RP Weekly Recap | September 6 – 10

Summary

U.S. solar installations grew a record 43% from 2019 to 2020, which means that 20% of the country’s entire solar capacity was installed last year alone. But it’s still no match for coal and natural gas, which currently provide 60% of the country’s electricity. With plans to reach a 40% market share by 2035, solar certainly seems to be surging domestically, but hydrocarbons are still leading the charge as the world’s top oil consumers finally exceed pre-pandemic demand levels this week. Check out these stories and more in this week’s recap of all things happening in oil and gas!

COVID-19 Updates

COVID-19 Statistics

• Number of Cases (Worldwide): 223,426,353 (up from 219,273,783 last week)
• Number of Cases (USA): 40,635,669 (up from 39,562,893 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• The U.S. Solar Industry Posted Record Growth in 2020 Despite COVID, Report Finds 
• Report: Solar could power 40% of US electricity by 2035
• Natural Gas Prices Are Soaring Despite U.S. Production Records
• Chevron to Sell Test Batch of Sustainable Aviation Fuel to Delta Air Lines
• Chevron, Caterpillar Announce Collaboration Agreement on Hydrogen
• Oil Prices Jump On Record Production Plunge, Major Gasoline Draw
• Hurricane Ida Has Led To Largest Ever Initial Oil Output Loss In Gulf
• Over 80% of Oil Production in Gulf of Mexico Still Offline a Week after Ida
• U.S. Energy Development Scores $50 Million Acquisition in Permian Basin Core
• New York To Phase Out New Gasoline Car Sales By 2035
• Enbridge Acquires EnCap Flatrock-backed Moda Midstream in $3 Billion Cash Deal
• Exxon Mobil to Certify Natural Gas Emissions Amid Investor Pressure
• Alaska Court Orders Regulators to Examine Hilcorp Pipeline Leak

Global Market News

• World’s Top Oil Consumers Exceed Pre-Pandemic Demand Levels
• Europe Is Subsidizing Its Way Into Electric Vehicle Leadership
• Exxon Mobil Expands Offshore Guyana Resource with New Pinktail Oil Find
• Total Signs $27 Billion Deal with Iraq for Energy Projects
• Coal Power Plants In Southeast Europe Responsible For Thousands Of Deaths
• Mexican President Wants To Use IMF Funds To Pay Huge Pemex Debt
• Russia Says Nord Stream 2 To Become Operational In Days
• Chinese Coal Prices Hit Record Highs
• Can The Global Shipping Industry Really Go Green? **INTERESTING READ** 

Employment Updates

• In a sign of the labor market’s recovery from the depths of the pandemic, jobless claims fell to a nearly 18-month low of 310,000. The data implies that slower job growth is being limited by a shortage of workers, not a lack of demand for them.

United States Rig Count

• UP 6 from last week for a total of 503
• Up 98.0% from one year ago
• Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content Updates – News Pulse – Podcast

• If you’ve found yourself paying more than usual at the pump lately, you’re not alone. The cost of gasoline in the United States continues to reach all-time highs, and though prices are still lower than they were when gas hit $4 per gallon in 2008, consumers are beginning to wonder if the price will continue to rise or fall, or if it will settle somewhere in between. So what makes gas prices so high? Let’s take a look at some of the factors that can affect prices so drastically in this week’s Periodical. 

• Sam Gibbs revolutionized the way a rod pumped well would be managed dozens of times over. As a brilliant engineer, mathematician, and disciplined man he worked passionately to change the trajectory of rod pump technology for generations. Find out more in episode seven of Hydrocarbon History!

• 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 diving into how offshore infrastructure can provide better aquatic environments than coral reefs. 

• Grab a drink and join us for our newest segment, Thirsty Thursday: An Inventory Reportto 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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