Gavin’s Gamble

Posted: September 25, 2020
Category: News Pulse

RP Weekly Recap | September 21 – 25


This week, California Governor Gavin Newsom announced California will phase out the sale of all gasoline-powered vehicles by 2035 in a bid to lead the U.S. in reducing greenhouse gas emissions by encouraging the state’s drivers to switch to electric cars. As California pushes to phase out hydrocarbons and make the switch to renewable energy sources, they have experienced electricity shortages that have left hundreds of thousands of customers without power. So, how does the state expect to power all the homes AND vehicles in the state within the next 15 years without reliable power?

COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 32,345,456 (up from 30,255,091 last week)
  • Number of Cases (USA): 6,990,568 (up from 6,688,236 last week)
  • Statistics courtesy of Johns Hopkins

Financial & Economic Updates

US Oil Market News

  • California to Ban Sales of New Gas-Powered Cars Starting in 2035 (Link, Link)
  • Rising Bankruptcy Toll Shows US Oil Patch Is Not ‘OK’ Now (Link
  • Colorado Regulators ‘OK’ One-Of-A-Kind Rule to Track Emissions Beginning With Oil and Gas Wells’ Construction (Link)  
  • Commodity Prices Hold as Gasoline and Crude Inventories Report Substantial Draws (Link
  • Natural Gas Prices Explode On Stronger Demand (Link
  • Oil and Gas Companies Track Methane Leaks on The Ground, In The Air, and From Space (Link) **VERY COOL**  

Global Market News

  • China Wants to be Carbon Neutral by 2060 (Link)  
  • Libyan NOC Announced Plans to Resume Oil Production-Exports to 260,000 BPD Next Week (Link)
  • Chinese Oil Giant Could Buy Exxon’s North Sea Assets (Link)  
  • Bribery, Oil Finds, and Ethanol Deals: A Big Week For Brazil (Link)  
  • Is Iraq Turning Its Back On The OPEC Deal? (Link
  • Will New Zealand Close Its Last Oil Refinery? (Link
  • Iran Opens Navy Base At World’s Most Crucial Oil Chokepoint – The Strait of Hormuz (Link)  
  • Belarus Crisis Highlights Europe’s Energy Problem (Link) **INTERESTING READ**

Employment Updates

  • Schlumberger Announced $3.7 Billion in Restructuring Charges That Will Involve Layoffs of 21,000 Employees (Link)  
  • Jobless Claims Hold Steady at Historically High Level – initial claims for unemployment benefits hovered just under 900,000 for the fourth straight week, a sign the labor market’s recovery is slowing (Link)  

US Rig Count

  • UP 6 from last week for a total of 261
  • Down 69% from one year ago
  • Statistics courtesy of Baker Hughes


Content UpdatesNews PulsePodcast

  • Episode 1 of our newest segment, Modern Mobile Oilfield is available now! This series will be a collaborative effort with world renowned author Geoffrey Cann and host Tavis Killian that will expand on topics covered in the book “Bits, Bytes, and Barrels” and 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 HERE
  • A NEW Basin Breakdown for the Month of August is available now! Be sure to check out the articles HERE and podcast HERE!
  • A new episode of the Periodical Podcast is available now! Be sure to check out our discussion on the irresponsible market assumption that the smaller footprint for one processed fuel is becoming an analogous representation for total crude oil demand. (Link
  • This week’s periodical highlights how COVID-19’s impact on the aviation industry has been significant, but emphasizes that the decrease in demand for jet fuel is only a drop in the crude oil bucket. With the media focusing so much of their attention on jet fuel decimation, market participants are associating this fact to the overall global demand picture. Until the media’s portrayal of oversupply in processed aviation fuels is corrected, the negative demand outlook for the oil industry as a whole cannot be fixed. Be sure to check out: Consumer Demand and Refinery Run Recovery! (Link
  • As Always, A New Monday Madness Podcast! (Link

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