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DAILY ENERGY NEWS | 06/11/2024
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** Same old, same old. The law of unintended consequences remains undefeated.
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Spiked ([link removed]) (6/10/24) reports: "If there’s one thing dull British politicians often get excited about, it’s insulating the nation’s draughty homes. As boring as it sounds, cavity-wall insulation was one of the great green hopes of Gordon Brown when he was UK prime minister. More recently, energy secretary Claire Coutinho committed the Conservative government to spending £1 billion on insulating 300,000 homes. The Great British Insulation Scheme was one of many government-funded insulation initiatives that have cropped up in recent years. It was sold not only as a way to knock hundreds of pounds off household bills, but also as a huge win for making the UK a more environmentally friendly place... Activists demanded that the government pledge ‘a low-energy and low-carbon retrofit of all homes in Britain by 2030’. The government agreed to roll out more insulation, if not to that timeframe. But these efforts have since
gone horribly wrong. In hundreds of thousands of homes, the BBC reported last month, ‘botched’ installations could result in infestations of black mould. One Swansea mother says that, since her insulation was fitted three years ago, she has had to scrape mould off the walls every two weeks... The defects of cavity-wall insulation have been known about for years. It looks like the problem could be widespread, too... In many ways, the insulation debacle is an allegory for the broader Net Zero agenda. Activists campaigned for it and politicians agreed to take it on, without anyone stopping to think whether or not it would work at all. The result has been a costly and damaging mess."
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** "Every one of the climate policies being enacted by liberal states and the Biden administration screws the poor and the middle class, and in particular, the poor and middle-class folks who live in rural America. You name it — EV mandates, bans on natural gas stoves and heaters, strict emission cuts on power plants, lavish tax credits for Big Wind and Big Solar, or the latest FERC rule on high-voltage transmission — all of them are, in one way or another, regressive energy taxes that fuck the working class."
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– Robert Bryce, Substack ([link removed])

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Politically motivated investigations are so in right now.

** Inside Sources ([link removed])
(6/11/24) op-ed: "Americans are facing a consumer confidence crisis as costs continue to climb and inflation crushes peoples’ pocketbooks. The 2024 inflation rate is still high at 3.4 percent, above pre-pandemic averages. And with federal officials making clear they plan to keep rates high and President Biden insisting he has already 'turned around' the economy, it’s no wonder people are left scratching their heads. Americans with fixed incomes are particularly susceptible to economic dips, with inflation and costs at the top of their minds. However, the security of our economic future and consumer welfare clearly isn’t the prerogative of policymakers whose job is to help alleviate financial burdens for Americans. Instead, they are full steam ahead on election-year politicking. Take the latest move by Democrats in their crusade against American energy. Energy and Commerce Committee ranking member Frank Pallone Jr. recently launched a renewed focus on investigating oil and gas executives for
alleged collusion and price fixing with officials from the Organization of the Petroleum Exporting Countries. Unfortunately, to the detriment of the people, Biden and his progressive cabal are determined to use any agency, committee or platform to politicize the energy sector at a time when we need them the most. All in the name of politics."

I don't think these guys would be building this brand spanking new refinery if they weren't bullish on gasoline and diesel. Just sayin'...

** The Houston ([link removed](Premium)&utm_source=t.co&utm_medium=referral)
** Chron ([link removed](Premium)&utm_source=t.co&utm_medium=referral)
** icle ([link removed](Premium)&utm_source=t.co&utm_medium=referral)
(6/10/24) reports: "A Houston company will construct the largest new refinery in the last 50 years in Brownsville, Texas. Element Fuel Holdings LLC is spending between $3 and $4 billion on the project, which will produce more than 160,000 barrels per day of gasoline, diesel, and jet fuel from shale oil production, according to a report by the Houston Business Journal. 'Since no one's built a refinery in 50 years, there's probably a better way to do it. Let's optimize it,' Element Fuels founder and co-CEO John Calce told the business outlet. The refinery will be located in the Port of Brownsville and constructed in three phases. The first construction phase includes building a naphtha hydrotreater and reformer, which is expected to be operational by 2027...According to a report by the U.S. Energy Information Administration, refinery utilization rates are forecasted to average 90.3 percent in 2024, a significant increase from the 2020 pandemic low of 78.8 percent, offering a hopeful outlook
for the industry's growth and the prices upstream of gasoline."

Chief architect of Green New Deal is upset billions of tax dollars haven't been able to mandate his green dream into reality. (That won't stop him from trying to spend more!)

** New York Post ([link removed])
(6/5/24) reports: "Just seven electric-vehicle charging stations have begun operating with funding from a $5-billion US government program created in 2021, marking 'pathetic' progress, a Democratic senator said on Wednesday. Automakers and others say drastically expanding EV-charging stations is crucial to the wide deployment of electric vehicles, which are part of the Biden Administration’s efforts to reduce greenhouse gas emissions. The seven EV-charging stations deployed to date under a 2021 US program consist of a few dozen total charging ports, said Shailen Bhatt, who heads the Federal Highway Administration, at a Senate Environment and Public Works (EPW) committee hearing. 'That is pathetic. We’re now three years into this... That is a vast administrative failure,' said Sen. Jeff Merkley (D-Ore.). 'Something is terribly wrong and it needs to be fixed.'... Republican lawmakers in February raised concerns with implementation of the EV program and said 'little progress has been made.'
The White House goal is to grow the nationwide network of chargers to 500,000 ports, including high-speed chargers — no more than 50 miles apart — on the nation’s busiest highways."

Energy Markets


WTI Crude Oil: ↓ $77.44
Natural Gas: ↑ $3.05
Gasoline: ↓ $3.44

Diesel: ↑ $3.79
Heating Oil: ↑ $241.98
Brent Crude Oil: ↓ $81.44
** US Rig Count ([link removed])
: ↑ 619



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