RP Weekly Recap | June 27 – July 1
In a blockbuster 6-3 decision penned by Chief Justice John Roberts, the Supreme Court ruled this week that federal regulators exceeded their authority in seeking to limit emissions from coal plants in a move that sharply curtails the executive branch’s authority to make policy actions on a range of issues without congressional direction. The court said the Environmental Protection Agency had overstepped when it devised the Obama-era regulatory scheme, known as the Clean Power Plan, a plan that had been challenged by West Virginia and others. In the meantime, President Joe Biden called the decision “devastating” and said it “sides with special interests that have waged a long-term campaign to strip away our right to breathe clean air.” Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 548,197,791 (up from 534,528,610 last week)
- Number of Cases (USA): 87,756,244 (up from 85,407,783 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Supreme Court Curbs EPA’s Power To Limit Greenhouse Gas Emissions
- Shell Warns Spare Oil Capacity Is Running Very Low
- Clean Energy Investment Lags as Oil and Gas Prices Soar
- Environmental Groups Sue Biden to Block 3,500 Oil and Gas Drilling Permits
- Energy Investments Aren’t Enough to Bring Down Prices, IEA Says
- U.S. Poised to Escalate Claim Mexico Violated Free-Trade Pact
- Oil Industry Says Granholm Meeting Sends ‘Positive Signal’
- Biden Calls Chevron CEO ‘Mildly Sensitive’ in Tangle With Oil Executive
- Which U.S. Refineries Have Shut Since the Global Pandemic, and Why?
- What Is a Federal Gas Tax Holiday? And How Much Would You Save at the Pump?
Global Market News
- Russia Defaults On Foreign Debt For The First Time In 104 Years
- The G7 Has Paved The Way For Increased Oil And Gas Spending
- China To Subsidize Refiners If Oil Prices Exceed $130
- China And Saudi Arabia Strengthen Alliance With New Megaproject
- Iran Looks To Join BRICS Group Of Russia And China
- G7’s Oil Price Cap For Russia: Easier Said Than Done
- Russia Oil Price Cap a Sensible but Slippery Solution
- Mexico’s Lithium and The GLobal Race To Lock In ‘White Gold’
- France Says The Market Needs Iranian And Venezuelan Oil
- France Sees Nuclear Energy Output Plummet At The Worst Possible Moment
- Europe’s Search for Natural Gas Runs Up Against Climate Goals
- Hiring Slows as Employers Add 128,000 Workers in May – the labor market remains strong as it downshifts to a slower growth pattern
United States Rig Count
- Down 3 from last week for a total of 750
- Up 57.9% 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 May is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- A new segment has arrived! Join RARE PETRO’s Anthony McDaniels and Tavis Kilian for a quick analysis of what may be hiding in the headlines in our newest series, The Wacky World of Energy!
- Ever since the oil price crash of 2020, OPEC has been coordinating to adjust how much oil they produce in order to balance out supply with changes in demand. Most recently OPEC decided to increase production by 648,000 barrels per day in August and another 400,000 barrels per day in March. Will this actually have a positive effect on global markets? To find out, check out our latest Periodical!
- Grab a drink and join us for our newest segment, Thirsty Thursday: An Inventory Report to 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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