RP Weekly Recap | April 19 – 23
President Joe Biden’s recently unveiled a tax plan to accompany his $2 trillion infrastructure proposal that takes direct aim at fossil fuel subsidies in favor of clean energy incentives. The “Made in America Tax Plan” is set to raise the corporate income tax rate from 21% to 28% and replace fossil fuel subsidies with clean energy incentives. The plan outlines several clean energy tax credits, including a 10-year extension of wind, solar, and battery tax credits, but does not specify which fossil fuel subsidies could face the chopping block.
- Number of Cases (Worldwide): 144,979,282 (up from 139,316,352last week)
- Number of Cases (USA): 31,950,831 (up from 31,508,668last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- At Earth Day Climate Summit, Biden Promises 50% Reduction In U.S. Greenhouse Emissions
- U.S. Cancels All Q2 Oil, Gas Lease Sales
- Exxon Proposes $100 Billion Carbon Capture Project
- BP Wants to Stop Burning Off Gas in America’s Top Oil Field
- EIA Reports Small Crude Build
- U.S. and China Pledge Joint Action On Climate Change Despite Strained Ties
- California Governor Newsom To Ban Fracking
Global Market News
- Libya’s Oil Production Falls Below 1 Million Bpd On Export Terminal Force Majeure
- India Is Pushing For More Coal Capacity
- Arab Gulf Countries Announced $10 Billion In New Oil And Gas Projects In Q1
- OPEC+ Unlikely To Drastically Change Oil Pact Next Week
- Rystad Energy Predicts Oil Demand Peaking In 2026
- Islamic State attacks turn Mozambique’s LNG boom into a bust
- Oil Dips As COVID Wave Sweeps India, Japan
- China Pledges To Start Cutting Coal Consumption In 2026-2030
- The War For Control Of Mexico’s Energy Industry
- Gulf Of Mexico Oil & Gas Pipelines Need Better Safety Regulations **INTERESTING READ**
- ONGC Employees Abducted
- For the second straight week, jobless claims fell to a pandemic-era low of 547,000
United States Rig Count
- Down 8 from last week for a total of 426
- Down 22.0% 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 March is available now! Be sure to check out the articles HERE and podcast HERE!
- Episode Three of our newest segment, Hydrocarbon History is available now! Join us as we explore the history of oil and gas to see what we might learn from the mistakes and successes of others. In the second episode, Tavis explores the historical significance of one of the most beloved energy sources of all time: Whales.
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion In this week’s episode of the Periodical Podcast, your hosts Kevin and Tavis dive into President Joe Biden’s recently unveiled tax plan to accompany his $2 trillion infrastructure proposal that takes direct aim at fossil fuel subsidies in favor of clean energy incentives.
- This week’s Periodical gives a breakdown of the $2 trillion “Made in America Tax Plan.” An infrastructure proposal unveiled by President Biden. The plan is set to eliminate fossil fuel subsidies and increase clean energy economic incentives.
- Episode Fourteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Matt Showalter, Executive Chairman at Iron-IQ!
- Episode 11 (Tackling the Data Monster Pt. 2) of the Modern Mobile Oilfield is available now! This series is a collaborative effort between world renowned author Geoffrey Cann and RP host Tavis Killian that will expand on topics covered in the book “Bits, Bytes, and Barrels”. This new segment is aimed at energy professionals at any level who are looking to better understand the future of a digital oilfield, and potentially implement these technologies into their company’s workflow. Be sure to watch or listen on all available platforms!
- As Always, A New Monday Madness Podcast!
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