What about the state of energy?

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DAILY ENERGY NEWS | 03/08/2024

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Nearly 90 minutes of ranting, but little bragging on Team Biden's "signature" energy policies. I wonder why they don't want to talk about energy prices...

E&E News (3/8/24) reports: "President Joe Biden tied his climate policies to domestic manufacturing growth and union jobs in the final State of the Union address of his first term. 'I’m taking the most significant action ever on climate in the history of the world,' he said Thursday night to a House chamber that featured heckles from Republicans and chants of 'four more years' from Democratic allies. 'I’m cutting our carbon emissions in half by 2030.' The president delivered a sprawling speech designed to ratchet up support for his reelection bid amid flagging poll numbers. He pushed a 25 percent minimum tax for billionaires, funding for Ukraine’s fight against the invading Russian army and reductions in prescription drug costs. Biden also jousted with Republicans like Georgia Rep. Marjorie Taylor Greene (who yelled from the audience) on immigration and border funding. Biden spent comparatively little time talking about his climate policies, even as polls show that most Americans know little about the administration’s historic investment in clean energy. Some congressional Democrats had urged Biden to highlight his climate and energy wins Thursday night in the face of a reelection campaign against former President Donald Trump...The fight over liquefied natural gas, meanwhile, is a mixed bag for the Biden administration that’s created domestic tensions and international opportunities, said Majkut with the Center for Strategic and International Studies. Even with the administration’s pause on new LNG export approvals, export of the gas is likely to expand, experts note. That could anger climate-conscious voters further."

Don't worry, if you need a refresher on what Team Biden has been up to, here's the latest 200 actions they have taken against domestic energy production.

AEA (3/7/24) blog: "Joe Biden and his Democrats have a plan for American energy: make it harder to produce and more expensive to purchase. Since Biden took office, his administration and Congressional Democrats have taken over 200 actions deliberately designed to make it harder to produce energy here in America. A list of those actions appears below. A PDF of the list is available to download here."

"We are also making history by confronting the climate crisis, not denying it. I’m taking the most significant action on climate ever in the history of the world. I am cutting our carbon emissions in half by 2030."

– Joe Biden

Energy poverty and deindustrialization is a deliberate choice made by E.U. policy makers, but it doesn't have to be.

Oil Price (3/5/24) reports: "At this moment, a fast-moving development is unfolding in Europe’s energy industry that is gaining more attention by the day. Europe’s energy crisis, triggered by Russia’s early 2022 invasion of Ukraine, put an end to decades of reliance on cheap natural gas supplies from Russia. In the short term, this meant significantly higher energy prices throughout Europe, with energy costs rising by 40.8% annually within the EU as of September 2022. And while natural gas prices have pulled back a bit over the past several months, the fact remains that Europe is badly in need of a long-term solution for its natural gas needs...Because most of Europe was so dependent on cheap Russian gas, a number of potentially massive resource opportunities within Europe have been sitting idle...Located in the foothills of the Austrian Alps, the Welchau Gas Prospect contains over 140 meters of potential oil and gas-bearing thickness and carries the potential for up to a trillion cubic feet of natural gas. The property is analogous to large anticline structures discovered in Kurdistan and the Italian Apennines. In fact, the structure at Welchau is so large you can actually see it from space...Reudnitz is located approximately 70 kilometers southeast of Berlin in a rural area, with proven phases: Helium (Approx. 0.2%) and methane (14-20%) associated with high nitrogen content (>80%). The gas separation technologies and economics are well established to capture these resources."

TikTok is warning its users that the federal government wants to shut it down. Why haven’t the Detroit automakers done this?

Ya' think maybe we shouldn't have shut down all those coal plants?

Washington Post (3/7/24) reports: Vast swaths of the United States are at risk of running short of power as electricity-hungry data centers and clean-technology factories proliferate around the country, leaving utilities and regulators grasping for credible plans to expand the nation’s creaking power grid. In Georgia, demand for industrial power is surging to record highs, with the projection of new electricity use for the next decade now 17 times what it was only recently. Arizona Public Service, the largest utility in that state, is also struggling to keep up, projecting it will be out of transmission capacity before the end of the decade absent major upgrades. Northern Virginia needs the equivalent of several large nuclear power plants to serve all the new data centers planned and under construction. Texas, where electricity shortages are already routine on hot summer days, faces the same dilemma. The soaring demand is touching off a scramble to try to squeeze more juice out of an aging power grid while pushing commercial customers to go to extraordinary lengths to lock down energy sources, such as building their own power plants...'When you look at the numbers, it is staggering,' said Jason Shaw, chairman of the Georgia Public Service Commission, which regulates electricity. 'It makes you scratch your head and wonder how we ended up in this situation. How were the projections that far off? This has created a challenge like we have never seen before.'"

Energy Markets

WTI Crude Oil: ↓ $78.24
Natural Gas: ↓ $1.80
Gasoline: ↑ $3.40

Diesel: ↓ $4.05
Heating Oil: ↓ $265.32
Brent Crude Oil: ↓ $82.36
US Rig Count: ↓ 646

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