Escape from CA

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DAILY ENERGY NEWS | 08/06/2024

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Get out of Gavinland.

Wall Street Journal (8/2/24) reports: "Chevron is relocating to Texas, deserting California, its home state for more than 140 years, where the business climate has soured for oil companies. The second-largest U.S. oil company said Friday it plans to move its global headquarters to Houston, the U.S. energy industry capital. Chevron has built a stronghold of about 7,000 employees there, partly from a matriculation of executives and white-collar workers decamping from California. The relocation plans come weeks after billionaire Elon Musk said X and SpaceX would move their headquarters to Austin, out of California. Musk had moved Tesla’s headquarters to Texas a few years ago. Several other large U.S. companies, including Hewlett Packard Enterprise and Oracle, have moved from blue states such as California to red states such as Texas. Chevron CEO Mike Wirth said the company wants to move its employees to one central hub. He also acknowledged the company has been vocal about its differences of opinion with California on energy policy. 'We believe California has a number of policies that raise costs, that hurt consumers, that discourage investment and ultimately we think that’s not good for the economy in California and for consumers,' Wirth said in an interview. "

"Tim Walz may dress and talk like a rural American, but he is an urban socialist at heart. That's why rural Minnesota rejects him and rural America will in November. Make no mistake, the Harris-Walz ticket is the most extreme and socialist ticket our nation has ever seen. Harris is the same car, different driver and Tim Walz will fit perfectly in the back seat."

– Rep. Pete Stauber (R-MN)

Kamala Harris is just as busy running from her own record as she is running for president…

Fox News (8/5/24) reports: "Dr. Maya Angelou once said, "When someone shows you who they are, believe them the first time." If so, Vice President Kamala Harris let everybody know long ago who she is — especially her disastrous views on energy. Harris’s years-old campaign promises — from banning hydraulic fracturing to abolishing the filibuster so Congress can pass the Green New Deal — return to haunt her. 'There’s no question I’m in favor of banning fracking,' said Harris in 2019 during her failed primary bid to become president. Not so fast! Harris changed her mind — or so her staff claims. 'She would not ban fracking,' a campaign spokesperson said on July 28. The proposal didn’t work in 2019, and it won’t work in 2024, either. Harris’s proposed fracking ban may arouse fanfare with a progressive-leaning audience during a primary, especially considering the party’s continued leftward drift...In sum, Pennsylvanians are unlikely to openly embrace Green New Dealism, whether coming from Washington, D.C., or Harrisburg. A fracking ban would devastate the Keystone State, the nation’s second-largest natural gas producer. Once dubbed 'the Saudi Arabia of North America,' Pennsylvania relies heavily on energy production and extraction, which contributes $75 billion annually and employs nearly half a million people in the commonwealth. "

And who wouldn't run from this record?

Heartland Institute (8/5/24) article: "A new analysis from The Heartland Institute has found that the energy and climate policies of the Biden-Harris administration have caused energy prices to surge, costing the average American family an extra $2,548 since 2021. This is the cost calculated by averaging price increases from January 2021 through December 2023,' the analysis notes, 'which means the actual added cost of energy is likely even higher.' Using data from the U.S. Energy Information Administration, the analysis points out that natural gas prices have increased 32 percent and oil prices have increased 52 percent, respectively, since December 2020, the last full month before President Joe Biden and Vice President Kamala Harris took office. This has led to a 23 percent increase in residential electricity prices, which has cost the average American household an extra $318 per year. Industrial electricity prices are also up by 19 percent. Home heating oil prices have also increased by 69 percent, leading to an estimated $3,068 in extra costs since 2021 for households dependent on it. Homes that utilize natural gas have spent an extra $586 over the same time period. Gasoline prices have also increased by 42 percent, or $0.97 per gallon, since January 2021, causing the average American driver an extra $548 annually at the pump. The analysis notes that these increased prices are 'not accidental,' but the direct result and consequence of the Biden-Harris administration’s policies."

How many times must America's policy makers learn that energy security is national security?

RigZone (8/6/24) reports: "n its latest Maritime Security Threat Advisory (MSTA), which was released on August 5, Dryad Global warned that, “Iran is expected to retaliate against Israel within the next 48 hours, assuming no new developments.' 'The last two weeks have seen an unprecedented string of escalating events, with the potential to spark a major regional conflict,' Dryad said in the advisory...In a recent exclusive interview, Caleb Jasso, an analyst at the Institute for Energy Research (IER), told Rigzone that 'widespread regional conflict in the Middle East is certainly more likely than it was a few years ago.'...If widespread regional conflict happens, and directly involves Iran and Israel combating each other, the impact on oil prices could be severe, especially compared to how nominally oil prices have been impacted by the Israel-Hamas War when compared to historical regional conflicts, Jasso told Rigzone. 'One of the more impactful actions on oil prices has been the Houthi attacks in the Red Sea, which began as a result of the Houthis’ support for Hamas and has caused considerable damage to the flow of trade through the Suez Canal,' he said. 'If a broader conflict ensues, and the Houthis not only continue their attacks but are emboldened further, and Iran decides to harass shipping in the Strait of Hormuz, then oil prices, especially in East Asia, could be negatively affected,' he added."

Energy Markets

WTI Crude Oil: ↑ $73.82
Natural Gas: ↑ $2.02
Gasoline: ↓ $3.46

Diesel: ↑ $3.79
Heating Oil: ↑ $230.39
Brent Crude Oil: ↑ $77.03
US Rig Count: ↑ 619

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