Your Daily Energy News

View this email in your browser ([link removed])
DAILY ENERGY NEWS | 04/03/2023
Subscribe Now ([link removed])


** This is not going to end well.
------------------------------------------------------------
American Spectator ([link removed]) (4/2/23) reports: "When the electricity fizzles and the lights go out at a time when they are needed most, the good people in charge of a critical energy grid operating across state lines will not be in a position to help anyone except historians. Policymakers who have embraced so-called renewable energy in the name of climate change ought to take a hard look at the projections included in the most recent report from PJM Interconnection, which operates the electric transmission system in the Northeast, Western, and mid-Atlantic regions. Unfortunately, the report’s findings have been drowned out by the climate change activism flowing out of the Biden White House that prioritizes federal power grabs over scientific and economic realities...The closure of natural gas and coal plants in the PJM states will have a ripple effect throughout the entire country. Dan Kish, a senior fellow
([link removed]) with the Institute for Energy Research (IER), a Washington-based nonprofit that supports free market policies, views the PJM report as a 'cry for help' and as a warning to political figures who are undercutting American energy. 'When you take away full-time reliable sources and replace them with unstable renewables, you need something to back these renewable sources and the higher costs of electricity begin to roll,' Kish said. 'The report from PJM is foreboding,' he continued, 'but will the political class wake up to the supply-and-demand problem they’ve created with fossil fuel plants shutting down faster than they can be replaced with renewables?'”

[link removed]


** "Democrats accuse refiners of colluding to squeeze supply and inflate profits. There is no evidence of this, but Democrats insist they could prove misconduct with more data. Their new reporting regime and penalties will increase refiner costs, which will invariably be passed onto consumers."
------------------------------------------------------------


– Wall Street Journal Editorial Board ([link removed])

============================================================

April Fools, Senator Manchin.

** Wall Street Journal ([link removed])
(3/31/23) editorial: "We interrupt the latest Donald Trump melodrama for a word from Biden Administration regulators. While the world isn’t watching, and certainly the press corps isn’t, regulators on Friday announced they are essentially rewriting last year’s Inflation Reduction Act so more electric vehicles will qualify for subsidies. In return for his vote, West Virginia Sen. Joe Manchin insisted on numerous conditions for the IRA’s $7,500 EV tax credit. He wanted to encourage more U.S. manufacturing and ensure subsidies don’t go to the affluent. The law imposed an income limit to qualify for subsidies of $150,000 for individual EV buyers, as well as a price cap for vans, SUVs and pickups ($80,000), and sedans ($55,000). To qualify for $3,750 of the credit, an increasing share of a vehicle’s battery minerals such as lithium and nickel also had be extracted or processed in the U.S. or in a country with which the U.S. has a free-trade agreement...The Treasury Department’s proposed rules
for the tax credit drive a big-rig through Mr. Manchin’s conditions. EVs leased to consumers will be able to qualify for a separate commercial vehicle tax credit, which doesn’t entail sourcing, income or price restrictions. Dealers or auto finance companies could pocket the tax credits or pass them onto customers."

Is this really the "public good" tax payers should be propping up?

I guess the Saudis were not happy with Team Biden for lying about starting to buy back oil from the SPR.

** Forbes ([link removed])
(4/3/23) reports: "Global oil prices surged early on Monday, after markets were surprised by the announcement of an unexpected cut to crude output by the oil-exporting OPEC+ group of nations a day earlier. Futures of global benchmark Brent crude rose to $84.19 per barrel—its highest level in nearly a month—up more than 5.3% from Friday. The domestic West Texas Intermediate futures rose above $81 per barrel before settling at $79.69, or 5.38% higher than Friday. The OPEC+ group of countries on Sunday announced production cuts totaling more than 1 million barrels per day, including 500,000 barrels a day cut by Saudi Arabia. Iraq said it would cut production by 211,000 barrels per day, the United Arab Emirates by 144,000 barrels and Kuwait by 128,000 barrels. Russia’s Deputy Prime Minister Alexander Novak also announced that Moscow would extend its 500,000 barrels per day production cut till the end of 2023. Saudi officials claimed the unexpected cut was a 'precautionary measure aimed at
supporting the stability of the oil market.' The White House reacted negatively to the sudden cut, with a National Security Council spokesperson saying: 'We don’t think cuts are advisable at this moment given market uncertainty—and we’ve made that clear.'"

Energy Markets


WTI Crude Oil: ↑ $80.15
Natural Gas: ↓ $2.11
Gasoline: ↑ $3.50

Diesel: ↓ $4.20
Heating Oil: ↑ $269.92
Brent Crude Oil: ↑ $84.57
** US Rig Count ([link removed])
: ↑ 834



** 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])