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DAILY ENERGY NEWS | 10/28/2024
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** You don't have to go home, but you can't stay here.
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ZeroHedge ([link removed]) (10/26/24) reports: "Today in how not to get gas prices down on the West Coast news, it was announced that California is on the precipice of losing two more major refineries that produce 14% of the state's gasoline due to suffocating regulation. Valero may shut down its two California refineries, according to Just The News. With existing closures already requiring California to import 8% of its supply, the state could soon face a greater dependence on refined imports, adding to its reliance on Middle Eastern and South American crude. Valero CEO Lane Riggs explained last week that profit margins are already low from its refinery business and says the company has already 'minimized strategic [capital expenditures]'. He added that 'California is increasing its regulatory pressure on the industry, so we’re really considering everything — all options are on the
table.' The Just The News report says that although Riggs did not explicitly confirm plans to shut down refineries representing 14% of California's capacity, state lawmakers raised alarms, linking potential closures to new regulatory powers granted during a special legislative session. Phillips 66 recently announced the closure of its Los Angeles refinery, accounting for 8% of the state’s refining capacity, following the passage of the new legislation. California's oil production has halved since 2008, dropping from 249 million barrels (38% of state needs) to 124 million barrels in 2023 (23.4% of needs). Imports have surged, with 61% now coming from countries like Iraq, Saudi Arabia, Ecuador, and Colombia, compared to 48.5% in 2008."

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** "The fate of CPP 2.0 will be the same when the Supreme Court reviews it on the merits—it will be overturned because it plainly violates the statute it cites as authority from Congress."
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– T ([link removed]) ravis Fisher and Joshua Loucks, Cato Institute ([link removed])

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So is "climate finance" just a slush fund?

** Oxfam International ([link removed])
(10/17/24) reports: "Up to $41 billion in World Bank climate finance —nearly 40 percent of all climate funds disbursed by the Bank over the past seven years— is unaccounted for due to poor record-keeping practices, reveals a new Oxfam report published today ahead of the World Bank and IMF Annual Meetings in Washington D.C. An Oxfam audit of the World Bank’s 2017-2023 climate finance portfolio found that between $24 billion and $41 billion in climate finance went unaccounted for between the time projects were approved and when they closed. There is no clear public record showing where this money went or how it was used, which makes any assessment of its impacts impossible. It also remains unclear whether these funds were even spent on climate-related initiatives intended to help low- and middle-income countries protect people from the impacts of the climate crisis and invest in clean energy."

Will anyone on the left protest this?

** Just the News ([link removed])
(10/26/24) reports: "A new study is raising concerns about the ethical sourcing of strategic minerals that go into the electric vehicles the Biden-Harris administration is mandating more people drive. 'Recharge for Rights' by Amnesty International assesses automakers’ performance on human rights policies, including forced evictions, health impacts from environmental pollution, child labor and slavery. The report found that, while some automakers did better than others — Tesla and other American automakers scored the highest — none of them met Amnesty International’s standards. "The human rights abuses tied to the extraction of energy transition minerals are alarming and pervasive and the industry’s response is sorely lacking" said Amnesty International’s Secretary General, Agnès Callamard. The report comes out a month after the U.S. Department of Labor updated its 'List of Goods Produced by Child Labor or Forced Labor.' The list includes a range of agriculture and industrial products
produced all over the world, including lithium, cobalt, nickel and a host of other minerals."

Elections have consequences.

** Wood Mackenzie ([link removed])
(10/25/24) reports: "Elections certainly have consequences for energy policy, and the US elections on 5 November will be no exception. The two parties present starkly different visions for the future of the industry. However, the significance of federal policy for US energy is often overestimated. A second Trump administration would cut regulatory burdens on the oil and gas industry and open more areas for development, boosting production at the margin... One area where the presidential election could make an immediate difference is the LNG industry. The Natural Gas Act of 1938 puts exports of gas, including LNG, directly under the administration’s control. Anyone who wants to export (or import) gas needs an authorisation from the Department of Energy (DoE) declaring that the sales would be in the public interest of the US. In January, under pressure from environmental campaigners, the administration announced a 'temporary pause' on awarding authorisations for exports to countries that do
not have a free trade agreement (FTA) with the US. Those non-FTA countries include most big LNG markets, such as China and EU members. Former President Trump has said he would end that pause and restart approvals immediately on taking office. Vice President Kamala Harris’s position if she wins the election is less clear, potentially pointing to delays for LNG export projects that do not have the authorisations they need... Mark Bononi, Wood Mackenzie’s principal analyst for global gas and LNG asset research, has calculated that proposed US LNG projects with a total capacity of almost 90 million tons per year (mtpa) still need non-FTA export authorisations. That is roughly equivalent to the entire US LNG export capacity operational at the start of this year. Projects that have secured non-FTA export authorisations but need extensions if they cannot start shipments by the end of 2026, account for almost another 90 mtpa."

Energy Markets


WTI Crude Oil: ↓ $67.60
Natural Gas: ↓ $2.42
Gasoline: ↓ $3.13

Diesel: ↓ $3.57
Heating Oil: ↓ $214.46
Brent Crude Oil: ↓ $71.83
** US Rig Count ([link removed])
: ↓ 612



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