Your Daily Energy News
View this email in your browser ([link removed])
DAILY ENERGY NEWS | 03/29/2023
Subscribe Now ([link removed])
** The freer the people, the more seriously they take their environmental responsibilities.
------------------------------------------------------------
Catalyst ([link removed]) (3/28/23) reports: "Recently, my colleague at the Institute for Energy Research, David Kreutzer, and I published a new paper called the Environmental Quality Index. In the paper, we used Yale’s Environmental Performance Index to calculate the weighted environmental impact scores of the average barrel of oil and Bcf of natural gas from the U.S., and from the next 20 largest producers. We found that the score for the next 20 oil producers was 39, as compared to a score of 51.1 for the U.S., and for natural gas, the average was 38.6 to 51.1 for the U.S. These conclusions show the wide gulf between the United States and the next highest producers on environmental quality. This aspect of the paper tells an important story. The environmental impacts of production have significant variation depending on where that production occurs, and attempts to restrict domestic production rarely take those
impacts into account. But the environment isn’t the only thing that suffers when production is exported by restrictionist policies. There is a human freedom element to consider as well. Many other major oil and gas producing countries have both terrible human freedom ratings and governments that control and profit from their industry. In this paper, we focused on telling two stories in particular about this. Russia, the third largest oil producer, and second largest natural gas producer in the world, has unsurprisingly low rankings on human freedom. It has a Freedom House rating of 19, compared to the United State’s ranking of 83. Spending on Russian oil and gas gives its authoritarian government the resources it needs to continue the war in Ukraine and other incursions on the freedom of its people and neighbors. Blocking United States production through diminishing leases or any other means does not create a concomitant reduction in global oil or gas demand, rather, it simply takes that
production elsewhere. "
[link removed]
** "The same politicians and voters who don’t seem to have noticed how much better the human condition has been in America in the 21st century also haven’t realized how much worse it will be if they achieve their goal of eliminating human use of fossil fuels. In fact, the dream of ending 'inequality' directly conflicts with the dream of ending reliance on fossil fuels."
------------------------------------------------------------
– Jane Menton, Manhattan Contrarian ([link removed])
============================================================
Biden has no desire to fill the SPR. It was always lies.
** G Captain ([link removed])
(3/28/23) reports: "The Biden administration’s inconsistent approach to the Strategic Petroleum Reserve (SPR) has raised concerns and intensified skepticism among oil producers and tanker owners. Initially, the White House proposed refilling the SPR at specific oil prices (between $67 and $72 per barrel) aiming to strike a balance between supporting the industry and protecting consumers. However, crude oil prices have since dipped below $70 and recent statements by Energy Secretary Jennifer Granholm and Biden’s energy security adviser, Amos Hochstein, suggest a wavering commitment to this strategy. This uncertainty coincides with the fallout from Silicon Valley Bank’s collapse, which significantly impacted oil futures. Amid this chaos, there was an opportunity for the Energy Department to refill the SPR and signal support for domestic oil producers. Still, the administration’s contradictory messaging has left the oil markets unclear about its intentions. 'The story here is not that
complicated' today wrote Liam Denning, the Bloomberg Opinion columnist covering energy, mining and commodities. 'Bank failure and fear of contagion hit risk assets of many types. Money managers stampeded out of oil-price bets at a pace that would do SVB’s depositors proud. Rory Johnston, who writes the Commodity Context newsletter, calculates speculative open interest in crude contracts fell during the two weeks through March 21 at its fastest pace on record. Net speculative length collapsed to its lowest level since March 2020. In other words, this was the sort of blood-on-the-streets moment where buyers with a cool head and cash on hand could swoop in. Like an Energy Department nominally seeking to refill the SPR and signal support to domestic oil producers, for example.' But the Department of Energy did not swoop in and it’s uncertain when it will."
We can dream.
** ([link removed])
Bright guys breaking down Biden's bad ideas.
** Real Clear Energy ([link removed])
** ([link removed])
(3/27/23) op-ed: "The push to ditch reliable energy is out of control. Politicians are manipulating the energy market through subsidies, tax breaks, and environmental, social, and corporate governance (ESG) initiatives in regulations and government pensions. It’s also concerning that the “big three” investment institutions, which collectively hold over $20 trillion in assets, too often coerce the companies in which they have significant investments to bend the knee to their big-government political ideology, such as complying with the Paris Climate Accord. Sadly, the result of this virtue signaling to prop up unreliable wind and solar comes at high costs for little benefits—if any benefits at all. And more than hemorrhaged taxpayer dollars are at stake: this green energy agenda increases poverty. It must stop. While the media is constantly ringing alarm bells about the always-changing climate, not enough people are alarmed by the economic trade-offs these unreliable green energy
initiatives create. But that requires an honest comparison of the climate change risks versus the economic costs, both of which impact future generations."
Energy Markets
WTI Crude Oil: ↑ $74.06
Natural Gas: ↓ $1.98
Gasoline: ↑ $3.46
Diesel: ↑ $4.24
Heating Oil: ↓ $273.61
Brent Crude Oil: ↑ $79.43
** US Rig Count ([link removed])
: ↑ 824
** Donate ([link removed])
** Subscribe to The Unregulated Podcast ([link removed])
** Subscribe to The Unregulated Podcast ([link removed])
** Subscribe to The Plugged In Podcast ([link removed])
** Subscribe to The Plugged In Podcast ([link removed])
** Connect with us on Facebook ([link removed])
** Connect with us on Facebook ([link removed])
** Follow us on Twitter ([link removed])
** Follow us on Twitter ([link removed])
** Forward to a Friend ([link removed])
** Forward to a Friend ([link removed])
Our mailing address is:
** 1155 15th Street NW ([link removed])
** Suite 525 ([link removed])
** Washington, DC xxxxxx ([link removed])
Want to change how you receive these emails?
** update your preferences ([link removed])
** unsubscribe from this list ([link removed])
