This Morning in Metals: GDP rises in all 50 states in Q1
This morning in metals news: real GDP increased in all 50 states and the District of Columbia in the first quarter of 2021; the Energy Information Administration released an update on drilled but uncompleted wells; and, lastly, the Aluminum Association commented on the ongoing infrastructure talks.
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GDP rises in all 50 states
Gross domestic product (GDP) increased in all 50 states and the District of Columbia in Q1, the Bureau of Economic Analysis reported.
U.S. real GDP increased by 6.4% in the quarter.
Among the states, Nevada led the way with GDP growth of 10.9%.
EIA: drilled but uncompleted wells peaked in June 2020
The Energy Information Administration (EIA) today released an update on what it considers to be drilled but uncompleted wells for oil and natural gas basins.
“In May 2021, the most recent month available, we estimated that the United States has about 6,521 DUCs in seven major tight oil and shale natural gas basins, up from about 4,425 DUCs in 2013, the earliest year in the data series,” the EIA reported. “Nearly 40% of DUCs (or 2,616 DUCs) are in the Permian Basin, located in western Texas and eastern New Mexico.”
The EIA estimated that drilled but uncompleted wells peaked at 8,874 in June 2020.
Aluminum Association: recycling needs to be part of infrastructure plan
As President Joe Biden and his administration aim to push through a fragile agreement on infrastructure spending, the Aluminum Association last week offered its own comments on the infrastructure dialogue.
“Lawmakers should also work to shore up U.S. recycling systems as part of any major infrastructure spending. Increased recycling of materials, which has been in decline in the U.S. recent years, will help to make domestic supply chains more secure and resilient. We hope today’s announcement is a sign of things to come,” the Aluminum Association said. “And we encourage Democrats and Republicans in Congress and the White House to negotiate in good faith — and compromise as necessary — to address the major issues confronting our country.”
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