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DAILY ENERGY NEWS | 05/09/2024
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** You don't need to be an expert like Jack to see Biden's anti-energy agenda is damaging the U.S. and her allies while bolstering China.
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Daily Signal ([link removed]) (5/7/24) reports: "China is operating in a 'predatory' manner to make America more reliant on complex supply chains arising from climate change initiatives that play into the hands of hostile foreign actors, according to energy, environmental, and foreign policy analysts at a panel discussion Monday. The event at The Heritage Foundation marked the launch of a new initiative, titled 'Chinese Handcuffs,' that probes the Chinese Communist Party’s efforts to dominate the 'green energy' sector in cooperation with left-leaning environmental activists in the U.S. Although the U.S. has sufficient resources to maintain its energy dominance, the Biden administration’s climate policies could enable the Chinese to gain significant economic and strategic advantages over time, the panelists warned...With an eye toward the 2024 elections, Coates asked Jack Spencer, an energy and
environmental policy analyst with The Heritage Foundation, what to expect if a new administration were to take charge next year...Spencer criticized the Biden administration for curtailing natural gas exports and 'taking massive swaths of federal land out of commission' from development. President Joe Biden’s hostility toward private industry has had the unfortunate effect of putting a 'chill on investment' in meaningful energy initiatives, he said. There’s a 'Catch-22' at work where climate policies are concerned, Spencer added. Either the U.S. will become more dependent on China or it will devote large sectors of its energy industry toward what amounts to political fantasies, he warned. The solution, he added, is 'to get off the hamster wheel of the green energy farce.'"
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** "Remember this every time you see someone claiming they’re on the green side. They might just be on the side of oppressive petrostates."
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– Timothy P. Carney, Washington Examiner ([link removed])

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Exporting U.S. freedom molecules are the solution.

** Reuters ([link removed])
(5/6/24) reports: "Russia’s oil revenue more than doubled in April from a year earlier, despite international sanctions intended to limit the flow of money to fuel President Vladimir Putin’s war in Ukraine. Proceeds for the Russian budget from oil-related taxes jumped to 1.053 trillion rubles ($11.5 billion) last month compared to nearly 497 billion rubles in April 2023, according to Bloomberg calculations based on Finance Ministry data. Total oil and gas revenues in April increased nearly 90% year-on-year, to 1.23 trillion rubles, according to the data. Rising prices for Russia’s crude helped to drive the increase in budget revenue. State taxes in April were calculated based on a Urals price of $70.34 per barrel, up from $48.67 a year ago when it was dampened in the wake of a price cap the Group of Seven nations imposed on Russian oil exports...Russia’s oil sector is a key source of revenue for the nation’s budget that includes a planned sharp increase in military spending this year to
support the Kremlin’s invasion of Ukraine that’s now in its third year...Russia will collect around $126 billion in oil and gas tax revenue in 2024, according to Bloomberg Economics calculations. The figures are 'just a hair above the current government’s projections,' said Alex Isakov, Bloomberg Economics Russia economist. 'Russia would break even on its war budget if Brent were to exceed $95, but its fiscal position will remain relatively sustainable at oil prices north of $70."

75 Congressional Democrats thank Secretary Jenny and the rest of Team Biden for propping up Putin's petro-state by stopping U.S. exports.

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Team Biden doesn't want anyone worrying. There is enough juice in the SPR to last us at least through the first week of November...

** Oil Price ([link removed])
(5/7/24) reports: "President Biden will use crude oil from the strategic petroleum reserve should the need arise, energy adviser Amos Hochstein has said, noting there was enough oil in the reserve...The U.S. saw the stockpiles of crude oil in the SPR fall from 638 million barrels at President Joe Biden’s inauguration to just 347 million barrels by the summer of 2023 as the administration tried to bring down gasoline prices for consumers by releasing over 180 million barrels from the SPR. Recently, talk has restarted about the possibility of using the SPR to bring down retail fuel prices in case the conflict between Israel and Hamas escalates, leading to higher oil prices and, consequently, higher gasoline and diesel prices for U.S. drivers. Since rising fuel prices are the last thing a president running for a second term wants to experience in an election year, SPR releases were seen by many as the most likely course of action. This, in turn, prompted questions about whether there is
enough oil in the SPR since the federal government’s replenishment efforts have been quite sporadic due to prices. Several offers for the purchase of 3 million barrels have been canceled already because prices got too high for the Department of Energy, which had set itself a ceiling of $79 per barrel."

Energy Markets


WTI Crude Oil: ↑ $79.55
Natural Gas: ↑ $2.25
Gasoline: ↑ $3.64

Diesel: ↑ $3.96
Heating Oil: ↑↓ $160.43
Brent Crude Oil: ↑ $83.99
** US Rig Count ([link removed])
: ↑ 628



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