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DAILY ENERGY NEWS | 11/21/2023

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Dealing with manufacturers so the consumers don't have to isn't going to cut it in an era of energy abundance.

Daily Signal (11/20/23) reports: "Americans have experienced appliance inflation over the past few years, and it could be about to get worse as the Biden administration continues its onslaught of appliance regulations. While blaming Washington bureaucrats is always a reasonable response, in this case, any problems that they are causing is a result of them exercising the authority granted to them by legislation passed at the height of the 1970’s energy crisis—the 1975 Energy Policy and Conservation Act. The act gives the Department of Energy authority to regulate nearly everything in a household that uses energy. While it doesn’t require the Department of Energy to continuously impose ever stricter standards, the reality is this is precisely what it does...America has ample energy reserves...According to the Institute for Energy Research, conventional and unconventional reserves combine to provide nearly 300 years of energy supply at current consumption levels. These energy resources do not even account for uranium deposits, which are widely spread throughout the U.S., nor for advancements in other energy generating technologies. Any regulatory regime promulgated out of fears regarding energy scarcity simply can no longer be justified."

"Although it is unlikely to disappear completely, the ESG fad is probably past the crest of its popularity. Unlikely though it seemed a few years ago, with positive real interest rates and classic financial relations reappearing, it’s time again for firms to focus on the considerable challenges of simply making money."

– Peter C. Earle, AIER

After making hundreds of millions of dollars selling out to Al Jazeera, the day-to-day concerns of survival for the poorest in the developing world must seem quite alien to climate grifters like Al Gore.

Reuters (11/21/23) reports: "France, backed by the United States, plans to seek a halt to private financing for coal-based power plants during the U.N. climate conference later this month, three sources familiar with the deliberations told Reuters in India and Europe. The plan, which was communicated to India earlier this month, will deepen divisions at the COP28 summit in Dubai running from Nov. 30 to Dec. 12, with India and China opposed to any attempt to block construction of coal-fired power stations for their energy-hungry economies. France's minister of state for development Chrysoula Zacharopoulou told the Indian government about the plan, called the 'New Coal Exclusion Policy,' for private financial institutions and insurance companies, two Indian officials said. The plan to stop private financing for coal-fired power plants has not been previously reported. A spokesman for Zacharopoulou did not directly comment on emailed queries from Reuters but said the question of financial investments in coal had been discussed at several different multilateral forums over the past few years. India's environment, power and renewable energy, coal, external affairs and information ministries, the OECD and the French embassy in New Delhi did not respond to Reuters' requests for comment. A source in Europe familiar with the plan said the aim was to dry up private funding for coal power and that it was a top priority for French President Emmanuel Macron during COP28, seen as a crucial opportunity to accelerate action to limit global warming."

Shouting their lungs out as they stand atop the world made by oil.

The death-spiral of renewable subsidization takes every other industry along for the ride.

Bloomberg (11/20/23) column: "The last time European petrochemical plants processed so little of their favorite feedstock, Sweden’s ABBA was the most popular band on the continent, and the Fall of Saigon had marked the end of the Vietnam War. It was 1975, and the region was still licking its wounds after the first oil crisis. Nearly half a century later, the industry is dying. It would be a mistake to interpret this as a triumph in the fight against plastics. Europe keeps consuming voracious amounts of foams, paints, resins and every other product petrochemical factories make. It’s just replacing indigenous production with imported stuff. Petrochemicals are intrinsically energy intensive. In Europe, natural gas is about five times more expensive than in the US. Right now, it’s cheaper to buy ethylene, a building block for plastics, in Texas, and ship it across the Atlantic for further processing in Europe than producing it at home. And that’s precisely what petrochemical companies tell me they’re doing. The net result is loss of economic activity in Europe, an erosion of the bloc’s trade balance in chemical products and, ultimately, the loss of jobs and energy security...Europe has lost other industries to Asia. Steel, textiles and shipbuilding all moved east. This time, the competition isn’t just China, but also the US, thanks to abundant hydrocarbons there. "

Energy Markets

WTI Crude Oil: ↓ $77.63
Natural Gas: ↓ $2.90
Gasoline: ↓ $3.29

Diesel: ↓ $4.27
Heating Oil: ↑ $286.97
Brent Crude Oil: ↓ $82.13
US Rig Count: ↓ 673

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