This issue finds us at the end of 2024’s second quarter, with the economy at an anemic 1.6 percent growth rate and an inflation rate of 3.48 percent.

By the time this article is published, the industry will be midway through the second quarter of 2024, with the oil markets being buffeted by worries about supply shortages and escalating geopolitical tensions.

The second quarter of calendar year 2024 begins with crude oil prices edging higher on supply concerns as shipping disruptions continue to plague the supply chain.

In the middle of 2024’s first quarter, the Biden administration targeted Texas in retaliation to Gov. Greg Abbott’s stand on the border crises by asserting world environmental concerns. 

February brings good news for Alaska and ConocoPhillips.

The new year begins with optimism and apprehension for the energy sector of the U.S. economy. A federal appellate court has ruled that the Biden administration must go ahead with the oil and gas Lease Sale 261 without the “11th-hour” restrictions the administration added on acreage and ship speeds.

Oil prices are torn between rising conflict-related events risking the supply side and the slowing of the global economy.

We are midway through the fourth quarter of 2023, with the Biden administration continuing its quest to eliminate U.S. development of fossil-fuel resources. 

October marks the beginning of the fourth quarter, with oil pricing for WTI at $87.64/barrel and Brent at $90.69/barrel as of this writing.

September marks the end of the third quarter, with oil prices rising as indicated last month.