LASPE 70 Years Old, Tariffs, Oil Prices Fall
Dear Colleagues,
Now that we are past the holiday season, I hope that all of our members were able to relax and refresh, ready to hit the ground running in the year 2025!
The Los Angeles Basin Section of SPE has hit a significant milestone this year by reaching 70 years since it was founded! We are celebrating with a visit from 2 SPE Distinguished Lecturers this season. Coming up, Dr Chee Phuat Tan is scheduled for our March 12th Luncheon. He will be discussing Geomechanical Risks Mitigation – A Must for Safe Long-Term CO2 Geological Storage. Please come out and attend his lecture on this interesting topic. You can register at: SPE LA Basin Section Technology Luncheon - DL Dr Chee Phuat Tan Wednesday, March 12, 2025.
In other news, Reuters reports that, as of the February 28th, the number of oil and gas rigs increased for a fifth week in a row for the first time since May 2022. The current count is 593 rigs.
Concerns over the President’s tariffs have been fueling a weekly fall of oil prices for the 3rd week in a row. Plans to impose tariffs on Canada and Mexico have been temporarily suspended. However, sanctions on Iran’s crude exports and a potential trade war with China has spread concern of future decreases in oil demand.
Thank you for your continued dedication to the LA Basin Section of SPE. Please keep an eye out for future updates on our Technology Luncheons and our long anticipated 2025 Western Regional Meeting.
Sincerely,
Ian Johnecheck
SPE LA Basin Section Chair 2024-2025
ijohnecheck@cordobacorp.com