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DAILY ENERGY NEWS | 02/24/2025
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** Admitting they have a problem is the first step to any addict's recovery.
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Reuters ([link removed]) (2/21/25) reports: "The European Union will seek more gas from countries including the U.S. to replace Russian supplies, and expand renewable energy faster to cut its overall reliance on the fuel, the EU's energy commissioner has said. The EU has pledged to quit Russian fossil fuels by 2027 in response to Moscow's 2022 invasion of Ukraine. While Russian pipeline gas deliveries have plunged, the EU increased its imports of Russian liquefied natural gas last year. Under EU law, European gas contracts must end by 2049 to align with the bloc's climate change target for net zero emissions by 2050. The EU's electricity market rules mean that, despite Europe's rapid expansion of renewable energy, the price of gas continues to set the power price many European consumers pay."
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** "If you make energy more expensive and less reliable, as the United Kingdom has done over the last couple of decades, you lower the standard of living of your population, shrink their opportunity set, and you simply export your industry."
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– Secretary of Energy, Chris Wright ([link removed])
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Germany and the last climate crusade.
** Politico ([link removed])
(2/20/25) reports: "Moving forward, efforts to tackle global warming will be 'subordinate' to economic growth, [Friedrich] Merz said. On the campaign trail, the conservative leader has repeatedly tied Germany’s economic woes to climate policy, especially focusing on the bureaucratic burden. 'That's politicking,' said Giegold. 'Everybody who is reasonable knows that the crisis of the German economy is not because of the climate policies, but because of our sudden change in energy prices.' The reason for that: 'A change on the supply side because of Russia.' In other words, Moscow’s war in Ukraine and the resulting energy cutoffs to Europe."
No such thing as a free lunch. All types of energy have trade-offs.
** NPR ([link removed])
(2/13/25) reports: "The Biden administration liked nuclear's low carbon footprint, and President Trump has cited nuclear as part of his plan to 'unleash American energy.' That's adding pressure to the decades-long effort to find a place to store the radioactive waste U.S. nuclear power plants produce. One place under discussion is the sparsely populated northwest corner of Colorado. To help facilitate the push for nuclear energy, a regional energy development initiative in northwest Colorado is shopping around the idea of hosting a temporary, consolidated storage site for the radioactive spent fuel produced by the nation's nuclear power plants. The U.S. Department of Energy is asking communities that want to keep talking about hosting a temporary waste site to say so by this fall. It hopes to open a facility by 2038."
Trump was right ... again.
** RealClearEnergy ([link removed])
(2/21/25) article: "Greater LNG exports improve the U.S. economy and do not, as critics allege, threaten the U.S. with higher natural gas prices. In fact, historically the opposite occurred. Like any commodity, spot prices for natural gas are volatile. For the last 25 years the average monthly spot price for natural gas were as high as $14.84 per million Btu in September 2005 and as low as $1.49 in March 2024. On average, spot prices have been around $4.26 per million Btu during this period. The expanded production of natural gas increases economic activity and directly creates high paying jobs in states from Pennsylvania to Texas. And it’s not just natural gas production that benefits the economy. Expanding the capacity of LNG export facilities also accelerates economic growth. According to the National Association of Manufacturers, U.S. LNG export facilities directly and indirectly support over 200,000 jobs as of 2023."
Energy Markets
WTI Crude Oil: ↓ $70.37
Natural Gas: ↓ $3.96
Gasoline: ↓ $3.14
Diesel: ↓ $3.67
Heating Oil: ↓ $241.70
Brent Crude Oil: ↓ $74.44
** US Rig Count ([link removed])
: ↑ 601
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