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DAILY ENERGY NEWS | 03/19/2024

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It might take more than a week to fix 200+ problems created by Team Biden, but it's a good start.

Just The News (3/18/24) reports: "House Republicans this week are planning a barrage of legislation that takes direct aim at the Biden administration’s energy policies. 'Whether it's pumping gas at the gas station, or when you pay your household electricity bill, people know they're paying too much because of the far-left agenda here in Washington,' House Majority Leader Steve Scalise said in a press conference in West Virginia Friday. Scalise said that House Republicans are bringing several bills to the House floor that will lower energy costs and push back on the Biden administration’s pause on LNG exports, among other things...Last week, the Institute for Energy Research updated its list of 'Ways the Biden administration and Democrats have made it harder to produce oil and gas.; The list had 125 items on it in November 2022, and it’s now grown to over 200...Kenny Stein, vice president for policy at the American Energy Alliance, a partner organization to the IER, told Just The News that there’s been a noticeable shift this year with policy proposals under the Biden administration coming in far less stringent as they approach the final versions. For example, Stein pointed to the Environmental Protection Agency’s power plant emissions rule, which is expected to be finalized in April."

"It’s difficult to reconcile the hints that the LNG pause would be over in 12 months, and the promise of an open, data-driven analysis that none knows what would recommend. Unless the pause is a political charade and the results of the study are already known."

– Javier Blas, Bloomberg

Free advice: Don't donate to the people who want you out of a job.

Real Clear Energy (3/18/24) reports: "Unless Gov. Josh Shapiro of Pennsylvania reverses course and abandons his effort to keep proposed energy taxes in play, he could lose the support of trade unions that have contributed to his campaigns. That much has been made clear by union leaders who see a potential political realignment at work that could redound to the benefit of elected officials who have resisted what they view as unconstitutional executive actions impacting the energy industry. Shapiro, a Democrat, and a former state attorney general, was elected governor in 2022. During his campaign, Shapiro drew significant support from labor unions, according to campaign finance records. But the governor’s recent pivot in the direction of new regulations that would likely shutter power plants has motivated some labor leaders to reconsider their prior support.In a significant victory for industry groups, unions, and lawmakers opposed to Pennsylvania’s participation in a multistate climate change agreement known as the Regional Greenhouse Gas Initiative, or RGGI, the Commonwealth Court of Pennsylvania ruled last fall that the state’s Department of Environmental Protection and Environmental Quality Board lack the authority to enter into the agreement... But much to the consternation of trade unions that have previously supported Shapiro, the governor decided to appeal the ruling to the state supreme court...Going forward, Steffee advises boilermaker officers to be mindful of what kind of return they are getting on the support they provide to elected officials during each campaign cycle. He acknowledges that in some instances, they could be funding the demise of their own jobs particularly where energy policy is concerned."

America needs new, reliable, generation that industry can count on during a cloudy day.

Well, it depends on what the goal of the “energy transition" is. If the goal is to harm the economy and drive up prices, it is working great.

Bloomberg (3/18/24) reports: "Saudi Aramco Chief Executive Officer Amin Nasser said the global energy transition is 'visibly failing' on most fronts as proponents overlook the impacts on consumers dependent on cheap, reliable fuels. In remarks at the opening day of the CERAWeek by S&P Global conference in Houston on Monday, Nasser lamented the way the oil industry has been painted as the transition’s 'arch enemy.' Nasser also predicted that a peak in worldwide oil demand is unlikely for 'some time to come,' let alone by the 2030 benchmark laid out by some policymakers and executives. He sees crude demand reaching an all-time high during the second half of this year, with significant growth potential in developing countries. Solar and wind supply less than 4% of the world’s energy supply, on a combined basis, and electric-vehicle penetration is less than 3%, according to Nasser. On the other hand natural gas is still a mainstay, with demand growing by roughly 70% since the start of the century."

Energy Markets

WTI Crude Oil: ↑ $83.37
Natural Gas: ↑ $1.76
Gasoline: ↑ $3.48

Diesel: ↑ $4.04
Heating Oil: ↓ $276.85
Brent Crude Oil: ↑ $87.52
US Rig Count: ↑ 653

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