Commander and chief

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DAILY ENERGY NEWS | 08/15/2023

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Biden and Big Green, Inc. respect the wishes of tribal groups, so long as those wishes are in line with their anti-human world view...

Fox News (8/10/23) reports: "President Biden and top administration officials touted actions this week that they argued protect tribal interests, just months after moving to block oil drilling that sustains Native American communities. On Tuesday, Biden designated the Baaj Nwaavjo I’tah Kukveni — Ancestral Footprints of the Grand Canyon National Monument, blocking off a million acres of public lands for a wide range of uses. The president, Interior Secretary Deb Haaland and Agriculture Secretary Tom Vilsack attended a ceremony later in the day where they remarked the action protects Native American culture. 'I made a commitment as president to prioritize respect for the tribal sovereignty and self-determination, to honor the solemn promises the United States made to tribal nations to fulfill federal trust and treaty obligations,' Biden remarked...However, in early June, Haaland finalized a ban on fossil fuel leasing within 10 miles of the Chaco Culture National Historical Park located near San Juan County, New Mexico. While she said the move would protect the sacred and culturally significant site, leaders of the nearby Navajo Nation argued it will wreak economic devastation on tribal members who rely on leasing the land for income. Navajo leaders also warned that the federal government failed to properly consult them on the action. They said Haaland never seriously considered their compromise solution and potentially neglected her legal duty to protect rights of Navajo allottees. 'I really am emotionally distraught for our constituents that have been impacted by this,' Brenda Jesus, who chairs Navajo Nation Council's Resources & Development Committee, told Fox News Digital at the time. 'The proper government-to-government tribal consultation has never really taken place at all. We're just really advocating on behalf of our constituents. That wasn't really considered – tribal sovereignty.'"

"Autocratic China is the biggest beneficiary of all from the Western strategy of jumping out of an airplane without a parachute, i.e., abandoning fossil fuels before the West has identified a replacement for crude oil, to provide the products and fuels now demanded by its populace."

– Ronald Stein, CFACT

Snap back to reality.

Wall Street Journal (8/13/23) reports: "Wind and solar power grew rapidly in part because the price fell for years. Now that trend has halted, and companies and utilities are paying more for green electricity. Witness the San Juan solar-and-battery farm in the desert of northwest New Mexico, which was supposed to come online last year with enough electricity to power 36,000 homes. The project was part of a plan to retire a big coal-power plant and replace the electricity with renewables to help the state decarbonize its grid by 2045. But over the past three years since the project’s contract was signed, solar components got harder to procure and costs for everything from panels to financing have soared. Under pressure, the current project owner, a unit of New York based investment firm D.E. Shaw, renegotiated the terms. The amended contract calls for the San Juan project to start up next year—two years late—and to sell its electricity at a price that is nearly 28% higher than originally agreed to, according to public documents filed with New Mexico’s utility regulator. After the coal plant went offline last year, the D.E. Shaw unit’s customer, a New Mexico utility, had to buy replacement electricity at higher market rates until the San Juan project and a handful of other delayed solar farms are completed."

Normal weather has become a "renewable resource" for hysteria peddlers.

Why do China, Indonesia, and others continue to burn coal? Besides the fact that coal is inexpensive, they want the West to pay them to stop...

Bloomberg (6/1/23) reports: "A midsized, 11-year-old coal power station in West Java is an unlikely bellwether for global climate finance. Cirebon-1 helps keep the lights on and factories whirring in the port city it’s named after, a few hours’ drive east of Jakarta. Like much of the coal fleet that generates some 60% of Indonesia’s electricity, it’s young, built with the help of Korean and Japanese capital during the coal boom of the 2000s and 2010s. Now it is set to close early, sparing the planet millions of tons of carbon dioxide — and becoming a beacon for the energy transition. If, that is, a credible deal can be struck between the plant’s current investors and Asian Development Bank, which is spearheading the program, plus others including large private-sector lenders like HSBC Holdings Plc. whose participation would make the deal a model for others to follow. Months of negotiation have demonstrated how hard it is in practice to persuade financial heavyweights to back the early retirement of coal — despite optimistic corporate pronouncements. An acceptable, transparent agreement to close Cirebon would mark significant progress in the global effort to cut emissions and avoid the worst-case scenarios for climate change. A repeatable model for closing coal plants in the region is critical: if Asia’s coal plants continue to operate as planned, they will consume two-thirds of a fast-shrinking carbon budget."

Energy Markets

WTI Crude Oil: ↓ $81.08
Natural Gas: ↓ $2.67
Gasoline: ↑ $3.86

Diesel: ↑ $4.32
Heating Oil: ↓ $303.18
Brent Crude Oil: ↓ $84.93
US Rig Count: ↓ 683

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