RP Weekly Recap | April 5 – 9
The oil and gas industry has been at odds with Joe Biden and his Administration since his first policies hampered their development goals. Things got bad this past week when it was revealed Biden’s $2 trillion infrastructure and tax plan proposes to eliminate tax preferences and implicit subsidies for fossil fuels that would boost government receipts by more than $35 billion over the next decade. But things got worse when the financial times reported that methane emissions from the sector have already surpassed pre-pandemic levels while production itself is still roughly 2 million bpd shy of those pre-crisis levels. While this is certainly not the direction the fossil fuel industry wants to be headed, the battle goes on. Check out these stories and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 134,200,330 (up from 129,828,041 last week)
- Number of Cases (USA): 31,023,288 (up from 30,558,054 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- U.S. Energy Consumption Saw Biggest Decrease Ever Last Year
- Soaring Methane Emissions Suggest U.S. Oil Production Is Bouncing Back
- Biden’s Plan Looks To Eliminate $35 Billion Fossil Fuel Subsidies
- Democrats Propose $8 Billion Bill To Clean Up Abandoned Wells
- U.S., Iran To Start Indirect Negotiations On Returning To Nuclear Deal
- Lawsuits Pour In After Texas Freeze Pushes Bills Sky-High
- Why Has President Biden Sidelined Natural Gas?
- Wyoming Seeks To Stall Colorado’s Exit From Coal-Generated Electricity
- Gas Prices At the Pump Could Hit 3-Year High
- M&A In U.S. Oil And Gas To Hit $3.4 Billion In Q1 2021
- Many Drilled U.S. Wells Will Never Be Completed
- Banning Natural Gas In Homes Will Increase The Consumption of Natural Gas **INTERESTING READ**
Global Market News
- OPEC+ To Gradually Add 2 Million BPD Supply To Market By July, But Strategy Not Set In Stone
- Mexico Refinery Explosion Leaves Seven Injured
- India Cuts Orders For Saudi Oil After Price Hike
- Iraq Moves To Exploit Its Massive Natural Gas Reserves
- BP On Track To Meet Net Debt Target Ahead of Schedule
- Russia Slashes 2021-2022 Oil Production Forecasts
- Germany’s Wind And Solar Push Driving Up Prices, Harming Reliability
- UAE Presents Phenomenal Plan To Boost Its Position As Oil Hub
- Is Venezuela Preparing For A Military Strike On Colombia?
- Canada’s Green Shift Could Displace Three-Quarters Of Oil Workers
- U.S. Job Openings Jump To Two-Year High In Boost To Labor Market
- Repsol to Furlough Staff
- The economy added 916,000 jobs in March, the biggest gain since last August and way up from the 468,000 added in February while the unemployment rate ticked down from 6.2% to 6%, its lowest level since before the pandemic
United States Rig Count
- Up 2 from last week for a total of 432
- Down 28.2% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Episode Three of our newest segment, Hydrocarbon History is available now! Join us as we explore the history of oil and gas to see what we might learn from the mistakes and successes of others. In this episode, Tavis explores the historical significance of one of the most beloved energy sources of all time: Whales.
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion uncovering the folly of corn-based ethanol gasoline and why the use of corn for fuel never made economic or environmental sense.
- This week’s Periodical uncovers the folly of corn-based ethanol gasoline. Historically, scientists viewed biofuels as inherently carbon-neutral but new studies performed over the past decade suggest that once all the emissions associated with growing feedstock crops and manufacturing biofuel are factored in, biofuels actually increase carbon dioxide emissions rather than reduce them.
- Episode Fourteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Matt Showalter, Executive Chairman at Iron-IQ!
- Episode 11 (Tackling the Data Monster Pt. 2) of 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!
- As Always, A New Monday Madness Podcast!
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