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DAILY ENERGY NEWS | 12/27/2023
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** We crunched the numbers. It turns out people really want reliable energy and aren't planning on quitting it any time soon.
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The American Conservative ([link removed]) (12/27/23) column: "In investment, the adage has it, the trend is your friend. If the trend is with you—think internet stocks in the last three decades—chances are, if you stay with the herd of bulls, you’ll make money. So what’s the trend, in 2024 and beyond, for carbon fuels? (Okay, The American Conservative is not known as an investment sheet, and yet every conservative should be familiar with political economy, the self-evident point that investment, up or down—and anything else to do with money—occurs within a political context.) To listen to the words coming out of the COP 28 climate change conference that wrapped up in Dubai on December 12, one might think that the trend for carbon fuels is bearish...We can step back and observe: So long as a person is eating eclairs, there’s no need to take their protestations about a weight-loss diet seriously. In fact, world oil
production is also movin’ on up. So is natural gas...To get a measure of resources closer to home, we can look to the Institute for Energy Research ([link removed].) , which finds that the U.S. boasts oil reserves totaling 2.9 trillion barrels. At the current price of around $75 bbl, that’s a tad more than $217 trillion. That dollar total is more than six times the U.S. national debt, and about eight times our GDP. Given that much wealth, with deficits and all, is it really to be expected that we’re going to leave it in the ground? Maybe Massachusetts will, but Texas won’t. Indeed, once Americans figure out that the whole country could be like Alaska—where last year each resident received a dividend of $3,284 from the oil-based Alaska Permanent Fund—the pressure to not strand it, to not leave it in the ground
will be, shall we say, beyond the power of the greens to shut down."
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"Electric vehicles are obviously better than horses, but they are probably not the wave of the future."
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– Jim Hollingsworth, American Thinker ([link removed])
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In spite of ** nearly 200 anti-energy actions by Team Biden ([link removed])
, American producers won't be deterred.
** Oil Price ([link removed])
(12/21/23) reports: "In April this year, OPEC surprised oil markets by announcing additional production cuts in a bid to stimulate prices to go higher. Prices did go higher. There was nothing to stop them. U.S. drillers were busy returning cash to shareholders, supply growth was sluggish everywhere, and demand looked robust. Fast forward to December, and the 1-million-bpd growth in U.S. oil production is the talk of the town, OPEC is running out of options, and the oil market is more unpredictable than ever. It appears that along with the latest Middle Eastern war, the expansion in U.S. oil production was the surprise of the year. Back in April, analysts were confident that U.S. shale drillers would remain focused on shareholder returns and capital discipline and would not dare think about production growth too much...In the mind of industry observers, drilling rig numbers and spending were the only indicators worth following for a glimpse into production trends. It turned out this was
wrong. Because U.S. shale producers managed to boost production without spending more and without using more rigs, catching the market—and OPEC—by surprise. Crude oil production in the U.S. hit 13.2 million barrels in September, according to the latest data from the EIA. A year ago, EIA forecasted production at 12.5 million bpd for the fourth quarter of the year. Of course, production could yet decline from the September record, but it is unlikely to decline this much. U.S. shale surprised everyone. The reason it surprised everyone was well productivity. While everyone was watching the weekly rig count—which has declined by 20% overall this year—frackers worked on improving their drilling techniques and technology. And it paid off. "
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Yeah, it's the reporting that's off...
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At the North Pole, Santa gives his helpers a fair wage. Biden's buddies at South Pole, however...
** Daily Caller ([link removed])
(12/24/23) reports: "The Biden administration’s plan to impose climate disclosure requirements on the financial sector draws on the input of a green consultancy that sold carbon credits derived from China’s Xinjiang province, according to a Daily Caller News Foundation review of public documents. The Securities and Exchange Commission (SEC) is set to release its final climate disclosure rule in the coming months, and the agency’s proposed rulemaking documents cite the Swiss-based climate consultancy South Pole multiple times. Likewise, the SEC spoke with a high-ranking South Pole employee about the rule after the firm had sold carbon credits generated in a region of China known for forced labor. South Pole touts itself as '[striving] for a world where businesses, governments and communities make climate action the new normal.' In a November piece, the investigative group Follow the Money reported that South Pole sold carbon offset credits derived from projects in Xinjiang, China, the
epicenter of the Chinese Communist Party’s repressive campaign against Uyghur Muslims...Within the first few years after its founding in 2006, the firm identified Xinjiang’s cotton fields as a potential source for carbon credits, according to Follow the Money. The region’s cotton farmers, many of whom are Uyghurs, would typically burn the twigs and sticks created as a harvesting byproduct on the fields, leave them to rot or collect and dump them elsewhere. Rather than wasting those twigs, South Pole realized that they had potential value as offsets if they could be converted into fuel at a Chinese biomass plant, according to Follow the Money. This realization reportedly became the basis for the firm’s Xinjiang-derived carbon credits. The company has drawn scrutiny for its operations in other parts of the world beyond China as well."
Energy Markets
WTI Crude Oil: ↓ $74.97
Natural Gas: ↑ $2.71
Gasoline: ↓ $3.12
Diesel: ↑ $4.01
Heating Oil: ↑ $267.55
Brent Crude Oil: ↓ $80.54
** US Rig Count ([link removed])
: ↓ 656
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