Begging for energy

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DAILY ENERGY NEWS | 06/17/2024

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We have work to do.

Just the News (6/16/24) reports: "Biden campaigned on a promise to 'end fossil fuel,' and during his tenure, his administration, with the help of Democrats, have taken at least 200 actions that have made it harder to produce oil and gas, according to the Institute for Energy Research (IER), a free-market energy think tank. 'The sheer volume of regulations that this administration has pushed out to curtail and restrict our ability to produce affordable and reliable energy, by that fact alone, will make President Trump's reelection consequential in the energy space. Because there's so much that needs to be undone,' Tom Pyle, president of IER, told Just the News. Trump leads in many national and state polls, and Biden’s approval rating hit an all-time low this week. Nothing is for certain, but Trump could retake the White House in November. Trump has vowed to reverse the direction of the country’s energy policy and pursue the 'energy independence' strategy of his first administration. While he will likely take many actions to the benefit of the oil and gas industry, which could bring down energy costs as well as many other economic benefits, Trump will have four years before there’s possibly another change in administration... Oil and gas projects sometimes take several years or more than a decade of planning, and the regulatory uncertainty makes it difficult to make long-term investments and decisions. In his first week as president, Biden canceled the Keystone XL pipeline as one of his very first acts as president, issued a moratorium on all oil and natural gas leasing activities in the Arctic National Wildlife Refuge, and revoked a number of Trump’s executive orders. Trump could reverse these decisions just as quickly."

"Parties that embrace energy realism and deliver abundant and affordable energy along with serious immigration control and a foreign policy that puts national interests first will rule for the next generation. It may require a few more electoral repudiations before our leading parties figure this out."

– Steven F. Hayward, Pepperdine University

Don't let the revolving door hit you on the way out.

Washington Reporter (6/10/24) reports: "One of the Department of the Interior’s (DOI) top lawyers joined the administration just after leaving George Soros’s vast network. An ethics watchdog is now calling him the embodiment of the “revolving door spinning furiously in the Biden administration.” Travis Annatoyn, the Deputy Solicitor for Energy and Mineral Resources at DOI, joined the Biden administration after a lengthy career working on far-left environmental causes. Annatoyn has had to recuse himself in his current position at the DOI from handling a number of entities, which range from the National Audubon Society to Democracy Forward, a dark money group that repeatedly sued former President Donald Trump’s administration, and which received at least $1 million from John Podesta’s Center for American Progress, which Podesta and George Soros co-founded in 2003. While at Democracy Forward, Annatoyn helped sue agencies like the one he now works at — which has raised eyebrows in the watchdog world. Protect the Public’s Trust (PPT), one of the Biden administration’s least favorite watchdog groups, obtained thousands of pages of documents relating to Annatoyn and the DOI, which include a warning from the department’s ethics staff to Annatoyn banning him from working on matters pertaining to his former clients... Michael Chamberlain, PPT’s executive director, said that Annatoyn is 'yet another example of the revolving door spinning furiously in the Biden administration.' Chamberlain told the Reporter that 'looking at the list of Annatoyn’s recusals, it’s amazing he was actually able to find much of anything at Interior that he could work on.'”

All pain, no gain.

The Daily Signal (6/16/24) reports: "Ever since the start of Joe Biden’s presidency, curbing climate change has been a fundamental component of his energy policy agenda. During the spring, for example, the Biden administration issued a power plant rule, imposing strict emissions reductions regarding the use of fossil-fuel power plants. There have been many other rules proposed as well, including regulating cars, stoves, dishwashers, water heaters, and even microwaves. All of these rules are predicated on concerns about the effects of greenhouse gas emissions on global temperatures and climate change. If greenhouse gas emissions drive climate change, then curbing the use of sources of energy that emit them (such as coal, oil, and natural gas) should in theory curb these increases in global temperature. However, lawmakers often present policies aimed at curbing climate change only in terms of greenhouse-gas emissions reductions. For example, the recent rule the Biden administration issued on electric vehicles claims it will reduce greenhouse gases by 7.2 billion tons through 2055. This figure sounds large, but it’s surprisingly deceptive: A key unanswered question is the actual temperature impact of these and other related policies. The predicted temperature impact of these and other policies hinges on a number of assumptions that affect our ever-changing climate. That’s why we have created The Heritage Foundation Climate Calculator, an online tool that enables the public to change some of the assumptions to simulate the climate effects of these policies to reduce carbon emissions."

The pain:

EIA (6/10/24) reports: "Parts of the United States could be at risk for electricity supply shortages if electricity demand peaks are higher than anticipated or if less electricity is generated than expected, according to the North American Electric Reliability Corporation’s (NERC) 2024 Summer Reliability Assessment. Under normal summer demand conditions, NERC expects the continental United States to have adequate power resources this year. No areas of the United States evaluated by NERC were considered high risk this summer, a category that means an area is at risk of outages during normal summer conditions. Electricity demand increases as temperatures rise and homes and businesses use more air conditioning... NERC also highlighted concerns over having enough resources to meet peaks in demand in recent years as baseload generation retirements have increased and variable resources such as solar and wind that have a less stable generation pattern are replacing other power plants. Certain regions NERC assessed are at elevated risk of electricity supply shortages, which means that these areas could face electricity supply shortfalls during periods of more extreme summer conditions. These areas include parts of California, the Southwest, the Midwest, Texas, and New England."

Energy Markets

WTI Crude Oil: ↓ $78.39
Natural Gas: ↓ $2.80
Gasoline: ↓ $3.45

Diesel: ↓ $3.78
Heating Oil: ↑ $247.41
Brent Crude Oil: ↓ $82.59
US Rig Count: ↓ 623

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