RP Weekly Recap | April 26 – 29
A long-running clash between gasoline and ethanol producers came to a head in front of the U.S. Supreme Court on Tuesday, in a case that questions whether or not refiners can obtain exemptions from blending ethanol in gasoline and diesel under the Renewable Fuel Standard. With billions of gallons of ethanol and other fuels hanging in the balance, the case has the potential to rock the biofuels industry and the farmers who grow the necessary feedstocks or sink the small refineries needed to supply the nation’s fuel needs. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 150,699,821 (up from 144,979,282 last week)
- Number of Cases (USA): 32,301,639 (up from 31,950,831 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Oil Refiners Vs. Biofuels Clash Ends Up In Supreme Court
- U.S. Oil Inventories Rise Beyond Expectations
- Chesapeake Energy CEO Doug Lawler Is Stepping Down
- Equinor Completes Bakken Exit in $900 Million Sale
- Pioneer Natural Resources Warns of Near $700 Million Loss on Hedges
- Vencer Energy Makes Debut with Acquisition of Hunt Oil’s Permian Position
- Goldman Sachs Predicts Oil To Hit $80 On Largest Ever Demand Jump
- California Governor Seeks to End Oil Drilling in State by 2045
- EIA Reports Miniscule Crude Oil Inventory Build
- Senate Reinstates Methane Emission Rules For Oil, Gas Industry
- 11 Years After Deepwater Horizon, Safety Efforts Continue **MUST READ**
Global Market News
- Oil Jumps To Six-Week High On Stronger Economic Outlook
- Oil Spill Reported Off China Coast After Tanker, Bulk Carrier Collide
- Exxon Strikes More Oil Offshore Guyana
- First Certified Carbon Neutrally Produced Oil Sold
- Russian Oil Firms May Stop Supplying Belarus Refinery Over U.S. Sanctions
- Fire Extinguished On Oil Tanker Off Syria After Suspected Drone Attack
- U.S. Senators Call for Sanctions on Myanmar Oil and Gas Enterprise
- IEA: Electric Vehicle Sales Are Soaring Globally
- Eni Extends Norwegian Spin-Off Strategy to Oil and Gas Assets in Africa, Middle East
- EOG Resources Strikes Deal for First Australian Venture
- Offshore Wind To See Spending Explode To $810 Billion This Decade
- Oil And Gas Companies Hedging Production Further Into The Future
- OPEC Production Rises As Iran Continues To Increase Supply
- China Snubs U.S. With Huge Iraqi Gas Deal
- Texas Upstream Adds 4,300 Jobs
- Economy Posts Strong 1Q GDP Growth of 6.4% – the strong performance signals a rapidly improving economy
United States Rig Count
- Up 2 from last week for a total of 440
- Up 7.2% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- 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!
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion covering California Senate Bill 467 that attempted to upend and ultimately eliminate the oil and gas industry in the Golden State.
- This week’s Periodical dives into California Senate Bill 467 that was intended to bring an end to oil and gas development in the Golden State but failed to advance in the state legislature. Now to keep up with his promise to move away from fossil fuels and combat climate change, California Governor Gavin Newsom has tasked state agencies to develop a plan to phase out oil and gas extraction by mid-century.
- 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.
- 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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