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DAILY ENERGY NEWS | 02/02/2024

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The boys break down the latest shenanigans from Team Biden on this week's episode of The Unregulated Podcast, now streaming on our website, or wherever you listen.

"When Russia invaded Ukraine, Europe was promised liquified natural gas by Biden; now those projects have since been cancelled. Instead, our 'friends' like Germany have been left to face higher energy prices and accelerating deindustrialisation. At some point they will have to turn to regimes such as Qatar and Iran, or even start up again with Russia."

– J oel Kotkin, UnHerd

Destroy America's ability to produce and export freedom-molecules around the world and you create opportunities for America's enemies.

Rigzone (2/2/24) reports: "If Houthi attacks in the Red Sea continue, oil prices will continue to rise and the cost will eventually be passed onto consumers, according to Alex Stevens, the Manager of Policy and Communications at the Institute for Energy Research (IER). 'However, one thing that has surprised many market observers has been the fact that the rise in the price of oil has not been as immediate or volatile as it has been in the past during conflicts in the Middle East,' Stevens told Rigzone. 'A major part of that story has been the role of increased oil and gas production in the U.S. in recent years. In 2023, the United States produced more oil than any other country in the world rising to a record 13.1 million barrels per day in August of 2023 alone,' he added. 'This has definitely helped suppress price volatility due to conflict in the Middle East, and it’s generally an underreported and underappreciated aspect of American oil production,” Stevens continued.'"

It's not easy being green. You have to constantly fudge the numbers...

Who knew that reliable, affordable energy was important? Just about everyone except the brainiacs in Europe.

Bloomberg (2/2/24) reports: "Persistent price swings in Europe’s natural gas market are limiting appetite among industrial companies to ramp up fuel usage, even after the worst of the region’s energy crisis has passed. Implied volatility in benchmark Dutch gas — a measure of how expensive derivative contracts are — has subsided since the start of the year, signaling that confidence in the market is building. Still, it remains well above pre-crisis levels as price swings have become more common. With summer contracts trading higher than those for this winter, a substantial increase in industrial consumption appears to remain some way off. Volatility has become a dominant feature of Europe’s market as it transforms into an international hub for gas trading. That means the region is more exposed to global supply risks — from violence in the Middle East to liquefied natural gas production outages — even though it’s considered to be on relatively stable footing for the rest of this winter...Volatility has become a dominant feature of Europe’s market as it transforms into an international hub for gas trading. That means the region is more exposed to global supply risks — from violence in the Middle East to liquefied natural gas production outages — even though it’s considered to be on relatively stable footing for the rest of this winter."

If you oppose the Cramer/Cassidy carbon cabal, take a stand and contact us.

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: ↓ $72.45
Natural Gas: ↓ $2.08
Gasoline: ↑ $3.15

Diesel: ↑ $3.93
Heating Oil: ↓ $266.42
Brent Crude Oil: ↓ $77.51
US Rig Count: ↓ 652

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