RP Weekly Recap | June May 6 – 10
The Biden Administration is keeping true to its word of transitioning the national transportation network towards alternative fuel sources to increase blending requirements for ethanol and biodiesel and new standards for an electric vehicle charging network. Just a few short days after the administration made official its requirement for how much ethanol and biodiesel the oil industry must blend into the nation’s fuel supply this year, Biden proposed new standards for its program to build a national network of 500,000 electric vehicle charging stations by 2030. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 534,528,610 (up from 520,376,022 last week)
- Number of Cases (USA): 85,407,783 (up from 82,374,342 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Biden’s EPA Finalizes Ethanol and Biodiesel Blending Requirements – Requiring Largest Amount on Record
- Biden-Harris Administration Proposes New Standards for National Electric Vehicle Charging Network
- Exxon’s Stock is Back From the Dead
- US Natural Gas Slumps After Fire at Texas LNG Export Terminal
- Colorado Oil COmmission Down Two Members, Governor Searching for Replacements
- White House Weighs Oil Profits Tax to Fund Consumer Rebate
- Settlement Jeopardizes Nearly All Trump-Era Oil and Gas Leases in Wyoming
Global Market News
- Natural Gas Futures Hit 13-Year High As Traders Expect “Blistering Hot Summer”
- How Russia Has Remained One Step Ahead Of Western Sanctions
- Ukraine To Halt Coal, Oil, Gas Exports Ahead Of Critical Winter
- What Does Europe’s Ban On Russian Oil And Gas Mean For The West?
- As Demand For Rare Earths Rise, World’s Biggest Producer Might Stop Exporting Them
- OPEC and Russia-Led Group Agree to Increase Oil Production
- 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
- Up 6 from last week for a total of 733
- Up 59.0% 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 April 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!
Click below to subscribe to the RARE
PETRO Podcast Network or visit
The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the linked sources unless otherwise