News Formal

Insiders Debate How to Secure America's Future Energy Needs at the Industry's Biggest Gathering

  • 📰 NBCDFW
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 63%

United States News News

United States United States Latest News,United States United States Headlines

Energy industry executives gathered in Houston at a pivotal time, as Russia’s war on Ukraine brings energy security and the shift to renewables to the fore.

Oil price spikes raise recession threat

That's not to say that production hasn't returned at all. The number of oil and gas rigs for the week ending Friday rose for the ninth time in the last 10 weeks, according to data from oilfield services company. The number of oil rigs now stands at 527, which is the highest since April 2020. However, the number is still sharply below pre-pandemic levels, which had been above 700 rigs.

"That's not good for the consumer. That's also not very good for the industry," noted another conference goer. The national average for a gallon of gas topped $4 on Sunday, and prices have jumped further over the course of the week.Attendees ahead of the 2022 CERAWeek by S&P Global conference in Houston, Texas, U.S., on Sunday, March 6, 2022.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 288. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

These are Goldman's favorite energy stocks to play the oil surgeWith oil prices elevated as Russia's invasion of Ukraine raises concerns about global supply, Goldman Sachs highlighted its favorite energy stocks.
Source: CNBC - 🏆 12. / 72 Read more »