Oil Today, Energy Tomorrow: The US and Australia’s Divergent Paths

Posted: February 24, 2023

RP Weekly Recap | February 17-24


In local news the Biden administration, while apprehensive about the future of oil, has proposed a policy plan for Congress to promote investment in the U.S. oil, gas, and refining sectors. In typical fashion, the President is calling on energy firms to boost oil production in the short term, but the industry wants long-term policy encouraging investment in supply and assurances that it will be treated as an asset, not a liability. Meanwhile, across the world, the Australian Energy Market Operator (AEMO) has issued a warning that energy shortages might occur in the nation’s mainland states as early as 2027 and has demanded immediate investments in the industry. Beginning in 2027 at least five coal-fired power plants in the area are expected to close down in efforts to decarbonize. Various councils and government officials are meeting to figure out how best to meet the country’s needs while also reaching climate goals.

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United States Rig Count

  • Down 7 rigs from last week to a total of 753
  • Up 15.8% from one year ago
  • Statistics courtesy of Baker Hughes


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