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DAILY ENERGY NEWS | 01/17/2024
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** You can put lipstick (made in China) on a pig, but it's still a pig...
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The Daily Caller ([link removed]) (1/16/24) reports: "Dozens of energy experts and advocates signed onto a Tuesday letter to congress expressing their opposition to a bill that they say opens the door to a 'carbon tax.' Forty-one organizations were represented as signatories to the letter urging lawmakers to reject the PROVE It Act, a bipartisan bill that would mandate the Department of Energy (DOE) to study the carbon intensity of U.S.-made products as a potential first step toward implementing a carbon tariff on foreign goods, according to its text. However, as the bill’s opponents make clear in their letter to legislators, there is significant concern that the imposition of a carbon tariff on foreign goods would pave the way for the government to craft and enforce carbon taxes on domestic goods after the government establishes a means to calculate the cost of carbon... 'This is a climate and energy fight, but
proponents of PROVE It are trying to avoid that by trying to make it about trade and China because they know there is more sympathy for taking on China [among Republicans],' Tom Pyle, president of the American Energy Alliance and signatory of the letter, told Politico. 'It’s not necessary to study something we know is going to cause harm and increase energy prices.' Pyle’s organization sponsored a recent poll with the Committee to Unleash Prosperity that found more than 50% of likely 2024 voters in eight swing states oppose a tax on imported products based on the amount of energy it takes to make those goods."
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** "I thought the plan was for us as an advanced society to eventually go completely electric in the near future? Doesn't matter that 'producing lithium batteries (and disposing of them) are far worse for the environment and climate change than burning fossil fuels' - (The Institute for Energy Research) We're going green! Just one problem. How the **** are we supposed to get around, transport stuff, and go about our lives if these things don't even work when it gets cold?"
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– Dante, Barstool Sports ([link removed])

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Offering the fewest leases since World War II has consequences.

** Offshore Magazine ([link removed])
(1/15/24) reports: "A major capex shift from North America to international markets has been ongoing since early 2023, according to Evercore ISI’s latest Offshore Rig Market Snapshot... Combined with attractive offshore returns from improving economics, the long-cycle nature of offshore plays continues to drive demand for offshore E&P spending, Evercore says. According to Rystad Energy (as cited by Evercore), offshore deepwater economics have materially improved, boasting an average breakeven brent price of $40/bbl, which is more economical than other oil plays, including offshore shelf, tight oil, oil sands, and other non-OPEC onshore plays. The average internal rate of return for offshore deepwater plays at $70/bbl is 30%-plus, the firm says."

Talk about a slippery slope...

** Reason ([link removed])
(1/16/24) reports: "Toronto recently erected warning signs on 45 hills around the city that read: 'Tobogganing is not allowed.' The warning further clarifies that 'hazards such as trees, stumps, rocks, rivers or roads make this hill unsafe.' The signs also include a URL for a website where kids can find one of 27 tobogganing-approved hills... It's not just tobogganing. On its winter sports safety guidelines page, Toronto's team of experts advises anyone crazy enough to even think about going sledding to always check for hazards like bumps and bare spots, as well as "ice-covered areas." (Between bumps, bare spots, and ice-covered areas, that pretty much covers all the terrain, no?) The city also warns any not-yet-daunted tobogganers to never use a 'plastic disc' to slide down a hill."

It's tough to compete against slave labor.

** Bloomberg ([link removed])
(1/17/24) reports: "Swiss solar panel maker Meyer Burger Technology AG slumped as much as 47%, after saying it may shut one of Europe’s largest production sites and switch its focus to the US. Solar panel prices in Europe plunged last year after Chinese products flooded the market... The European Union wants to prioritize home-grown clean tech, but less than 2% of demand is met by solar products from the region, with about 90% of components coming from China. Germany installed more solar panels than any other country in the EU."

Energy Markets


WTI Crude Oil: ↓ $70.93
Natural Gas: ↓ $2.81
Gasoline: ↑ $3.09

Diesel: ↑ $3.94
Heating Oil: ↓ $263.59
Brent Crude Oil: ↓ $76.93
** US Rig Count ([link removed])
: ↓ 648



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