RP Weekly Recap | August 16 – 20
It’s Big Oil vs Biden in another round of To Drill Or Not To Drill! In January, the newly elected president paused drilling auctions in order to review the environmental impact and value to taxpayers. However, the evaluation, which was expected to be completed by now, remains ongoing causing backlash from oil firms across the country. This week, Big Oil sued the Biden Administration in the federal court of western Louisiana, arguing the government is required by law to hold regular sales. While this is not Biden’s first call to court since the January pause, we will see who wins this round of To Drill Or Not To Drill. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 210,325,625 (up from 205,794,505 last week)
- Number of Cases (USA): 37,325,643 (up from 36,341,661 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Biden Faces Off With Big Oil Over Drilling Auctions
- Biden Administration to Review Climate Impacts of Federal Coal Leases
- U.S. Regulator Says Efforts to Restore Federal Oil and Gas Leasing Program Underway
- Biden Administration Appeals Ruling On Oil, Gas Lease Ban
- Federal Judge Throws Out U.S. Approval of ConocoPhillips Alaska Oil Project
- Shale Consolidation: Chesapeake Makes $2.2 Billion Buy in Gas-Rich Haynesville
- Environmentalists: Up To 84% Of Texas Flaring Not Permitted
- Biden Administration Wants To Wean All Airlines Off Fossil Fuels By 2050
- Halliburton SmartFleet Technology Enables Real-Time Fracture Control in the Permian
- Liberty Selects Rolls Royce’s mtu Gas Generator Sets to Power Electric Frac Pumps
- Oil Prices Set For Longest Losing Streak Since March
- Fracking Contractor Basic Energy to Be Broken Up in Bankruptcy
- Berry to Acquire Basic Energy Services’ California Business in Bankruptcy Auction
- U.S. Energy Development Acquires Permian Asset Targeting Wolfcamp Shale
- Are America’s Electric Vehicle Targets Too Ambitious? **INTERESTING READ**
Global Market News
- World’s Biggest Miner BHP Quits Oil In Megadeal With Woodside
- India’s Fuel Demand Remains Firm As Asia Grapples With Covid
- Spain Looks To Cut Soaring Power Prices With More Renewables
- Saudi Arabia Raised June Crude Oil Exports To Five-Month High
- European Gas Prices Slip 10% On Faulty Data
- Denmark’s Greensand Carbon Capture Project Receives Backing from Energy Firms
- EIA Cuts Forecast For OPEC’s Oil Production This Year
- Exxon Mobil Sees ‘Great Opportunity’ for Low-Emission Oil Production in Brazil
- China Continues To Tap Crude Reserves Despite Plunge In Refining Activity
- Asia Sees Stunning Setback In Jet Fuel Demand
- Oil Drilling Activity To Jump In Guyana, Suriname
United States Rig Count
- UP 3 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
- A New Basin Breakdown for the month of June is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Our latest Periodical highlights the fact that the number of drilled but uncompleted wells, or DUCs, has risen dramatically from 2017 until 2020. From the middle of 2020 until now, the DUC inventory has been decreasing rapidly as operators reduced drilling programs and focused on completing existing DUCs.
- 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 covering how the Olympic torch works.
- 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!
- If you’ve ever read the news you’ve surely seen the controversy surrounding our industrial circulatory system: pipelines. When was the first pipeline built? Are pipelines safe? Is there a better transportation method than pipelines? Find out in episode six of Hydrocarbon History!
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