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DAILY ENERGY NEWS | 05/23/2023
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** Who knew that high energy costs for the foreseeable future could be bad for business? How could European leaders have known?
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Bloomberg ([link removed](Bloomberg)%20%2D%2D%20A%20majority%20of,about%20Europe's%20loss%20of%20competitiveness.) (5/23/23) reports: "A majority of chief executives in an influential group of European businesses said they’re planning to increase their presence in North America amid growing concerns about Europe’s loss of competitiveness. Some 57% of company chiefs of European multinationals are eying shifting investments or operations — or both — across the Atlantic over the next two years, according to a survey conducted by the European Round Table of Industrialists and the Conference Board to be published on Tuesday and seen by Bloomberg. A large majority of respondents — more than 80% — said they believe Europe is losing competitiveness as a base for industry, as the continent reels from geopolitical risks, inflation and energy costs, along with skills shortages and supply-chain disruptions.
Russia’s invasion of Ukraine worsened a difficult environment for companies in Europe, marked by lower productivity growth and crises. More than two-thirds of respondents considered the impact of current geopolitical tensions on their company’s business outlook as either somewhat negative or negative. 'Europe’s efforts to restore its competitiveness are more challenged than ever due to an unstable geopolitical environment, elevated energy prices compared to pre-2019 levels, rising inflation, tighter financing conditions, and record-high input costs,' the study reads."
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** "Although its entire existence is based on never being able to declare victory (imagine a football game with no time and no keeping score), EPA should consider that it’s wealth that matters most for health equity. But, that’s not its business, is it?."
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– Jude Clemente, Forbes ([link removed])

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Biden wants to import minerals from China.

** Bloomberg ([link removed])
(5/22/23) reports: "The Biden administration is delaying a decision about whether to allow Alaska to build a 211-mile road to a contentious copper and critical minerals mining area in the Brooks Range until 2024, according to a legal status update filed Friday. The Interior Department’s Bureau of Land Management will delay its final decision on the Ambler Industrial Access Project by up to six months to the second quarter of 2024, according to the filing. The Ambler Road project would cross federal lands and a national preserve, and it is vehemently opposed by environmental groups and some Alaska Native tribes."

Biden sure loves those imported minerals...

** E&E News ([link removed])
(5/22/23) reports: "The Biden administration has paused finalizing an environmental impact statement for a controversial copper mine in Arizona in order to meet with opposing tribes and review the Forest Service’s consultation. Joan Pepin, a Department of Justice attorney representing the Forest Service, told a federal appeals court that while she originally said in March that an EIS for the Resolution Copper mine would be produced “this spring,” the agency now doesn’t have a firm timeline. Pepin’s original comment before the 9th U.S. Circuit Court of Appeals was significant because issuance of the EIS would trigger the advancement of a congressionally approved land swap in Arizona. That swap would pave the way for the Resolution Copper project, eventually resulting in the destruction of an Apache holy site. 'However, the department is conducting a thorough review of the consultation record, and environmental and other associated documents, to ensure compliance with the applicable laws,
regulations and policies,' Pepin wrote in a Thursday letter to the court. The Forest Service, said Pepin, is also continuing to meet with tribes and offering additional opportunities for formal consultation, adding that the agency has 'not yet identified a time frame for completing its review.' Issuance of the EIS would set in motion the transfer of a 2,422-acre parcel known as Oak Flat, located east of Phoenix, to Resolution Copper Mining LLC within months. Resolution Copper, a joint venture of Anglo-Australian firms Rio Tinto and BHP, wants to develop the mine and estimates that the low-grade ore below the site contains about 40 billion pounds of copper. Vicky Peacey, the president and general manager for Resolution Copper, said the project will provide material essential to the energy transition and emphasized that many local communities back the mine."

The White House must not have opened their copy of The Economic and Strategic Importance of Domestic Mineral Production. ** You can get yours today ([link removed])
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Energy Markets


WTI Crude Oil: ↑ $73.36
Natural Gas: ↓ $2.36
Gasoline: ↑ $3.54

Diesel: ↓ $3.98
Heating Oil: ↑ $237.95
Brent Crude Oil: ↑ $77.23
** US Rig Count ([link removed])
: ↓ 748



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