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DAILY ENERGY NEWS | 06/28/2023
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** Turns out "IRA" stands for "Incumbent Retention Act," with Biden doling out billions In taxpayer funds to "organize the community."
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Daily Caller ([link removed]) (6/27/23) reports: "President Joe Biden has tasked several Democratic political insiders with overseeing the distribution of hundreds of billions of dollars in subsidies and loans, an arrangement which three government watchdog groups told the Daily Caller News Foundation could heighten the risk of cronyism and unethical governance. Biden has tasked former Chair of the Democratic National Committee (DNC) Tom Perez, veteran D.C. insider John Podesta and Energy Secretary Jennifer Granholm with overseeing the distribution of hundreds of billions of dollars in green energy subsidies and loans. All three are deeply connected Democratic Party insiders, and several government watchdog groups told the DCNF that their insider status combined with the amount of taxpayer funds at their disposal heightens the risk for special interest
accommodation. 'The Biden administration’s massive push for renewable energy incentives has heightened the threat' of governmental dysfunction, Pete McGinnis of the Functional Government Initiative told the DCNF. There are 'nearly limitless supplies of taxpayer dollars directed to organizations and interests viewed as ‘favorable’ to their energy agenda,' he continued. 'Placing billions of taxpayer dollars in the hands of a few highly partisan, powerful special interest operators such as Perez, Podesta and Granholm is a dangerous proposition. It’s unlikely to result in a net benefit to the American people.'"
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** "There will come a point of inflection, when the frog jumps out of the boiling pot. Indeed, since we are not talking of frogs but of people, when they get past that point of inflection, their rage and fury will have consequences. The Greens, the climate cultists, will be punished at the polls in some form or fashion."
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– Tilak Doshi, Watts Up With That ([link removed])
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Another "road bump" on the path to Biden's EV dystopia.
** Fox News ([link removed])
(6/27/23) reports: "Lordstown Motors filed for Chapter 11 bankruptcy protection on Tuesday and subsequently took legal action against Foxconn after failing to resolve a dispute over a promised investment from the Taiwanese manufacturer. The Ohio-based electric truck maker accused Foxconn of fraudulent conduct and a series of broken promises in failing to abide by an agreement to invest up to $170 million in the electric vehicle manufacturer. Foxconn holds an 8.4% stake in Lordstown Motors through a previous investment of roughly $52.7 million. Lordstown says Foxconn is balking at buying the remainder of shares and misled the EV company about its commitment to vehicle development plans."
Intermittent to non-existent in the blink of an eye.
** ([link removed])
The rest of the world can't get enough of America's freedom molecules.
** Reuters ([link removed])
(6/23/23) reports: "U.S. liquefied natural gas (LNG) developers are on track to approve three export projects capable of processing 5.1 billion cubic feet per day (bcfd) of gas in the first half of the year, a record volume for new LNG projects in any year. The U.S. became the world's largest LNG producer by installed capacity in 2022 driven by the boom in LNG plant construction and a decade of surging shale gas discoveries. U.S. LNG exports are poised to reach 12.1 bcfd this year and 12.7 bcfd next year. The latest approvals are chipping away at a backlog of projects pursuing financial support and customers willing to sign long-term contracts. Analysts say demand for the fuel will keep the flow of approvals coming this year. 'We expect global LNG demand to grow from 399 million tonnes in 2022 to 627 million tonnes by 2035, more than a 50% increase,' said Michael Stoppard, global gas strategy lead at data provider S&P Global Commodity Insights."
Energy Markets
WTI Crude Oil: ↑ $67.75
Natural Gas: ↓ $2.73
Gasoline: ↓ $3.55
Diesel: ↓ $3.87
Heating Oil: ↓ $238.20
Brent Crude Oil: ↑ 72.26
** US Rig Count ([link removed])
: ↑ 720
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