RP Weekly Recap | April 14-21
Although slightly old news by now, the Willow project has been approved by the Biden administration, although it is facing a lot of opposition from conservationist groups. The federal courts rejected a bid this week to halt progress on the project but was ultimately rejected. There are still many years between now and when oil flows from the Willow project on Alaska’s North Slope, however, it seems it will be laced with similar trials. The international markets remain all over the place. While Australia looks to 3x the taxes oil producers will have to pay; Algeria, Venezuela, and Bolivia look to bolster their oil industries.
Financial & Economic Updates
U.S. Oil Market News
- US drillers add oil and gas rigs for the first week in four
- Federal government looks to raise tax on oil and gas industry
- Federal appeals court rejects bid by conservation groups to immediately stop work at Willow oil project
- Oil falls 2% on recession fears, swelling US fuel stocks
Global Market News
- Australian oil and gas industry’s tax payments set to triple
- Algeria seeks to revive oil and gas industry, banking on higher EU demand
- British offshore oil and gas workers set for ‘biggest stoppage in a generation
- Venezuela, Bolivia Strengthen Ties, Sign Oil and Gas Agreements
- Majority of Canadians support growing oil and gas sector: poll
- Jobless Claims Rise Again, Reach 245K – signs of a slowing economy are beginning to show.
United States Rig Count
- Down 1 rig from last week to a total of 748
- Up 7.8% 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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