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DAILY ENERGY NEWS | 04/04/2023
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** Just when you thought Washington couldn't get any swampier.
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Washington Examiner ([link removed]) (3/31/23) reports: "A Democratic congressman trying to tax "Big Oil" has disclosed up to $1 million worth in major oil and gas stock trades through the years, records show. Rep. Ro Khanna (D-CA), who has taken aim at the fracking industry through his role on the Safe Climate Caucus, sponsored the Big Oil Windfall Profits Tax Act in February, a bill that would impose large taxes on oil giants such as ExxonMobil and Chevron. At the same time, Khanna's wife has traded between $378,000 and $1.3 million in shares of top oil and gas companies that could be affected by his tax proposal, according to disclosures reviewed by the Washington Examiner. 'It shows that they're not averse to making money off the oil industry and its profits,' Dan Kish, senior policy vice president for the Institute for Energy Research, a nonprofit group, told the Washington Examiner. 'If
someone wanted to be pure on these things, they would steer clear and have their spouse steer clear of investments in something that they're focused on — and he's focused on climate change.'...Still, Kish noted that Khanna's trades are the sort of thing 'that ought to raise people's eyebrows.' The congressman has notably called global warming an 'existential threat that requires a proactive approach from both parties. If you think that oil companies are making too much, then you probably ought to stop your wife from making too much from oil companies,' Kish said."
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** "We’re ending the oil industry’s days of operating in the shadows. California took on Big Oil and won. We’re not only protecting families, we’re also loosening the vice grip Big Oil has had on our politics for the last 100 years."
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–Gov. Gavin Newsom (D-CA) ([link removed])
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Biden locked up an area larger than West Virginia in order to allow the Willow Project in Alaska to get its legal permit. OPEC's production cut, at 1.16 million barrels per day, is 6.44 times the size of Willow's production, at 180K barrels per day.
** Wall Street Journal ([link removed])
(4/3/23) editorial: "Oil prices surged 6.3% on Monday, to close to $85 a barrel on the global market, after a group of Saudi-led producers said they’ll reduce production by a million barrels a day starting in May. That’s another fist bump to the stomach from President Biden’s admirers in Riyadh, and it’s a warning to Democrats in the U.S. of how vulnerable they are to oil producers abroad. The Organization of the Petroleum Exporting Countries plus Russia already cut oil production by two million barrels a day in October. Monday’s additional reduction took markets by surprise, as the price surge suggests. If it continues, it will complicate decisions by the Federal Reserve and other central bankers trying to get inflation under control. Not too long ago, before Joe Biden became President, the U.S. produced enough oil to be a price setter in the global market. But Mr. Biden unleashed an assault on U.S. fossil-fuel production that includes permit delays and regulatory hostility that have
reduced the incentive to invest in more wells."
Telling it like it is...
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Add UAE to the list of places President Biden can beg for oil while he works to stop production in the U.S.A.
** Guardian ([link removed])
(4/4/23) reports: "The United Arab Emirates, which is hosting this year’s UN climate summit, has the third biggest net zero-busting plans for oil and gas expansion in the world, the Guardian can reveal. Its plans are surpassed only by Saudi Arabia and Qatar. The CEO of the UAE’s national oil company, Adnoc, has been controversially appointed president of the UN’s Cop28 summit in December, which is seen as crucial with time running out to end the climate crisis. But Sultan Al Jaber is overseeing expansion to produce oil and gas equivalent to 7.5bn barrels of oil, according to new data, 90% of which would have to remain in the ground to meet the net zero scenario set out by the International Energy Agency. Adnoc is the world’s 11th biggest oil and gas producer and delivered more than a billion barrels of oil equivalent (BBOE) in 2021. However, the company has big short-term expansion plans, the new analysis shows, with plans to add 7.6 BBOE to its production portfolio in the coming years –
the fifth largest increase in the world."
Energy Markets
WTI Crude Oil: ↑ $81.50
Natural Gas: ↑ $2.11
Gasoline: ↑ $3.50
Diesel: ↑ $4.20
Heating Oil: ↑ $269.40
Brent Crude Oil: ↑ $85.83
** US Rig Count ([link removed])
: ↑ 815
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