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DAILY ENERGY NEWS | 08/02/2023
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** A new paper is making waves on Capitol Hill.
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** "When it comes to EPA regulations, buyer beware. The price tags in its regulatory impact analyses are unconnected to reality, and even the most predictable grid reliability problems have been swept under the rug."
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– Travis Fisher, The Heritage Foundation ([link removed])
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Biden is bringing on the summertime blues.
** Wall Street Journal ([link removed])
(8/1/23) editorial: "The Biden Administration’s regulatory onslaught is more unrelenting than the heat. With Congress leaving town, the White House last week dumped another truckload of regulations that will cost Americans hundreds of billions of dollars. Corporate lawyers, enjoy the beach reading.
• The Transportation Department on Friday proposed a 696-page rule raising corporate average fuel economy (Cafe) standards that would effectively require 100% of new cars to be electric by 2032. This is even more aggressive than California’s EV mandate, which wouldn’t ban the sale of new gas-powered cars until 2035.
• The Administration on Friday also proposed a 236-page revision to National Environmental Policy Act (NEPA) guidelines that will require federal agencies to consider climate change and “environmental justice” in project reviews. If a utility wants to build a gas pipeline, agencies might have to evaluate if a solar plant would better promote environmental justice, however regulators define it.
• The Administration is also quietly using collusive legal settlements with green groups to end-run judicial review of rules—a practice known as “sue and settle.” The Administration on July 21 settled a lawsuit with the Sierra Club by agreeing to remove 11 million acres in the Gulf of Mexico from future oil and gas development to protect the Rice’s whale.
• Last week Securities and Exchange Commission Chair Gary Gensler jammed through a rule requiring public companies to disclose to investors cyber-security breaches within four days of discovering them—no matter if they are still trying to repair their systems."
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The classic bait and switch.
** Reuters ([link removed])
(8/1/23) reports: "BP and partner Equinor are renegotiating the terms of power supply agreements linked to their giant wind developments off the US East Coast, according to bp CEO Bernard Looney. 'We are in the midst of renegotiating our PPA [power purchase agreement] contracts in the East Coast with our partner Equinor,' Looney told analysts Aug. 1. In 2020 bp paid Equinor $1.1 billion for a 50% stake in the venture to develop the Empire and Beacon offshore wind projects with a total capacity of 3,300 MW. 'We will not develop projects that don't meet our returns thresholds' of 6% to 8%, Looney said. Reuters reported in March that bp was seeking to change the terms of the joint venture with Equinor."
Any word if Special K's entourage got to see the "sun bear" on their latest trip?
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Energy Markets
WTI Crude Oil: ↓ $80.84
Natural Gas: ↓ $2.51
Gasoline: ↑ $3.80
Diesel: ↑ $4.10
Heating Oil: ↑ $303.73
Brent Crude Oil: ↓ $84.44
** US Rig Count ([link removed])
: ↓ 692
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