confirmed
In Short: The U.S. Department of Energy is providing a $480 million loan to boost oil and natural gas production in the Gulf of America.
The U.S. Department of Energy’s Office of Energy Dominance Financing (EDF) announced the financial close of a $480 million loan for Arena Energy’s Project Elkhorn, aimed at increasing oil and natural gas production across the Gulf of America shelf.
The Energy Department noted that Arena Energy is currently producing about 30,000 barrels of oil per day in the gulf.
Despite the renaming of the Gulf of Mexico to the Gulf of America by President Donald Trump through an executive order, the loan is proceeding as planned.
The renaming of Lake Ontario and the Gulf of Mexico to Lake America and the Gulf of America, respectively, has been met with significant backlash, including legal challenges and criticism from environmental advocates.
The loan comes as part of the Trump administration's broader efforts to boost domestic energy production, which includes renaming the Gulf of Mexico to the Gulf of America.
The Energy Department’s loan announcement was made in a press release obtained by Fox News.
The loan is part of the Trump administration's strategy to increase domestic energy production and reduce reliance on foreign oil.
The renaming of the Gulf of Mexico to the Gulf of America has drawn criticism and legal challenges, but the loan for the Gulf of America oil project is proceeding as planned.
The loan is aimed at increasing oil and natural gas production in the Gulf of America, which was renamed by President Trump through an executive order.
The loan is part of the Trump administration's efforts to boost domestic energy production and reduce reliance on foreign oil.
What this adds
The loan is part of the Trump administration's broader efforts to boost domestic energy production, which includes renaming the Gulf of Mexico to the Gulf of America.
The renaming of the Gulf of Mexico to the Gulf of America has drawn criticism and legal challenges, but the loan for the Gulf of America oil project is proceeding as planned.
Background
The U.S. Department of Energy is providing a $480 million loan to boost oil and natural gas production in the Gulf of America.
What's confirmed
- The company is now producing about 30,000 barrels of oil in the gulf per day, according to the Energy Department.
- "The U.S. Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) today announced the financial close of a $480 million loan for Arena Energy’s Project Elkhorn to increase oil and natural gas production across the Gulf of America shelf," the department noted in a press release obtained by Fox News.
- The satirical post followed Trump’s renaming, by executive order, Lake Ontario and the Gulf of Mexico to Lake America and the Gulf of America, respectively.
What's still developing
- HB Wealth chief market strategist Gina Martin Adams discusses falling oil prices and their impact on the stock market and breaks down the S&P 500 rebound on ‘The Claman Countdown.’ The Energy Department is touting a $480 million loan meant to help boost oil and natural gas production in the Gulf of America.
- Hurricane Isaias continues its trek through the Gulf of America, preparing to bring impacts from the coast inland through the Southeast.
- "They want to intimidate you to be quiet."