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DAILY ENERGY NEWS | 05/20/2024

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President Biden probably shouldn't be going around saying other people are putting America last.

The Center Square (4/29/24) reports: "President Joe Biden, says a North Carolina congressman, is putting 'America’s energy security last.' U.S. Rep. Richard Hudson, R-N.C., commented after the U.S. Environmental Protection Agency’s four rules on fossil fuel-fired power plants was announced. The new standards, observers say, will crush the coal industry and be significantly detrimental to the natural gas industry. On social media, Hudson wrote, 'In yet another attempt to enforce its far-left climate agenda, Biden’s EPA is pushing new burdensome rules that’ll shut down power plants, weaken our electric grid and hike up costs. The Biden administration continues to put America’s energy security last...' Jim Matheson said the changes are 'unlawful, unrealistic and unachievable.' He’s CEO of the National Rural Electric Cooperative Association."

"In the last year alone, we saw proposed and finalized Department of Energy (DOE) efficiency regulations targeting stoves, dishwashers, ceiling fans, washing machines, water heaters, room air conditioners, refrigerators, light bulbs, and furnaces. Many threaten to increase up-front costs substantially, while others would likely compromise appliance quality, features, performance, reliability, and choice."

– Ben Lieberman, CEI

Hold on to your wallet!

Energy Musings (5/18/24) Substack: "Rhode Island’s electricity is expensive. Residents likely have no idea how expensive it is nor why. Prices have been driven up by the state’s green energy policies. As the state rewards developers in the push for more solar and wind power, customers are footing the ever-growing bills. Major price increases will arrive with the power from offshore wind farms in New England waters currently being constructed and contracted... Why is Rhode Island’s electricity so expensive? Renewable energy and green mandates are the cause. Is it going to get more expensive? Yes, and the driver will be the arrival of offshore wind. The problem is not that the price of the power coming out of the wind turbine is expensive, but the hidden costs in getting that power to you and in meeting the various clean energy standards. These are costs no one will tell you about. How do we know about these costs? We have multiple clues. We have an analysis of the green energy programs in Massachusetts to comply with the state’s RES. We have the record of offshore wind costs in New York, the analysis of Rhode Island’s Renewable Energy Growth Program, and the information from Rhode Island Energy’s rejection of the Revolution Wind 2 contract proposal last summer."

Politicians in the U.K. continue to destroy their economy.

Reuters (5/20/24) reports: "North Sea oil and gas producers are merging and shifting overseas as Britain's windfall tax slashes profits and as the opposition Labour Party threatens more tax if it wins the next general election. The change of strategy could accelerate the decline of domestic production, risking increased dependency on imports, greater vulnerability to higher consumer prices and more job losses... These independent oil and gas producers are now looking further afield and merging to cut costs and boost revenue. 'Unfortunately, the UK government has turned the UK North Sea into a very harsh business environment,' Gilad Myerson, executive chairman of Ithaca Energy, one of the largest North Sea producers, told Reuters last month. In 2022, the UK imposed a 25% Energy Profit Levy on the sector after a jump in energy prices resulting from Russia's invasion of Ukraine swelled profits as consumers faced higher prices, following similar measures in other European countries."

Breaking: Banks remain committed to investing in things that make money.

Oil Price (5/16/24) reports: "There is no large international bank without a net-zero plan. These plans invariably include curbs in lending to the oil and gas industry. Yet despite these plans. Most of the world’s top lenders continue doing business with the oil industry—and they’ve been doing more of it lately. The revelation comes from the 15^th annual Banking on Climate Chaos report authored by an organization called Oil Change International, part of a group of climate NGOs committed to putting an end to the oil and gas industry. According to this report, the world’s 60 largest banks have invested $6.9 trillion in the oil and gas industry since the Paris Agreement was signed in 2016, marking the official start of the global net-zero shift. Of this, Oil Change International reported, $3.3 trillion went towards expanding the production of hydrocarbon energy."

Energy Markets

WTI Crude Oil: ↓ $79.79
Natural Gas: ↑ $2.65
Gasoline: ↓ $2.59

Diesel: ↓ $3.90
Heating Oil: ↓ $247.68
Brent Crude Oil: ↓ $83.78
US Rig Count: ↓ 624

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