1) There are some estimated 3.2 million abandoned oil and gas well sites. To plug a well cost as much as $150,000 each. Estimates are that abandoned oil and gas wells cover more than 2 million acres in the U.S., and if that land is restored, it could deliver billions of dollars in benefit for a fraction of the cost of restoration. Cleaning up these wells and restoring the land around them would safeguard against the harmful impacts of abandoned oil and gas infrastructure such as methane leaks and groundwater contamination. Two specific ecosystem benefits are agricultural products, like food from farms, and carbon sequestration.
2) With the onset of the pandemic in March 2020, companies abruptly shuttered their offices and instructed employees to work from home indefinitely. Companies at first thought the shutdowns would last a couple months, but one year later, millions of workers are still working remotely. This has amounted to a ‘remote work experiment’ on a scale never seen before, and here’s a little of what’s been learned. Employers have become more nimble, loosening restrictions on where employees can work, and equipping them with the tools to do so. Meetings aren’t always necessary, working a standard eight-hour shift may not be the best schedule for everyone, sitting at a desk doesn’t always mean you’re being productive and perhaps you miss your coworkers more than you thought you would. Some companies plan to remain 100% remote post-pandemic, while others, including companies like Reddit and Microsoft, will take a hybrid approach, giving workers more flexibility about where they work. But companies have also found cost savings, by reducing the office space needed, which is a major cost factor for businesses.
3) Chinese imports of Iranian crude oil will hit 856,000 barrels a day in March, the most in almost two years and up 129% from last month. Crude shipments from Iran to the province of Shandong, home to a quarter of China’s refining capacity, have surged so much they’re causing congestion at ports and filling up storage tanks, according to traders and analysts. The waiting time for tankers looking to offload in Shandong is estimated to be 12 days. Most refiners and traders are reluctant to purchase Iranian crude for fear of repercussions that can include being cut off from the American banking system and having cargoes seized by the U.S. Navy. Iranian cargoes are heavily discounted due to the sanctions.
4) Stock market closings for – 11 MAR 21:
Dow 32,485.59 up by 188.57
Nasdaq 13,398.67 up by 329.84
S&P 500 3,939.34 up by 40.53
10 Year Yield: up at 1.53%
Oil: up at $65.91