U.S. energy firms this week reduced the number of oil rigs active in the United States even as oil prices continued to trade over $100 a barrel after Russia’s invasion of Ukraine stoked global energy supply concerns.
Overall, the total rig count, however, remained unchanged because drillers added some natural gas and other rigs this week.
Baker Hughes said that puts the total rig count up 252 rigs, or 61%, over this time last year.
U.S. oil rigs fell three to 524 this week, while gas rigs rose two to 137, their highest since October 2019.
Biden Administration to Resume Plans for Federal Oil and Gas Development
The Biden administration on March 18 said it would resume plans for oil and gas development...
The Biden administration on March 18 said it would resume plans for oil and gas development on federal lands following a court ruling this week that temporarily restored a measure meant to factor the cost of global warming into federal decision-making.
The announcement comes a month after the Interior Department said it would delay upcoming federal oil and gas lease sales because a Louisiana federal court judge blocked the administration from using its "social cost of carbon" value to factor the risks of climate change into decisions on permitting, investment and regulatory issues.
U.S. stocks finish with biggest weekly gain since November 2020
MarketWatch: U.S. stocks finished higher on Friday, with all three U.S. indexes...
MarketWatch: U.S. stocks finished higher on Friday, with all three U.S. indexes sweeping to big weekly gains after the Federal Reserve raised its benchmark rate for the first time since 2018 to help tighten financial conditions and tackle high inflation. The Fed move was widely expected, helping to embolden bullishness on Wall Street. S&P 500SPX, +1.17% rose about 51 points, or 1.2%, on Friday, booking at 6.2% weekly advance. The Dow Jones Industrial AverageDJIA, +0.80% rose 0.8% Friday, but 5.5% for the week, while the Nasdaq Composite IndexCOMP, +2.05% rose 2.1% Friday and a stunning 8.2% for the week. Those there the best weekly percentage gains for each index since Nov. 2020, according to Dow Jones Market Data. Investors also digested hawkish comments St. Louis Federal Reserve President Jim Bullard, who said the central bank risked losing credibility by moving too slowly to bring inflation down.
Rally around Putin to save Russia, Gazprom chief Miller says
The head of Gazprom called on the gas giant's 500,000 employees to rally around Kremlin...
The head of Gazprom called on the gas giant's 500,000 employees to rally around Kremlin chief Vladimir Putin to preserve Russia as a great power in the face of foreign attempts to break her, according to a letter published on Thursday.
Alexei Miller, the head of Gazprom, said there were many examples of failed attempts to break Russia so people should be alert to destructive attempts to sow discord that might split the Russian people.
"Today, like never before, it is important to remain committed to the common cause, to rally around our president," said Miller, a close ally of Putin since they worked together in the early 1990s in the mayor's office in St Petersburg.
White House calls for gasoline stations to lower prices after oil's drop🤔
White House press secretary Jen Psaki this week urged operators of gasoline stations to pass on the recent...
White House press secretary Jen Psaki this week urged operators of gasoline stations to pass on the recent retreat in oil prices to Americans. "Retail gasoline prices are updated at least daily, and if gas retailers' costs are going down, they need to immediately pass those savings on to consumers," she told reporters during a briefing.
