Your Daily Energy News

View this email in your browser ([link removed])
DAILY ENERGY NEWS | 08/28/2023
Subscribe Now ([link removed])


** Hey Joe, why can the Iranians access their oil but you keep American oil off limits?
------------------------------------------------------------
Bloomberg ([link removed]) ([link removed]) (8/26/23) reports: "While Iran and the US make wary diplomatic overtures, a return to their lapsed nuclear agreement remains a distant prospect. But for world oil markets, a pact is already taking effect. Months of secretive diplomacy between the two nations have yielded progress on prisoner exchanges, the unblocking of frozen assets and possibly even Iran’s enrichment of uranium. They also seem to have produced an informal arrangement on oil flows. US officials privately acknowledge they’ve gradually relaxed some enforcement of sanctions on Iranian oil sales. Tehran has restored production to the highest level since the ban kicked in five years ago and is shipping its most crude to China in a decade. Iranian officials are confident they’ll pump even more
soon. The supply flood is helping moderate oil prices, which eased below $85 a barrel in London this week, offering relief to consumers and central banks after years of rampant inflation. Keeping the cost of gasoline — now near $4 a gallon — in check may also aid President Joe Biden’s reelection campaign in 2024."
[link removed]


** "China has become somewhat wealthy, which has given it the ability to keep up the illusion of productiveness for years, issuing debt to support make-work projects even as its economy hollows out. The United States, far more wealthy, can keep up the illusion for much longer. But not forever."
------------------------------------------------------------


– Francis Menton, Manhattan Contrarian ([link removed])

============================================================

"The beatings will stop when morale improves." -- Joseph "The Big Guy" Biden

** Wall Street Journal ([link removed])
(8/28/23) reports: "It’s Groundhog Day at the pump. U.S. consumers in recent weeks have seen gasoline prices tick up to reach their highest levels so far this year. The increase is leaving many with an unwelcome sense of déjà vu, recalling last summer’s record gasoline prices. Prices have retreated slightly in recent days but remain elevated. A gallon of regular gasoline averaged about $3.82 nationally on Sunday, about 60 cents higher than at the beginning of the year, according to OPIS, an energy-data and analytics provider. Diesel prices are down about 31 cents compared with early January but have gained more than 40 cents from a month ago. The ascent of oil prices could complicate the Federal Reserve’s effort to lower inflation to 2%, economists say. The increase is already weighing on small-business owners. Companies are delaying upgrades, losing workers or avoiding hiring extra help and moving to charge customers more as a result of higher fuel prices. In the past few months, the
Moving Company, a mover in Springfield, Mo., lost three drivers in part because higher fuel prices made their commute more expensive, said Will Wheeler, a controller at the company. Meanwhile, the company increased its mileage charge by $4 earlier this year because of higher fuel prices and might add another $3 on top of that, Wheeler said. The hike has contributed to turning some customers away. 'We’ve lost a lot of business,' Wheeler said."

If it makes your life better, the greens want it gone.

** ([link removed])

The Big Green revolving door.

** Daily Caller ([link removed])
(8/25/23) reports: "David Crane, NRG Energy’s former CEO who abruptly resigned in December 2015 after making a series of green investments that failed to pan out, is now working for the Biden administration to manage billions of taxpayer dollars designated for green energy projects. During Crane’s tenure at NRG, his large investments in green energy projects yielded poor returns for investors and devastated the firm’s stock price, prompting his resignation from the company, according to The Wall Street Journal. Crane now serves as the DOE’s undersecretary for infrastructure, where he is tasked with shelling out billions of taxpayer dollars from the Inflation Reduction Act (IRA) and the bipartisan infrastructure law to subsidize hydrogen energy, carbon capture and other green technologies, according to E&E News. Additionally, Crane will be responsible for overseeing DOE loans designed to subsidize battery factories. Crane believes that countering climate change stands as the 'moral
imperative of our time,' according to the White House. Under Crane, NRG began to make big bets on green energy in 2009, according to Reuters, eventually investing about $1 billion into the sector, according to E&E News. At the beginning of 2015, the firm’s shares were trading at around $27, but ultimately declined to about $11 per share by the time Crane left the firm in December of that year, according to data from Yahoo Finance."

Energy Markets


WTI Crude Oil: ↑ $80.46
Natural Gas: ↑ $2.64
Gasoline: ↑ $3.81

Diesel: ↑ $4.37
Heating Oil: ↓ $324.73
Brent Crude Oil: ↑ $84.93
** US Rig Count ([link removed])
: ↓ 696



** Donate ([link removed])
** Subscribe to The Unregulated Podcast ([link removed])
** Subscribe to The Unregulated Podcast ([link removed])
** Subscribe to The Plugged In Podcast ([link removed])
** Subscribe to The Plugged In Podcast ([link removed])
** Connect with us on Facebook ([link removed])
** Connect with us on Facebook ([link removed])
** Follow us on Twitter ([link removed])
** Follow us on Twitter ([link removed])
** Forward to a Friend ([link removed])
** Forward to a Friend ([link removed])
Our mailing address is:
** 1155 15th Street NW ([link removed])

** Suite 525 ([link removed])

** Washington, DC xxxxxx ([link removed])
Want to change how you receive these emails?
** update your preferences ([link removed])

** unsubscribe from this list ([link removed])