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DAILY ENERGY NEWS | 09/21/2023

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Deeds, not words. Time after time Biden reveals his true colors, which is what he campaigned on after all...

Epoch Times (9/20/23) reports: "The Biden administration has taken numerous steps against the oil and gas industry in the country, including ending leases, proposing raising tariffs for drilling, and imposing 'uneconomic' greenhouse gas emission policies, dealing a blow to a proper functioning of the sector.bIn May, the Institute for Energy Research (IER) published a report discussing President Joe Biden’s plans to make American energy 'harder to produce and more expensive to purchase.' On Sept. 19, the IER updated the report (pdf), detailing the 175 measures taken by the administration that harm the U.S. oil and gas sector. In May 2023, the Environmental Protection Agency (EPA) proposed new regulations that require power plants to reduce their greenhouse gas (GHG) emissions and implement carbon capture measures despite the fact that 'these are uneconomic technologies,' the report said...Earlier this month, the Department of the Interior said it would withdraw over 13 million acres in the National Petroleum Reserve in Alaska (NPR-A) from oil and gas leasing. In addition, seven leases covering 365,000 acres granted to the Alaska Industrial Development and Export Authority (AIDEA) in 2021 would be canceled."

"If we all repurpose subsidies that currently go to fossil fuels, agriculture, and fisheries, we could unlock $1.25 trillion dollars, in much needed financing, and, avoid $6 trillion dollars in costs every year."

– Ajay Banga, The World Bank

No one hates reliable, affordable energy more than Michael Bloomberg.

Reuters (9/20/23) reports: "Former New York City Mayor Michael Bloomberg announced on Wednesday he will pump $500 million into the next phase of his energy transition campaign, aiming to shut down "every last" coal plant in the United States and slash gas-fired capacity in half by 2030. The $500 million infusion into his decade-long Beyond Carbon initiative aims to "finish the job on coal" by working with state and local organizations to force the closure of the roughly 150 coal plants that have not yet retired, slash current gas generation in half and block the construction of new gas-fired plants. Bloomberg already has spent over $500 million to support the Sierra Club's Beyond Coal campaign, which originally aimed to retire 30% of the U.S. coal fleet by 2020. The campaign ended up accelerating the retirement of over 60% of coal plants by that year and putting $85 million toward a similar mission to fight the expansion of petrochemical plants in the U.S...The money would support litigation brought against utilities and power companies by grassroots groups, state and local policy advocacy and financing to assist local communities with coal plant closures, Bloomberg Philanthropies said."

When the climate catastrophists tell you who they are, believe them.

If you like your HVAC, you can keep your HVAC...

AP (9/21/23) reports: "A group of 25 state governors that make up the U.S. Climate Alliance and the Biden administration announced a pledge Thursday to quadruple the number of heat pumps in U.S. homes by 2030, from 4.7 million to 20 million. Heat pumps use little electricity, yet are able to heat and cool buildings. Since they often replace oil or gas furnaces that add greenhouse gases to the air, they can meaningfully address climate change. Buildings account for more than 30% of global greenhouse gas emissions...White House national climate adviser Ali Zaidi Zaidi noted rising demand for heat pumps will stimulate domestic manufacturing. But many clean energy businesses report shortages of qualified installers. Alexandra Rempel, associate professor of environmental studies at the University of Oregon, agreed heat pumps are more sustainable than traditional heating and cooling systems, but they are not highly efficient in extremely cold regions. Like other systems, they use refrigerants — chemical fluids that significantly warm the atmosphere when they leak. They also draw power from the same electrical grid as everything else, which is often powered by fossil fuels, so their sustainability depends in part on the amount of green energy generated in that region, she pointed out."

Energy Markets

WTI Crude Oil: ↑ $90.42
Natural Gas: ↓ $2.70
Gasoline: ↓ $3.86

Diesel: ↓ $4.58
Heating Oil: ↑ $345.49
Brent Crude Oil: ↑ $94.11
US Rig Count: ↓ 676

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