Energy

NPR

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U.S. House passes a major wildlife conservation spending bill : NPR

A bill to conserve endangered species — from the red-cockaded woodpecker to the snuffbox mussel — was passed by the U.S. House in a 231-to-190 vote on Tuesday.

The Recovering America's Wildlife Act would create an annual fund of more than $1.3 billion, given to states, territories, and tribal nations for wildlife conservation on the ground. While threatened species have been defined and protected under the Endangered Species Act since 1973, that law does not provide robust funding to proactively maintain their numbers.

The effort comes as scientists and international organizations sound the alarm about accelerating species decline.

Gas prices – POLITICO

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The White House has one problem that rules them all: Gas prices – POLITICO

For the past several months, a White House-led team of economic specialists has marked each day in the same way: With a painstaking, state-by-state examination of gasoline prices and the intricate market forces pushing them relentlessly upward.

Senior officials and others close to President Joe Biden view those prices as the cost that most directly affects voters’ everyday lives, and therefore their perception of the economy as well. As such, Biden and his top advisers fixate on them with an intensity that some aides describe as obsessive. White House chief of staff Ron Klain has grown particularly absorbed by the issue, checking the average price of a gallon of gas every morning. He’s lamented that it’s the one item everyone knows the cost of because gas station billboards are so ubiquitous throughout the country.

BofA

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Drop in Russian Oil Supply Likely to Trigger Global Recession: BofA

Any further drop in Russian oil supply is likely to lead to a global recession and could even trigger a full-blown energy crisis that pushes prices past $150 a barrel, strategists at Bank of America have warned in a note.

Russian oil production has fallen by roughly 1 million barrels per day (bpd) in 2022, according to a BofA team led by Francisco Blanch. The fall has come as countries and traders cut their purchases of the country's energy following its invasion of Ukraine.

Oil Inventories Down to Dangerously Low Point

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Oil Inventories Down to Dangerously Low Point

Crude oil inventories are down to a dangerously low point across Europe, North America, and OECD Asia just as OPEC spare production capacity has dwindled to the lowest levels since April 2020.

That’s according to a new BofA Global Research report, which was sent to Rigzone on Monday. The report also highlighted that petroleum product inventories have fallen to “precarious levels” for middle distillates and gasoline “as the market heads into the peak of the U.S. driving season”.

“As a result, refined petroleum cracks have recently spiked to record levels, contributing to boost volatility across the oil complex,” the BofA Global Research report stated.

“Most worryingly, strategic oil barrels held by OECD governments are already low and set to decline steeply going forward, leaving consumers exposed to any future negative supply shock,” the report added.