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DAILY ENERGY NEWS | 07/03/2024

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There are weeks where decades happen. Get all the questions answered on the latest episode of The Unregulated Podcast. Now streaming on our website, or wherever you listen.

"The issues raised by the EV mandates involve matters of life, liberty, and prosperity—issues that are fundamentally political in nature. Under our constitutional republic, it is for Congress, and Congress alone, to weigh the competing interests at stake in these matters and to make the monumental decisions that EPA now presumes to take upon itself."

– Steven G. Bradbury,
The Heritage Foundation

Making it harder to make energy makes it harder to make everything else.

Fox Business (7/1/24) reports: "Biden Treasury Sec. Janet Yellen was called out for allegedly 'gaslight[ing]' the American people days after dismissing concerns that cumbersome food prices have created 'sticker shock' at the grocery store. 'Have you been to the grocery store lately?' Yahoo Finance's Jennifer Schonberger asked Yellen during a recent sit-down interview. After Yellen replied that she goes every week, Schonberger continued, "It’s sticker shock, isn’t it? Just when you look at shipping costs, those have come down, global food commodity prices have also come down, but food prices still remain high. Should the U.S. invest in agriculture to boost the food supply in this country?' Yellen appeared to reply 'no' during the question...FOX Business' Jackie DeAngelis reacted Sunday, pinpointing significant price increases on commonly-purchased goods under the Biden administration, including a 21.8% price increase for chicken, a 20.1% increase for bread and an 18.5% increase for bacon...'Energy policy under the Biden administration would explain a lot of it,' she continued, 'And that's why the wages have to go up. And that's why we're paying more. Ultimately, if President Trump comes into the White House, and he takes the regulations off the energy industry, and he starts drilling again, that will bring inflation down immediately.'"

It’s already happening. Now let’s get to work repealing PURPA.

E&E News (7/3/24) reports: "A Montana solar project may be one of the first casualties of the Supreme Court’s decision to overturn the Chevron doctrine. In a short order Tuesday, the justices granted a request to reverse a lower court ruling affirming the Federal Energy Regulatory Commission’s approval of the Broadview solar array and battery storage facility in Billings, Montana. The order was one of nine directing federal courts to reconsider decisions on everything from Internal Revenue Service audits to the removal of officials from federal offices, based on Friday’s Chevron ruling. 'This is the perfect trial case to examine the reach' of Chevron’s end, said Joel Eisen, a law professor at the University of Richmond, about the solar case...EEI lauded the Supreme Court decision for reversing a decision that it said had paved the way for large solar developers to'“earn preferential prices at the expense of customers, including NorthWestern’s customers.'"

Not sure we need the world's smartest super computer to figure this one out...

It's not just the American people suffering from Team Biden's attacks on energy. The rest of the world has come to rely on our freedom molecules.

Bloomberg (7/1/24) reports: "Spain imported a record volume of crude oil from the US in May, in the latest sign of how supplies of the flagship WTI Midland grade have gained a foothold in the European market. The nation boosted crude imports from the US by 82% year-on-year to 1.18 million tons in May, data from national stockpiles agency CORES showed. That’s the highest for any month since shipments resumed in early 2016 after Washington lifted a ban on crude exports. The US was the biggest source of imported crude for Spain in May, leap-frogging Brazil compared with April, the CORES data compiled by Bloomberg show. The next largest suppliers of imports for May were Brazil, Venezuela and Nigeria. European refiners have boosted imports of American barrels to replace Russia’s Urals crude since the invasion of Ukraine in 2022. Processors adjusted their feedstock to include the American grade, which is lighter than Russian barrels."

Energy Markets

WTI Crude Oil: ↓ $82.57
Natural Gas: ↓ $2.47
Gasoline: ↑ $3.51

Diesel: ↑ $3.84
Heating Oil: ↓ $260.13
Brent Crude Oil: ↓ $86.01
US Rig Count: ↓ 615

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