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DAILY ENERGY NEWS | 04/16/2024

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Wars half a world away would be doing a lot less damage to American families if Team Biden would let American producers do their jobs.

Just The News (4/15/24) reports: "President Joe Biden and his administration have taken over 200 actions against the U.S. oil and natural gas industry as energy prices have gone up, according to a new report. 'President Biden and Democrats have a plan for American energy: make it harder to produce and more expensive to purchase,' the Institute for Energy Research states in a new report. 'Since Mr. Biden took office, his administration and its allies have taken over 200 actions deliberately designed to make it harder to produce energy here in America.' The analysis highlights actions Biden took on his first day in office, listing them chronologically through March of this year. The first act was canceling the Keystone XL pipeline, issuing a moratorium on all oil and natural gas leasing activities in the Arctic National Wildlife Refuge and revoking Trump administration executive orders that decreased regulations in order to expand domestic production...IER published the report after the latest action taken to increase the cost of U.S. oil production and cancel plans to restock the Strategic Petroleum Reserve. The SPR has been depleted to roughly half of what it was when he first took office."

"Mandating the trucking industry to convert even just a fourth of its fleet to be electric will have disastrous consequences on the economy, disrupting an industry that Americans depend upon to function. Once again, the administration is putting politics before consumer welfare."

– K risten Walker, RealClear Energy

What good is green energy if it can’t power a growing economy?

Bloomberg (4/16/24) reports: "Built along a stretch of salt flats in southern India, the Tuticorin power plant epitomizes a quagmire for the world’s fastest-growing major economy: how to provide reliable energy to 1.4 billion people. For starters, the 1,050-megawatt coal plant, one of the region’s largest, was supposed to shut down. Opened four decades ago, the facility is too cramped to install retrofits to meet the government’s pollution norms, prompting India’s power ministry to plan its closure by 2022. Yet the facility continues to run at full blast, clocking 90% utilization in February. Aging boilers guzzle coal from mines nearly 2,000 kilometers away — a transport distance that only adds to the nation’s emissions footprint. Electricity consumption in India is growing at the fastest rate of any major economy, driven by rising temperatures and incomes, which have pushed up sales of power-intensive appliances like air conditioners. That explosive equation has exposed the country’s teetering grid. Though Prime Minister Narendra Modi has promised to rapidly build out solar and wind generation to replace polluting fossil fuels, his administration hasn’t been able to keep up with demand, giving a second life to old, inefficient coal plants like the one in Tuticorin...While shortages raised expectations that the country would accelerate the shift to green energy, India’s response was exactly the opposite. Officials pushed for more mining, abandoned plans to retire old power plants, raised targets to add coal-fired electricity and successfully lobbied international forums to adopt resolutions that wouldn’t hinder fossil fuel use."

And people wonder why Germany is deindustrializing.

XM (4/16/24) reports: "Germany's domestic oil production fell 5.9% to 1.6 million metric tons in 2023 while gas output was down 10.4% at 4.3 billion cubic metres (bcm), industry association BVEG said on Tuesday. The companies involved in producing what is left of German gas and oil reserves achieved a turnover of 3 billion euros ($3.19 billion) from their German activities, down from 5 billion euros a year earlier, reflecting lower market prices, BVEG said. Production of oil in Germany peaked in the 1960s and gas in the 1990s. Since then, reserves have fallen, making the country dependent on imports...The industry was investing in carbon management, hydrogen and geothermal activities to support the energy transition, he said."

Governor Gavin and Big Green, Inc. are systemically making California unlivable for average families.

Energy Markets

WTI Crude Oil: ↑ $85.63
Natural Gas: ↓ $1.68
Gasoline: ↑ $3.64

Diesel: ↑ $4.04
Heating Oil: ↑ $265.71
Brent Crude Oil: ↑ $90.25
US Rig Count: ↓ 625

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