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DAILY ENERGY NEWS | 04/22/2024

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There is absolutely no justification for doom and gloom on Earth Day. More people, means more resources. The more we use, the more we find.

Human Progress (4/22/24) reports: "The Simon Abundance Index (SAI) quantifies and measures the relationship between resources and population. The SAI converts the relative abundance of 50 basic commodities and the global population into a single value. The index started in 1980 with a base value of 100. In 2023, the SAI stood at 609.4, indicating that resources have become 509.4 percent more abundant over the past 43 years. All 50 commodities were more abundant in 2023 than in 1980."

“Biden Administration’s EV mandates are bad for U.S. energy security and national security. The mandates are unrealistic and unattainable. They will give China control over critical supply chains and increase costs for consumers and taxpayers.”

– R obert Bryce, Substack

The rush to net zero ends with a whimper, not a bang.

Financial Times (4/19/24) reports: "The world needs a 'reality check' on its move from fossil fuels to renewable energy, JPMorgan has warned, saying it may take 'generations' to hit net-zero targets. In a global energy strategy report sent to clients this week, the US investment bank said efforts to reduce the use of coal, oil and gas had been set back by higher interest rates, inflation and wars in Ukraine and the Middle East. 'While the target to net zero is still some time away, we have to face up to the reality that the variables have changed,' Christyan Malek, JPMorgan’s head of global energy strategy and lead author of the report, told the Financial Times. 'Interest rates are much higher. Government debt is significantly greater and the geopolitical landscape is structurally different. The $3tn to $4tn it will cost each year come in a different macro environment.'”

The fewer of Biden's "goals" are met, the better off we will all be.

The Daily Caller (4/19/24) reports: "Three New York offshore wind projects were canceled Friday in the latest sign of trouble for the stumbling industry and President Joe Biden’s green energy agenda, according to Politico. The New York State Energy Research and Development Authority (NYSERDA), the agency that handles offshore wind contracts, disclosed Friday that it could not finalize power purchase agreements with three developers that received conditional awards from the state in October 2023, according to Politico. The announcement amounts to a cancellation of the projects, which deals a blow to New York’s goal to reach 70% green energy generation by 2030 and Biden’s goal to install enough offshore wind capacity nationwide to provide enough electricity to power 10 million U.S. homes by 2030."

The ultimate climate power grab.

The Daily Caller (4/21/24) reports: "Bloomberg reported Thursday that unnamed officials inside the White House said the idea of declaring a climate emergency, first considered in 2021 and again in 2022, is once again under consideration. The only 'emergency,' of course, is the president’s flagging approval ratings among impressionable young voters that threaten to derail his re-election chances. Declaring a climate emergency would arm the president with dictatorial powers to hamstring the domestic industry more than his regulators and hundreds of executive orders have already managed to do. According to Bloomberg’s sources, actions being considered would include suspending offshore drilling, restricting exports of oil and LNG, and 'throttling' the industry’s ability to transport its production via pipelines and rail. Given the industry’s crucial nature, it all sounds like a recipe for massive economic disaster... 'By now, we have gotten used to incredibly damaging and stupid decisions from the Biden administration, but the idea of declaring a ‘climate emergency’ is in a class by itself,' Tom Pyle told me. 'Like the freeze on new LNG permits, the only emergency President Biden is seeking to address with this latest threat is his slippage in the polls among young voters.'”

Energy Markets

WTI Crude Oil: ↓ $82.92
Natural Gas: ↓ $1.75
Gasoline: ↑ $3.68

Diesel: ↓ $4.03
Heating Oil: ↑ $254.34
Brent Crude Oil: ↓ $86.83
US Rig Count: ↓ 636

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