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DAILY ENERGY NEWS | 10/13/2023
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** Permitting reform will be tough when the federal government subsidizes the opposition.
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The Daily Caller ([link removed]) (10/12/23) reports: "The Biden administration is cutting a $400,000 check to an environmentalist group that was engaged in legal warfare against the Mountain Valley Pipeline (MVP) just months ago. The Department of Energy announced Wednesday that it will award the funds to Appalachian Voices through the agency’s Buildings Upgrade Prize program to facilitate 'the transformation of existing U.S. buildings into more energy-efficient and clean energy-ready homes, commercial spaces and communities.' Appalachian Voices sued alongside the Sierra Club and other environmentalist groups in April to stop the MVP’s construction, a challenge which the Fourth U.S. Circuit Court of Appeals ultimately dismissed in August."
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** "Meanwhile, over in Europe, I doubt that many people are abandoning the green movement based on complex spreadsheet calculations of the costs involved. Rather, most of them are starting to face up to reality because of some combination of skyrocketing electricity bills and plans to ban gas heat and internal combustion cars."
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– Francis Menton - Manhattan Contrarian ([link removed])

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Exxon bets $60bn that oil and gas are here to stay.

** The Economist ([link removed])
(10/11/23) reports: "America's shale patch is a testament to bottom-up capitalist enterprise. It was conquered by wildcat frackers, who came up with clever ways of horizontal drilling and releasing oil trapped in the rock formations. Independent shale specialists such as Devon Energy, EOG Resources and Pioneer Natural Resources became some of the country’s biggest oil producers, helping to boost domestic output from 8m barrels per day in 2005 to 15m in 2015—and to turn America from a net importer of oil into an exporter."

Former Goldman Sachs traders bet big on coal and win.

** Business Insider ([link removed])
(9/23/23) reports: "Two former Goldman Sachs traders have built the largest coal-exporting business in America, despite a global push to move away from the controversial fossil fuel. Peter Bradley and Spencer Sloan, both left the investment bank right before it offloaded the last of its coal assets - and over the last eight years, they have built a company that's now valued at more than $1 billion. Javelin Global Commodities has grown to become the No. 1 exporter of American coal, Bloomberg reported, citing sources familiar to the company. Their business plan is profitable and controversial – based on the strategy that demand for coal will remain high even in spite of environmental concerns and an attempted ban on the fuel."
** ([link removed])

Meanwhile, offshore wind is so expensive that even New York doesn't want to pay for it.

** Politico ([link removed])
(10/12/23) reports: "Gov. Kathy Hochul’s administration Thursday rejected a request from companies for bigger payments to complete large-scale wind, solar and offshore wind projects — leaving the developments in doubt and threatening New York’s ability to meet its climate goals. The dismissal by the Public Service Commission sets off a scramble for developers to decide whether to cancel contracts with NYSERDA, sacrificing millions of dollars in security payments. It also places New York’s clean-energy ambitions in peril. The state’s landmark climate law requires 70 percent of electricity in 2030 to come from renewable resources."

Renewables funds see record outflows as rising rates, costs hit shares.

** The Globe and Mail ([link removed])
(10/9/23) reports: "Investors ditched renewable energy funds at the fastest rate on record in the three months to end-September as cleaner energy shares took a beating from higher interest rates and soaring material costs, which are squeezing profit margins. Renewable energy funds globally suffered a net outflow of US$1.4-billion in the July-September quarter, the biggest ever quarterly outflow, according to LSEG Lipper data."

If you oppose a carbon tax, take a stand and ** contact us. (mailto:[email protected])

** ([link removed])

Tom Pyle, American Energy Alliance
Myron Ebell, Competitive Enterprise Institute
Phil Kerpen, American Commitment
Andrew Quinlan, Center for Freedom and Prosperity
Grover Norquist, Americans for Tax Reform
George Landrith, Frontiers of Freedom
Thomas Schatz, Citizens Against Government Waste
Richard Manning, Americans for Limited Government
Adam Brandon, FreedomWorks
Craig Richardson, E&E Legal
Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Annette Meeks, Freedom Foundation of Minnesota
Isaac Orr, Center of the American Experiment
David T. Stevenson, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Jack Ekstrom, PolicyWorks America
Jon Sanders, John Locke Foundation

Energy Markets


WTI Crude Oil: ↑ $86.22
Natural Gas: ↓ $3.27
Gasoline: ↓ $3.63

Diesel: ↓ $4.48
Heating Oil: ↑ $316.17
Brent Crude Oil: ↑ $89.3
** US Rig Count ([link removed])
: ↓ 661



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