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DAILY ENERGY NEWS | 07/17/2023
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Wall Street Journal ([link removed]) (6/16/23) reports: "China hasn’t been shy about its ambition to become the world’s superpower. But before Beijing can achieve that goal, it first needs to monopolize the world’s supply of critical minerals. The U.S. has been asleep at the wheel on this growing threat to America’s economic and national security. Chemical elements such as neodymium, lithium and zinc are vital to modern life. They are used to make wind turbines, cell phones, satellites and precision-guided munitions. The U.S. economy can’t function without secure access to a reliable supply of these critical minerals. Beijing is actively working to control that supply. Chinese companies are obtaining licenses to mine these elements in Zimbabwe, the Democratic Republic of Congo, Chile and Argentina, and, crucially, denying the mining
opportunity to the U.S. and others. The critical mineral gap between China and the U.S. has grown into a dangerous chasm, threatening civilian and military supply chains. China accounts for 60% of global production, 85% to 90% of processing and more than 75% of manufacturing of critical minerals. There is some good news. The U.S. and allies have the domestic critical mineral supply necessary to counter China’s dominance of the industry. Look no further than Oklahoma, where we recently opened the first domestic rare earth metal and magnet facility in Stillwater. This $100 million facility, in partnership with Oklahoma State University, will help ensure that our nation’s end-to-end supply chain is secured."
** For more, read IER's latest report The Economic and Strategic Importance of Domestic Mineral Production ([link removed]) .
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** "Ultimately, if implemented, bans on conventionally powered vehicles will lead to draconian impediments to affordable and convenient driving and a massive misallocation of capital in the world’s $4 trillion automotive industry."
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– Mark Mills, Substack ([link removed])
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Dear New Yorkers: this is what you voted for.
** Bloomberg ([link removed].)
(7/14/23) reports: "New York City is at risk of power outages by 2025 as rising demand amid intense heat and the push toward electrification outpace the grid’s capacity. At peak times this summer, the city needs about 8,800 megawatts but by summer 2025 it would be about 446 megawatts short for nine hours at a time, according to a report released Friday by the New York Independent System Operator. Shortages would worsen if temperatures exceed 98F, the report says. NYISO’s estimate comes after 1,027 megawatts from fossil fuel-powered peaker plants, which provide energy at times of high demand, were taken off the grid this year to comply with a 2019 antipollution law. More peaker plants are scheduled to be taken offline by mid-2025, a move that will leave the grid without enough power during summer months when demand spikes as people crank up air conditioners. Electrifying buildings and Uber fleets in pursuit of emission reduction goals will further strain the grid even as its capacity
dwindles, contributing to the energy deficit. Without additional power generation, energy efficiency or storage solutions, shortages mean the city faces the risk of blackouts in two years, said NYISO spokesperson Kevin Lanahan."
How to make net zero make sense.
** ([link removed])
Biden continues to tirelessly work to increase the price of gasoline.
** Reuters ([link removed])
(7/14/23) reports: "President Joe Biden's administration on Friday denied almost all outstanding petitions from oil refiners asking to be exempted from mandates that require them to mix biofuels into their fuel. The Environmental Protection Agency (EPA), which has the authority to issue the exemptions, denied 26 petitions from 15 small refineries who applied for waivers for the 2016-2018 and 2021-2023 compliance years, the agency said on Friday. There are still two pending petitions. The agency also disclosed which oil refiners submitted petitions in July 2022 or later, as well as which oil refiners are participating in an alternative compliance schedule that allows them flexibility in complying with biofuel blending laws. Under the Renewable Fuel Standard (RFS), oil refiners must blend billions of gallons of biofuels into the nation's fuel mix, or buy tradable credits from those that do. The EPA can, however, award exemptions to some small refiners if they prove that the obligations cause
them undue harm."
Energy Markets
WTI Crude Oil: ↓ $74.93
Natural Gas: ↑ $2.55
Gasoline: ↑ $3.56
Diesel: ↑ $3.84
Heating Oil: ↓ $257.50
Brent Crude Oil: ↓ $79.27
** US Rig Count ([link removed])
: ↑ 733
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