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DAILY ENERGY NEWS | 12/21/2023

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Take a break from non-stop holiday Christmas music. The latest episode of The Unregulated Podcast now streaming on our website, or wherever you listen.

"Net zero is similar to communism. Like net zero, communism was based on a lie: that it would outproduce capitalism. But it failed to produce, and belief in communism evaporated. When the collapse came, it was sudden and rapid. The truth could not be hidden. A similar fate awaits net zero."

– Rupert Darwall,
RealClear Foundation

One voice crying out in the desert, unheeded.

Washington Times (12/16/23) reports: "President Biden’s sweeping new rule to end power plant emissions encountered opposition from administration officials, including warnings that the U.S. has no viable way to fully replace fossil fuels in the electricity sector in the next 15 years. Congressional lawmakers have obtained hundreds of internal comments from “unknown Biden administration officials” who “cast significant doubt” ahead of the Environmental Protection Agency’s announcement in May of the rule, which would effectively eliminate fossil-fuel-fired power plants by 2040...Thomas J. Pyle, president of the Institute for Energy Research, which analyzes government regulation of global energy markets and advocates for market-driven solutions, said the emails show the administration is determined to eliminate fossil fuels at any cost, even if advisers warn against it. 'It’s a sign that even if there are rational and reasonable people within the inner workings of the administration, the political agenda trumps all logic and reason,' Mr. Pyle said. 'It’s clear to me from the way that the rule is written that the easiest option for utilities would be to close all gas or coal plants.'"

Rather auspicious. Will regulators take the hint?

Colorado's impediments to unleashing its potential are political, not practical.

Colorado Business Magazine (12/21/23) commentary: "In a global economy where products are not only delivered the next day, but sometimes the next hour, it can be easy to lose track of where things come from. A former industry trade executive used to quip, 'Kids today think milk comes from the grocery story, gasoline from the Conoco station, and 2x4s from Home Depot.' He may not have been far off in our modern-day comprehension of where things come from. Indeed, one consequence of America’s economic success these past hundred years may be our loss of a direct connection to the land and basic understanding of our natural resources. Or has it?...This year, the Institute for Energy Research released its inaugural Environmental Quality Index comparing the environmental quality of all major oil-producing countries. The results were overwhelming if not shocking. The United States, the world’s largest producer of both oil and natural gas, is only outranked on environmental quality by three of the top 20 global oil producers and three of the top natural gas producers, but none of those countries produce even one quarter of the volumes of oil or natural gas that the U.S. does. That means the U.S. produces the cleanest energy in the world at the highest volume bar none. Energy must be produced somewhere. Our modern way of life is irrevocably I dependent upon abundant, affordable, reliable energy. America, and Colorado specifically, has some of the toughest environmental rules and oil and natural gas regulations in the world."

Energy Markets

WTI Crude Oil: ↓ $73.78
Natural Gas: ↑ $2.54
Gasoline: ↑ $3.12

Diesel: ↑ $4.02
Heating Oil: ↓ $270.05
Brent Crude Oil: ↓ $79.29
US Rig Count: ↓ 654

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