January 6, 2025 Edition
At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.
- Biden bans offshore drilling, Trump vows reversal
- Summary: President Joe Biden has banned new offshore oil and gas drilling in most U.S. coastal waters, including the East and West coasts, parts of Alaska, and the eastern Gulf of Mexico, to protect over 625 million acres and promote clean energy. President-elect Donald Trump plans to challenge the ban, emphasizing the economic importance of domestic oil and gas production.
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- New York to charge fossil fuel companies $75B under climate law
- Summary: New York has enacted a climate cost recovery law that requires fossil fuel companies to pay $75 billion over the next 25 years to cover the costs of environmental damage caused by climate change. This law aims to fund climate-related infrastructure and help mitigate the impacts of global warming in the state.
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- Natural gas demand to surge in US amid extreme cold weather conditions
- Summary: Natural gas demand in the U.S. is expected to surge due to forecasts of extreme cold weather and snowstorms, which may lead to widespread power outages. This anticipated increase in demand has already caused natural gas prices to rise nearly 25% over the past month.
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- US oil and gas rigs unchanged for fourth straight week
- Summary: According to Baker Hughes, the U.S. oil and gas rig count remained unchanged at 589 for the fourth consecutive week as of January 3, 2025. This total is 5% lower than the same period last year, reflecting a continued industry focus on debt reduction and shareholder returns over increased production.
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- Dallas Fed Energy Survey reveals an improving outlook for oil and gas
- Summary: The Dallas Federal Reserve’s latest energy survey indicates that 57% of oil and gas executives plan to increase capital spending in 2025, reflecting optimism about the industry’s future. This positive outlook is influenced by expectations of favorable regulatory changes under the incoming Trump administration.
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- As Asia’s crude oil imports drop, China demand weakens
- Summary: Asia’s crude oil imports declined for the first time in three years in 2024, mainly due to weaker demand from China, the world’s largest importer. While India’s imports grew, China’s and other countries like Japan and South Korea saw declines, influenced by slower economic growth and a shift to alternative fuels.
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The information provided by Valor in this blog is for general informational purposes only, not to provide specific recommendations or legal or tax-related advice. The blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
