RP Weekly Recap | August 15 – 18
A new proposal by Sen. Joe Manchin slashes the renewable energy tax credit by 80%, extends it to existing nuclear plants, and prohibits wind and solar development on federal land, or in federal waters, unless oil or gas lease sales have also been issued. To be sure, the bill is still tilted toward renewables. It includes tens of billions in tax credits to build solar panels and wind turbines in the U.S., tens of billions in grants and loan guarantees for renewables, and billions for energy efficiency. But the legislation goes a long way toward doing what Manchin has long said he wanted to do, which is to level the playing field between all energy sources. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 594,299,299 (up from 568,441,132 last week)
- Number of Cases (USA): 93,406,620 (up from 90,276,150 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Manchin Levels Energy Playing Field. Sort Of.
- New Mexico Finalizes Ozone Precursor Rulemaking
- WTI Stops Slide As API Figures Show Major Gasoline Draw
- Federal Leasing Costs Hiked Under Democrats’ New Inflation and Climate Bill
- EIA Lowers U.S. Oil Production Forecast
- API Sees Another Surprise Build In Crude Inventories
- Apache Unveils $555 Million Acquisition of Texas Delaware Basin Properties
- Devon Energy Doubles its Eagle Ford Footprint in $1.8 Billion Deal
- U.S. Refiners Haven’t Seen Fuel Demand Destruction
- DUG Bakken & Rockies 2022: A Natural Gas Update: From Russia to the Rockies, Putin to Polis
- America’s New Energy Crisis
- World’s Top Climate Scientists Told to “Cover Up” The Fact That The Earth’s Temperature Hasn’t Risen For The Last 15 Years **MUST READ**
Global Market News
- Russia Halts Oil Pipeline Exports To Europe Via Ukraine
- Chinese Oil Giants Sinopec And PetroChina To Delist From NYSE
- OPEC Sets The Stage For New Output Cuts
- Oil To Hit $120 Again By Winter
- Saudi Arabia Lifts Crude Prices To Asia To Record High
- U.S. Employers Add 528K Jobs In July, Defying Expectations, Bringing Employment Back to Pre-Pandemic Levels
United States Rig Count
- DOWN (-1) from last week for a total of 762
- Up 51.4% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- A New Basin Breakdown for the month of June is available now! Be sure to check out the latest articles and Basin Breakdown 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!
- If you live in America, chances are you have noticed a rising cost of goods and energy. While an energy crisis does grip most of the world right now, the context is different for every county. The United States is a special case in the global community as it contains an absurd amount of hydrocarbon resources, though it refuses to produce them in a time of record-high gasoline prices. This Periodical will do its best to highlight just why we are struggling with high energy prices in a way that anyone can understand. If you enjoy it or want to educate someone in your life, please shoot them a quick email with the link or post it on your own social. Energy education is the foundation for dealing with an energy crisis.
- 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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