RP Weekly Recap | March 28 – April 1
The Biden Administration is planning to release 1 million barrels of oil per day from its strategic reserves to help cut gas prices and fight inflation across the country. Gasoline prices have spiked above $4 per gallon in much of the United States, hitting a fresh high of over $6 per gallon in Los Angeles earlier this month. According to the Administration, “the scale of this release is unprecedented…this record release will provide a historic amount of supply to serve as a bridge until the end of the year when domestic production ramps up.” Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 488,938,781 (up from 478,155,078 last week)
- Number of Cases (USA): 80,112,722 (up from 79,906,877 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- U.S. to Release 1 Minnion Barrels of Oil Per Day From Reserve to Help Cut Gas Prices
- Congress Summons Oil CEO For Gas Price Hearing
- U.S. to Boost Gas Deliveries to Europe Amid Scramble for New Supplies
- Oil Prices Continue To Rally As EIA Confirms Crude Inventory Draw
- Shale Growth Constrained By Supply Chain Bottlenecks
- Biden Administration Signals No Gulf Of Mexico Leases Through 2023
- U.S. Crude Oil Production Rises For First Time In 10 Weeks
- The LNG Export Boom Is Draining U.S. Natural-GasvSupplies and Lifting Prices
- U.S. Department of Interior Releases Draft Guidance for New Orphaned Well Program
- Crescent Energy Closes $690 Million Acquisition of EP Energy Uinta Assets
Global Market News
- Russian Oil Is Too Cheap To Resist For China And India
- World’s Top Banks Financed Fossil Fuels With $742 Billion In 2021
- Putin Signs Order Demanding Gas Payments in Rubles
- Germany Gets Ready For Gas Rationing
- UK Looks To Triple Solar And More Than Quadruple Offshore Wind Power
- Comply Or Be Cut Off: Putin Is Serious About His Rubles Threat
- OPEC+ Agrees To Ease Cuts By 432,000 Bpd In May
- Iran Says Huthi Ceasefire Plan Can Help End Yemen War
- United Arab Emirates Maintains Alliance With Russia in OPEC+ Despite Western Pressure
- Russian Oil Tankers Going Dark, ‘Turning Off Transmissions Deliberately’ to Avoid Sanctions
- Unsold Oil Forces Russian Operator To Cap Pipeline Flows
- Employers Added 455,000 Jobs in March – economists forecast a slowdown of the economy in 2022 but with the unemployment rate falling to 3.6%, the labor market is showing no sign of thaty, Blowing Past Expectations – the unemployment rate dipped to 3.8%
United States Rig Count
- Up 3 from last week for a total of 673
- Up 56.5% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- A new segment has arrived! Join RARE PETRO’s Anthony McDaniels and Tavis Kilian for a quick analysis of what may be hiding in the headlines in our newest series, The Wacky World of Energy!
- Cushing, Oklahoma is a small city with a rich oil history. The background in oil and gas lead it to become a sort of mecca that many referred to as the “Pipeline Crossroads of the World” and the primary delivery point for light sweet crude to be traded as futures under NYMEX. Since then it has been a large hub used for the storage and transportation of oil and served as a solid indicator of the inventory levels of the United States. Lately, people have noticed something peculiar and it is not good news for consumers of energy. Check out our latest Periodical to find out more!
- A New Basin Breakdown for the month of February is available now! Be sure to check out the latest articles and Basin Breakdown 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!
- 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 Hollywood 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!
Click below to subscribe to the RARE
PETRO Podcast Network or visit
The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the linked sources unless otherwise