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DAILY ENERGY NEWS | 07/10/2023

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Nice to see that Ro Khanna is now embracing the Trump Administration's energy platform.

This guy...

"Biden’s energy policies are needlessly weakening the U.S. and strengthening China. Since the 1970s, with the help of its innovative energy industry, America has won independence from OPEC. It makes no sense to implement policies that weaken our economy while once again putting our access to energy at the mercy of a hostile and even more dangerous adversary."

– Andy Puzder,
The Heritage Foundation

While the West is "consigning itself to history" China is taking energy security seriously...

Bloomberg (7/7/23) reports: "There is perhaps no bigger gulf in climate policy than the diverging views of coal in developed and emerging markets. In places like the US and Europe, the most polluting fossil fuel is already talked about as being consigned to history. Most financial institutions are barred from investing in the black stuff. Yet the commodity remains the world’s largest source of electricity, and countries such as China and India expect to rely on it even more to counter shortfalls in cleaner generation and provide a buffer against volatile global energy markets. All of this crystallized during a discussion last week in Tianjin, China, at a World Economic Forum meeting dubbed Summer Davos. On one side sat ING Group NV, a Dutch financing giant that’s among the largest lenders to commodities traders. The bank has recently started evaluating the climate risk of every loan on its books. 'Several of the assets, if they are not sustainable, very soon will not be bankable,' said Anju Abrol, ING’s Asia-Pacific head of wholesale banking. 'If I had a coal asset on my books today, I cannot find a buyer.' Seated next to her was Deng Jianling, president of China Huaneng Group Co., a state-owned power giant. While Huaneng is directing about 80% of spending toward renewables, it’s still developing new fossil-fuel generation. That’s a necessary cushion during the energy shift, which will gradually see renewables push out coal, according to Deng. 'Without security of power supply, it is very hard to imagine a smooth green transition journey,' he said."

...but as long as they keep churning out those solar panels (powered by coal and slave labor), they will get the green seal of approval from the international climate crowd.

IEA (7/6/23) reports: "IEA Executive Director Fatih Birol today formally became a member of the Chinese Academy of Engineering at a prestigious ceremony in Beijing that recognized his services to economics, engineering and international cooperation on key energy issues. The award of Foreign Academician is China’s highest international distinction in the fields of engineering, science and technology, and a lifelong honour for recipients. Addressing members of the preeminent academy, Dr Birol thanked them for 'a truly great honour' and one that he will 'treasure dearly.' The academy’s General Assembly elects Foreign Academicians every two years, which is followed by an official ceremony to bestow membership on distinguished experts for contributions to their respective fields. Other non-Chinese figures to have been elected to the academy include Microsoft founder and philanthropist Bill Gates and Nobel Prize winners Barry J. Marshall and Satoshi Ōmura...Dr Birol is paying an official visit to China to continue the IEA’s close cooperation on energy and climate issues. The two-day visit includes a series of bilateral meetings with ministers and senior government officials. China became a member of the IEA Family in 2015 and one of the first countries to expand ties in key areas such as energy data and statistics, energy policy analysis, renewables integration, energy efficiency and other clean energy technologies."

Seriously, what does Xi have on "The Big Guy" ?

Energy Markets

WTI Crude Oil: ↓ $73.29
Natural Gas: ↑ $2.65
Gasoline: ↑ $3.54

Diesel: ↓ $3.83
Heating Oil: ↓ $254.67
Brent Crude Oil: ↓ $77.92
US Rig Count: ↑ 729

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