RP Weekly Recap | March 8 – 12
A report released this past week by the Climate Action Tracker suggests the United States needs to reduce its national emissions by at least 57-63% below 2005 levels by 2030 and provide support to other countries in order to be consistent with the Paris Agreement 1.5°C limit. The report further suggests that President Biden’s actions in the transportation and building sector need to be as stringent as his policies for decarbonizing the U.S. power sector by 2035 if the emissions targets are to be reached. Luckily, the report spells good news for Summit Carbon Solutions $2 billion pipeline project currently in development that will carry carbon dioxide captured from ethanol refineries scattered across the Midwest to a site in North Dakota where it will be pumped thousands of feet underground. Check out these stories and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 118,798,642 (up from 115,819,887 last week)
- Number of Cases (USA): 29,297,405 (up from 28,833,212 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- U.S. Needs To Cut Emissions By 57% To Meet Paris Agreement Goals
- A Midwest Pipeline Promises To Return Carbon Dioxide To The Ground
- U.S. Crude Oil Production Fell By 8% in 2020, The Largest Annual Decrease On Record
- Biden Shocks Environmentalists, Supports Gas Pipeline In Supreme Court Case
- Plan To Allow Thousands Of California Wells To Be Drilled In California Faces Vote
- Refiners Are Emerging from Deep Freeze and Buying U.S. Oil Again – But It Is A Long Uphill Battle
- Tesla Is Making A Giant Battery To Plug Into The Texas Power Grid, And It Could Store Enough Energy For 20,000 Homes
- Crude Oil Inventories Climb As Refineries Struggle To Keep Up
- Colorado-Based Sundance Energy Inc. Files For Bankruptcy
- Biden’s Energy Secretary To Oil Industry: Adapt Or Die
- Xcel Proposes $1.7B Transmission Investment In Colorado To Unlock Nearly 5.5 GW New Renewables
Global Market News
- Israel Strikes Iranian Oil Tankers Bound For Syria
- OPEC Sees Strong Oil Demand In The Second Half Of 2021
- China’s Carbon Market to Grow to $25 Billion by 2030, Citi Says
- Coal India Approves $6.4 Billion In New Coal Projects Despite Green Push
- Nigeria’s Lawsuits Against Shell Could Cause Oil Major Exodus
- Libya Oil Boss Vows to Up Production, Work With Unity Government
- UAE And Israel Look To Forge Energy Ties Through New Pipeline
- China Splurges On Iranian Oil Despite U.S. Sanctions
- Iran Pushes Development Of Major Oil Region Under 25-Year China Deal
- Russia’s Gazprom Boasts First Carbon-Neutral LNG Delivery In Europe
- Flight Shaming Triggers German Airline Lufthansa To Ditch Flights
- Gates-Backed Israeli Startup Joins Race to Make Green Hydrogen Cheaper
- Qatar Exports First Oil To UAE Since Rift Ended
- Can Colombia Cash In On Higher Oil Prices?
- Mexico Energy Reform Sparks Wave Of Lawsuits
- China Dramatically Increases Ethanol Purchases From The U.S. **KEEP AN EYE ON THIS**
- Oilfield Services Job Losses Top 10,000 for February
- Global Oil Job Loss Numbers in 2020
- Top O&G Employer In China Resilient, U.S. Takes Larger Hit Than European Peers
- First-Time Unemployment Claims Fell To 712,000 Last Week, The Lowest Level Since Early November – the job market appears to be healing
United States Rig Count
- Down (-1) from last week for a total of 402
- Down 49.2% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Episode 11 (Tackling the Data Monster Pt. 2) from our newest segment, the Modern Mobile Oilfield is available now! This series is a collaborative effort between world renowned author Geoffrey Cann and RP host Tavis Killian that will expand on topics covered in the book “Bits, Bytes, and Barrels”. This new segment 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!
- Episode Thirteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Founder and CEO at Rainmaker Global Business Development, Clark Grue!
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion covering the Texas deep freeze and why Texans are facing power bills that in some cases could have bought them a new car.
- This week’s Periodical investigates the major winter storm that nearly destroyed the Texas power grid as producers were unable to keep up with surging demand. Since this is not the first time an arctic blast has plunged Texas into darkness, it has left many people wondering: why did this happen and could energy producers and regulators have done more to prepare for this cold spell?
- As Always, A New Monday Madness Podcast!
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