RP Weekly Recap | May 27 – June 3
Many oil and gas companies are profiting greatly from the current high price of oil, something that upsets the millions of people who are suffering from higher than average energy prices. While U.S. oil and gas companies are enjoying high profits which they are using to provide solid returns to investors, the U.S. government looks to cut into those profits and provide relief for consumers. While the U.S. considers a windfall tax for companies within the country, the U.K. goes ahead with a 25% windfall tax on the profits of oil and gas companies. The money generated from the tax will be used to support a $19 billion fund used to assist low-income households struggling with the recent spike in costs of living, particularly energy costs. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 531,217,249 (up from 520,376,022 last week)
- Number of Cases (USA): 84,630,637 (up from 82,374,342 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- White House weighs oil profits tax to fund consumer rebate
- Settlement jeopardizes nearly all Trump-era oil and gas leases in Wyoming
- U.S. Announces First Ever Offshore Wind Sale On Pacific Coast
Global Market News
- Canada to ramp up oil and gas output to 300,000 barrels per day to help address energy crisis
- Chinese Oil Giant Joins Push into New Energy
- ‘Sexy’ Byproduct of Natural Gas, Oil Production Could Fuel Energy Transition
- U.K. imposes windfall tax on oil and gas company profits as inflation bites
- The world may be careening toward a 1970s-style energy crisis — or worse
- The job market stays red-hot with the unemployment rate near a pre-pandemic low, U.S. businesses added 390,000 jobs in May!
United States Rig Count
- Down 1 from last week for a total of 727
- Up 23.6% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- A New Basin Breakdown for the month of April is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- A new segment has arrived! Join RARE PETRO’s Anthony McDaniels and Tavis Kilian for a quick analysis of what may be hiding in the headlines in our newest series, The Wacky World of Energy!
- As commodity prices continue their steady climb, politicians are scrambling to find solutions that may alleviate some of the pressure. Consumers are paying more and more for energy each passing day and it looks like Congress and the Senate could potentially agree on a policy that would limit what OPEC is capable of as an organization. Our latest Periodical will explore the history of policies surrounding anti-trust ideas against the biggest cartel in the world.
- Episode Seventeen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Cary Stockdell, CEO of Stockdell Stringer Leadership Solutions!
- RARE PETRO is the tik-talk of the town! Short-form content to educate both the public or industry professionals is available NOW! Check out our latest Tik Tok Video uncovering what Hollywood does not understand about a blowout.
- Grab a drink and join us for our over 1-year-old segment, Thirsty Thursday: An Inventory Report to see if we’ve been poured another tall glass of crude and whether or not the U.S. was thirsty enough to suck down another round.
- As Always, A New Monday Madness Podcast!
Click below to subscribe to the RARE
PETRO Podcast Network or visit
The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the linked sources unless otherwise