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.
Financial & Economic Updates
U.S. Oil Market News
- Democrats urge EPA to tighten gas flaring restrictions to curb methane
- Biden Thinks Oil Will Be Around For A Decade—It’ll Be Much Longer
- The Fed May Not Be Done With Interest Rate Hikes Yet
- Climate reparations will not be helpful, U.S. Sen. Lindsey Graham says
Global Market News
- Mainland Australia Could Face Electricity Shortages by 2027: Energy Market Operator
- EU Gas Price Cap: An Exercise in Futility
- Freeport LNG Cleared to Start Operations
- Guyana’s Offshore Oil Potential Draws Attention from Indian Firms
- Employers added 517,000 jobs in January – unemployment continues to drop!
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
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- A New Basin Breakdown for the month of January is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Grab a drink and join us for our Thirsty Thursday: An Inventory Report to stay up to date on all the weekly oil and gas numbers
- As always, here is a new Monday Madness podcast!
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