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DAILY ENERGY NEWS | 12/06/2024

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Chris Wright needs to be Mr. Freeze when he comes to town.

Free Beacon (12/5/24) reports: "House GOP leaders are calling on the Biden-Harris administration to immediately freeze its behemoth green energy loan disbursements, which officials have accelerated in recent weeks ahead of President Donald Trump's upcoming term, the Washington Free Beacon has learned. Reps. Cathy McMorris Rodgers (R., Wash.), Morgan Griffith (R., Va.), and Jeff Duncan (R., S.C.), all of whom serve in top positions on the Energy and Commerce Committee, penned a letter Wednesday to the Department of Energy's Loan Programs Office, arguing that its recent flood of loans presents substantial financial risks to taxpayers. They added that the accelerated spending appears motivated by looming cuts to green energy loan programs, which Trump has promised to 'terminate.' The Republicans cite a recent Free Beacon analysis that tracked all pending and closed green loans dished out by the Loan Programs Office. Since that analysis was published last month, the office's total financial commitments have increased from $37.6 billion to nearly $57 billion, a jump driven in large part by multibillion-dollar loans promised to automakers Rivian and Stellantis for electric vehicle projects...'This is an egregious abuse of taxpayer dollars,' Tom Pyle, the president of the Institute for Energy Research and member of the 2016 Trump transition team, told the Free Beacon last month. 'Not one additional loan should go out the door between now and the inauguration. President Trump ran on an energy platform that included repealing the subsidies in the IRA and yet Biden is trying to rush this money out the door before he rides off into the Delaware sunset.' 'On day one, I hope the Trump administration will halt all loans that are not closed and audit all of the projects that have been approved, but especially the ones they are attempting to rush out the door since the election,' Pyle said."

"To ensure that America does not choose to depend on the Chinese Communist Party, our nation must reduce U.S. reliance on China’s economy."

– Diana Furchtgott-Roth,
The Heritage Foundation

D.O.G.E. this nonsense.

Climate Etc. (12/5/24) article: "In October of 2025, the isolated small city of Broken Hill in New South Wales, Australia with a 36 MW load (including the large nearby mines) could not be reliably served by 200 MW of wind, a 53 MW solar array, significant residential solar, and a large 50 MW battery all supplemented by diesel generators. Many people falsely believe that wind, solar and batteries have been demonstrated to provide grid support and deliver energy independently in large real word applications. Few people realize that we are a long way away from having wind, solar and batteries support a large power system without significant amounts of conventional spinning generation (nuclear, gas, coal, hydro, geothermal) on-line to support the grid. The recent outages occurring in Broken Hill help illustrate the inability of wind, solar and batteries to support electric grids without significant help from machines rotating in synchronism with the grid. (Note – wind power is produced by rotation but not in synchronism with the grid)...'If wind, solar and storage can’t keep the beer cold in a small city like Broken Hill, how will it perform when called upon to power the rest of the country?' Policy makers pushing for standalone power systems built primarily on wind, solar and batteries are lurching towards disaster and will only avoid calamity to the extent that they are unsuccessful in their goals of removing conventional rotating machinery or are able to lean on the despised conventional technology of their interconnected neighbors."

Oil goes afuera.

EIA (12/5/24) reports: "Crude oil and natural gas production in Argentina are both nearing record highs, driven by increasing output from the Vaca Muerta shale formation, which is offsetting declining output from conventional oil and natural gas fields. From January 2021 through September 2024, crude oil production in Argentina increased by 50%, and natural gas production rose by 27%, lifting output of both fuels near the records set in the early 2000s, according to data from the country’s energy ministry, the Secretaría de Energía de la República Argentina (SESCO). We estimate that the Vaca Muerta shale formation, located mainly in Argentina’s Neuquén province, has 308 trillion cubic feet of technically recoverable shale gas resources and 16 billion barrels of technically recoverable shale oil and condensate resources. Argentina ranks among the world’s top five holders of shale crude oil and natural gas resources...Rising production of crude oil and natural gas from the Vaca Muerta formation has increased export opportunities for both fuels. Argentina’s crude oil exports increased by an average of 33% per year from 30,000 b/d in 2017 to 128,000 b/d in 2023. Shale crude oil accounted for about 70% of crude oil exported in 2023. Argentina's primary destinations for crude oil exports in 2023 were the United States, Brazil, and Chile. The recent completion of the Vaca Muerta Norte Oil Pipeline helped facilitate exports to Chile."

Denmark offered no subsidies for offshore wind and received no bids on a tender. It must suck knowing that your product is worthless without government handouts.

Bloomberg (12/5/24) reports: "Denmark received no bids in its largest-ever wind power tender, aimed to more than triple its offshore capacity by the end of the decade. The Danish Energy Agency hadn’t received a single bid in a tender for three offshore wind farms in the North Sea by Thursday’s deadline, it said in a statement. It now will initiate a dialog with the market to find out why. Denmark’s Climate and Energy Minister Lars Aagaard called the results 'very disappointing' and said they were 'not at all what was expected' when a broad majority in parliament entered into the political agreement to expand the country’s offshore wind capacity...Denmark, a country of about 6 million people, is home to some of the world’s largest wind-energy companies, including Vestas Wind Systems A/S and Orsted A/S. The new offshore parks, in which the Danish state would take stakes of 20%, were vital for Denmark to reach its target to become carbon neutral in 2045."

If you oppose a carbon tax, take a stand and contact us.

Tom Pyle, American Energy Alliance

Daren Bakst, Competitive Enterprise Institute

Phil Kerpen, American Commitment

Andrew Quinlan, Center for Freedom and Prosperity

Grover Norquist, Americans for Tax Reform

George Landrith, Frontiers of Freedom

Thomas Schatz, Citizens Against Government Waste

Richard Manning, Americans for Limited Government

Craig Richardson, E&E Legal

Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Annette Meeks, Freedom Foundation of Minnesota
Isaac Orr, Center of the American Experiment
David T. Stevenson, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Jack Ekstrom, PolicyWorks America
Jon Sanders, John Locke Foundation

Energy Markets

WTI Crude Oil: ↓ $67.27
Natural Gas: ↑ $3.09
Gasoline: ↓ $3.02

Diesel: ↑ $3.53
Heating Oil: ↓ $212.99
Brent Crude Oil: ↓ $71.09
US Rig Count: ↓ 603

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