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DAILY ENERGY NEWS | 09/07/2023

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Government policy with a splash of ayahuasca.

Washington Free Beacon (9/6/23) reports: "Just five days before President Joe Biden entered the White House, his team handed the Washington Post an exclusive story: Biden would keep his campaign promise of 'following the science' by turning the White House Office of Science and Technology Policy into a cabinet-level agency. On Nov. 30, 2022, that office did something rather unscientific: It issued a memo directing more than two dozen federal agencies to apply 'Indigenous Knowledge' to 'research, policies, and decision making.' The 42-page document encourages the agencies to speak with 'spiritual leaders' and reject 'methodological dogma' when crafting policy as a way to remedy injustices against Native peoples. Federal regulators are to consider the folk wisdom of the Comanche Nation, for instance, just as they consider lab results when trying to determine the pH level of rain. Long relegated to university campuses and fringe activist groups, the idea that Native people have a privileged understanding of the physical and metaphysical world is now the official view of the United States government...The U.S. Geological Survey drew on Native religious traditions in an April webinar called 'Incorporating Indigenous Knowledges into Federal Research and Management: What are Indigenous Knowledges?' Federal regulators and scientists were told to consider whether various food cultivation methods were considered sacred by a Native tribe. Failing to do so would 'disrespect the spirits,' said Melonee Montano, a traditional ecological knowledge outreach specialist for a consortium of native tribes."

"Rather than course correct as utility bills and gas prices continue to tick up, the administration is attempting to pile more massive, burdensome new rules on domestic producers. If they succeed, our adversaries will become richer and more emboldened on the backs of hardworking Americans. Anyone who has filled up their car lately knows why the Biden administration’s energy policies are a disaster."

– Daniel Turner, Power The Future

From this day forward, Biden owns the price of a gallon of gasoline.

Bloomberg (9/6/23) reports: "The Biden administration is taking steps to thwart oil development in remote reaches of Alaska by conserving more territory in the state’s petroleum reserve and canceling leases to drill in the Arctic National Wildlife Refuge, according to people familiar with the matter. The moves come in the wake of the administration’s controversial decision to approve ConocoPhillips’s 600-million-barrel Willow oil project in the National Petroleum Reserve-Alaska. The conservation initiatives, set to be announced Wednesday, target territory in northern Alaska long prized for its oil and gas potential — but also for its rich habitat, home to waterfowl, caribou, polar bears and other wildlife. The actions were described by people familiar with the plans who asked not to be named because the announcement was not yet public. The Interior Department is set to invalidate leases sold in a January 2021 auction of parcels in the Arctic National Wildlife Refuge’s Coastal Plain that was mandated by Congress, the people said. Congress had ordered two sales of leases in the region by Dec. 22 of next year to pay for the 2017 tax cuts. Spokespeople for the White House and Interior Department did not respond to a request for comment. The Interior Department is set to justify the action on grounds the Trump administration’s environmental review of the 2021 sale of leases in ANWR’s Coastal Plain was inadequate and not legally defensible...The 23-million acre NPR-A, roughly the size of Indiana, was set aside for oil supply needs roughly a century ago."

Priorities...

Apparently offshore wind blows and sucks at that same time.

Reuters (9/6/23) reports: "The value of Danish energy company Orsted (ORSTED.CO), the world's largest offshore wind farm developer and a big player in the U.S., has plunged about 31% since it declared $2.3 billion in U.S. impairments in late August due to supply delays, high interest rates and a lack of new tax credits. The company is just one of several energy firms trying to build new offshore wind farms in the U.S., but the pain it is feeling is rippling across the entire industry, raising questions about the future of fleet of projects that U.S. President Joe Biden hopes can help fight climate change. Biden’s administration wants the U.S. to deploy 30,000 megawatts (MW) of offshore wind by 2030 from a mere 41 MW now, a key part of his plan to decarbonize the power sector and revitalize domestic manufacturing, and has passed lucrative subsidies aimed at helping companies do that. But even with regulatory rules and subsidies in place, developers are facing a whole new set of headwinds...Biden’s administration has sought to supercharge clean energy development with passage of the Inflation Reduction Act (IRA), a sweeping law that provides billions of dollars of incentives to projects that fight climate change. Since the law passed last year, companies have announced billions of dollars in new manufacturing for solar and electric vehicle (EV) batteries across the U.S. But the offshore wind industry is not fully satisfied."

Energy Markets

WTI Crude Oil: ↓ $87.35
Natural Gas: ↑ $2.60
Gasoline: ↑ $3.80

Diesel: ↑ $4.45
Heating Oil: ↓ $318.24
Brent Crude Oil: ↓ $90.36
US Rig Count: ↑ 689

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