RP Weekly Recap | December 6 – 10
This week, the Environmental Protection Agency proposed reducing the amount of ethanol and other biofuels that must be blended into gasoline this year and retroactively lowered last year’s mandate, in a win for refiners who warned that raising the requirement would lift prices at the pump. The decision comes as the price of ethanol, the most-dominant biofuel, has risen to its highest level in a decade. While U.S. gas prices are driven by the price of crude oil, refiners say ethanol prices have contributed to higher prices at the pump, though gasoline has dipped from recent highs. While the battle between refiners and corn growers is long-running, ironically, this is a decision both sides are unhappy with. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 269,006,660 (up from 264,438,500 last week)
- Number of Cases (USA): 49,775,621 (up from 48,833,401 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Biden Administration Proposes Lower Biofuel Mandates For 2020
- Independence Energy and Contango Oil and Gas Company Complete Merger, Forming Crescent Energy Company
- Halliburton: Global Oil Scarcity Is On The Horizon
- U.S. Coal Stockpiles In September Lowest Since At Least 2001
- EIA Slashes 2021, 2022 Oil Demand Forecasts
- House Democrats Reintroduce Bill To Ban Fracking, Oil Exports
- U.S. Shale Slams Biden’s Oil Policies
- New Bill Could Force Biden To Boost Oil Production
- Has The EIA Massively Overestimated The Potential Of U.S. Shale? **INTERESTING READ**
Global Market News
- Canadian Oil Output to Peak Seven Years Sooner than Forecast, Regulator Says
- European Gas Futures Soar As U.S. Weighs Sanctions Against Russia
- OPEC+ To Add 400,000 Bpd In January Despite Oil Price Plunge
- Is Shale Gas A Gamechanger For Saudi Arabia?
- Saudi Aramco Signs $15.5-Billion Gas Pipeline Deal With BlackRock
- Houthis Claim Drone Attacks On Saudi Oil Facilities
- Iceland Cuts Electricity To Crypto Miners Amid Power Crunch
- Record EU Carbon Prices Could Rally Further
- How OPEC+ Regained Control Of Oil Markets **INTERESTING READ**
- Jobless Claims Drop to Lowest Level in 50 Years – claims have not been this low since 1969
United States Rig Count
- UP 7 from last week for a total of 576
- Up 70.4% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- 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!
- Curious about the facts and story behind the recent oil spill in California? Check out Part 1 and Part 2 of our series covering the story!
- A New Basin Breakdown for the month of October is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- 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 Holywood does not understand about a blowout.
- RARE PETRO and Rainmaker GBD collaborate on a monthly newsletter highlighting everything you need to know about the energy sector. This is a video interview with RARE PETRO’s Anthony McDaniels as he speaks on the biggest stories and dives a little bit deeper into supporting data. Welcome to the second edition of “Side Chat”.
- Grab a drink and join us for our newest 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!
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