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DAILY ENERGY NEWS | 05/22/2023

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Debt ceiling demagoguery is just the start. The latest episode of The Unregulated Podcast is now streaming on our website, or wherever you listen.

"Hence the final irony. The EPA’s new rule is more likely to impede a net-zero transition than to facilitate it. As French president Emmanuel Macron learned from the monthslong 'yellow vest' protests, and as President Biden learned when gasoline rose above $5 per gallon, once people’s energy bills go through the roof, the last thing they want to hear about is the danger of climate change."

– Mario Loyola, National Review

Reliable energy is still demanded around the world.

American Spectator (5/21/23) column: "Competition between the United States and China is the defining feature of international relations in the 21st century. Identifying domains in which one competitor has an advantage over the other is, thus, an exercise of both great interest to the academic and grave consequence to the policymaker. One domain in which the advantage assessment has gone awry is the geopolitics of energy. Due to the influence of the domestic green industrial complex, much of the American public believes that China holds the upper hand. The underappreciated and salutary truth is that the United States reigns strategically supreme on this issue. To grasp why, a review of the contemporary energy usage hierarchy is in order. International Energy Agency (IEA) statistics indicate that oil is the largest single source of world energy supply at 29 percent. Despite notions of a green transition, oil is still king, and it will remain on the throne for a long while yet. IEA projects that oil will remain atop the charts at 29 percent at the end of this decade and that, while in 2050 it will make up a slightly lower 27 percent of global energy, it will still be the largest single contributing source. Moreover, IEA’s April oil market report concludes that global demand for crude will be higher in 2023 in absolute terms than in any year ever before. The United States is both a driver and a beneficiary of these trends."

While it’s certainly possible to triple nuclear capacity in 30 years, it wouldn’t put any money on it actually happening.

China uses "Smart Coal Mines" to make the solar, wind, and battery future Biden is dictating.

Physics Org (4/26/23) reports: "One hundred meters underground inside a pit in northern China, miners extract lumps of coal with the flick of a finger on a smartphone, as the country tries to drag the traditionally dangerous and dirty work into the digital era. The Hongliulin 'intelligent mine' in coal-belt Shaanxi province is a flagship facility in a drive to modernize China's thousands of coal mines, even as the nation pledges to peak greenhouse gas emissions by 2030. China is the world's biggest emitter of the pollutants driving climate change, and its promises to curb them are essential to keeping global temperature rises below two degrees Celsius. But mine digitalisation—which aims to improve safety and productivity—shows the continued importance of coal in a country that last year produced nearly 60 percent of its electricity from the fossil fuel. Smart mines are common in other coal-producing nations like Canada, but China has lagged and now the government is aiming to achieve basic digitalisation of all mines by 2035. On a tour organized by telecoms giant Huawei—whose technology underpins the changes at Hongliulin—AFP journalists saw sensors, smart cameras and 5G relay boxes criss-crossing the facility."

Energy Markets

WTI Crude Oil: ↑ $72.00
Natural Gas: ↓ $2.39
Gasoline: ↑ $3.54

Diesel: ↓ $3.98
Heating Oil: ↓ $236.07
Brent Crude Oil: ↑ $76.12
US Rig Count: ↓ 767

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