RP Weekly Recap | May 24 – 28
A U.S. federal court judge denied a request from Native American tribes to shut the Dakota Access Pipeline after a key environmental permit was scrapped last year, arguing the tribes had failed to prove the line’s continued operation would cause irreversible harm. The ruling, which may be appealed, is a relief for operator Energy Transfer LP, which has faced an unending stream of legal threats to Dakota Access since 2016 and is also seen as a rare victory for the pipeline industry as a whole amid rising opposition from environmental watchdogs and activists over the past few years. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): (up from 165,660,046 last week)
- Number of Cases (USA): (up from 33,060,909 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Dakota Access To Remain In Operation, Judge Rules
- U.S. Shale Producers Cabot Oil & Gas, Cimarex Energy to Combine
- California Launches Rulemaking To Ban Fracking In 2024
- Biden Administration Looks To Build Two Wind Farms Off California’s Coast
- Biden Looks Abroad For Electric Vehicle Metals, In Blow to U.S. Miners
- Activist Investor Wins Exxon Board Seats In Day Of Reckoning For Big Oil
- EIA Reports Crude Inventory Draw
- Ford Confirms That 4 Out Of 10 Cars It Sells In 2030 Will Be Electric
- Biden Defends Alaska Oil Project
- $260 Billion EV Bill Advances In Senate
- The U.S. Oil And Gas Infrastructure Crisis May Be Worse Than Thought **INTERESTING READ**
Global Market News
- OPEC Will Force Overproducing Members To Comply And Compensate
- OPEC+ Set To Proceed With Plans To Boost July Oil Production
- Dutch Court Orders Shell To Slash Emissions In Historic Climate Case
- Expect A Wave Of Climate Lawsuits Against Big Oil Following Shell’s Case
- Top Five Oil Firms Saw Revenues Fall 31% In 2020
- $150 Billion In Stolen Oil Money Smuggled Out Of Iraq
- The IEA’s Seven Pillars Of Decarbonization
- UK Snubs IEA Suggestion To Stop Oil Exploration
- Norway’s Oil Industry Boosts Investment Despite IEA Report
- Global Food Prices Soaring As Demand For Biofuels Continues To Climb
- Canada To Boost Oil Exports To The U.S.
- Venezuela Imports First Diesel Cargo In Six Months
- More Than 50% Of UK Oil Jobs Could End Up In Renewables By 2030
- Weekly Jobless Claims Fall to Near 400,000 – the continued decline reflects the reopening of businesses and progress on vaccinations
United States Rig Count
- Up 2 from last week for a total of 455
- Up 42.7% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Chevron is no newbie to the oil and gas business, but how do their financials stack up to peers in the industry and their own financial history over the last three years? Find out with RARE PETRO’s newest segment, Energy Market Report Card. Or, check out the review in Video Format!
- A New Basin Breakdown for the month of April is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Episode Four of Hydrocarbon History is available now! Join us as we explore the history of oil and gas to see what we might learn about hydrocarbon’s role in food security.
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion uncovering the first-quarter losses of Domestic E&P Companies as a direct result of hedging programs that erred on the side of caution that now leave many hemorrhaging.
- This week’s Periodical uncover the fact that China’s annual emissions in 2019 exceeded those of all developed countries combined. While their per-capita demand is still lower than the average of other OECD countries, China has been trending in the wrong direction in terms of emissions growth and with emissions continuing to grow while the rest of the world commits to reductions, China appears to be focused on its own economic recovery over meeting global climate goals.
- Episode Fifteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Debra Hall, President and CEO of Elementale Enterprises!
- 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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