Biden's billionaires

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DAILY ENERGY NEWS | 05/22/2024

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Lifestyles of the green and famous...

The New York Post (5/16/24) reports: "President Biden failed again to note his free stays at the vacation homes of rich patrons on annual ethics forms made public this week — making the omission days after ProPublica was awarded a Pulitzer Prize for chronicling Supreme Court justices’ non-disclosures under the same transparency rule. Biden took four vacations at the homes of wealthy supporters in 2023, none of which were listed as gifts on the forms signed by the president. The annual paperwork must be submitted by federal officeholders — including judges and presidents — under the Ethics in Government Act of 1978...Biden also enjoyed a six-day Thanksgiving stay at billionaire hedge fund founder David Rubenstein’s Nantucket compound last year and nine days in August at billionaire climate investor Tom Steyer’s waterfront Lake Tahoe retreat in Nevada. The White House initially claimed that Biden would pay 'fair market value' for Steyer’s home, resulting in a short-lived local investigation due to the moneyman’s lack of a rental permit. That probe was mysteriously dropped and the terms of the alleged rental have not been disclosed."

"Rather than using our vast resources of coal, oil, and gas, the Biden Administration seems intent on committing economic suicide. Over the next few decades, demand for electricity is projected to skyrocket. How will we meet that demand if we continue this administration’s reckless pursuit of a green fairy tale?"

– E mily Arthun, American Coal Council

R.I.P. net zero

The Telegraph UK (5/18/24) reports: "The Netherlands will tear up rules forcing homeowners to buy heat pumps as part of a war on net zero by Geert Wilders and the Dutch farmers’ party. Six months after his shock election victory, Mr Wilders this week struck an agreement to usher in a Right-wing coalition government of four parties. 'We are writing history,' he said as he announced the programme for the new government. The new coalition marks the first time that a party focused on the interests of the agricultural sector has got into power in the Netherlands. Earlier this year, mass farmers’ protests swept Europe."

Why does John Curtis want to tax your energy?

E&E News (5/22/24) reports: "A group of House Republicans might be ready to support forthcoming legislation seen by some as a precursor to an eventual carbon tariff, according to a private email being circulated by the nation’s largest oil lobby. The list of potential backers, obtained by E&E News, shows how the GOP appetite could be growing around legislation that would seek to leverage the perceived carbon advantage the U.S. enjoys for trade purposes. It is also a demonstration of how advocates, including the American Petroleum Institute, are eager to line up Republican support. The House bill, to be called the “Providing Reliable, Objective, Verifiable Emissions Intensity and Transparency (PROVE IT) Act,” would study and report on the carbon footprint of certain industrial imports and exports. It is expected to be the companion, albeit with some differences, to a Senate bill, S. 1863, with the same name... With the House bill’s official introduction perhaps still several weeks away, critics will have more time to pressure Republicans to walk away from the effort by repeating a well-worn argument that it would inevitably lead to a domestic carbon price 'That is where this is going to lead,' said Tom Pyle of the right-leaning American Energy Alliance. 'Even if you say you are against carbon taxes, if this were to become law, this would be the closest thing to a carbon tax that Congress so far has done.'”

Looks like somebody is reading our report...

The Wall Street Journal (5/21/24) reports: "For the past few years, the West has been trying to break China’s grip on minerals that are critical for defense and green technologies. Despite their efforts, Chinese companies are becoming more dominant, not less. They are expanding operations, supercharging supply and causing prices to drop. Their challengers can’t compete. 'China is not just standing still waiting for us to catch up,' said Morgan Bazilian, director of the Payne Institute at the Colorado School of Mines. 'They are making investments on top of their already massive investments in all aspects of the critical-minerals supply chain...' The only dedicated cobalt mine in the U.S. also suspended operations last year, five months after local dignitaries attended its opening ceremony. Its owners say they are struggling against a flood of Chinese-produced cobalt from Indonesia and the Democratic Republic of Congo. Last year, non-Chinese production of refined cobalt declined to its lowest level in 15 years, according to Darton Commodities. The share of lithium mining done within China or by Chinese companies abroad has grown from 14% in 2018 to 35% this year, according to Fastmarkets, a commodities information provider. Over the same time, lithium processing done within China has risen from 63% in 2018 to 70%, according to Fastmarkets."

Energy Markets

WTI Crude Oil: ↓ $77.80
Natural Gas: ↓ $2.63
Gasoline: ↑ $3.61

Diesel: ↑ $3.91
Heating Oil: ↓ $243.57
Brent Crude Oil: ↓ $81.99
US Rig Count: ↓ 619

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