View this email in your browser
DAILY ENERGY NEWS  | 03/11/2025
Subscribe Now

Jen Psaki would be proud.


The Times (3/10/25) reports: "The beleaguered boss of BP has insisted that a move to increase fossil fuel production and abandon green energy targets is “resonating” with investors, as he races to convince shareholders that he can turn around the fortunes of the oil major. At a capital markets day at the end of February, Auchincloss set out plans to increase oil and gas production to between 2.3 million and 2.5 million barrels of oil equivalent a day by 2030 and raise spending to $10 billion a year, about 20 per cent higher than previous levels. It marked a U-turn from a target for a 25 per cent reduction in output to about 2 million barrels a day, compared with 2019 levels. 'Our optimism in 2020 for a fast energy transition was misplaced and we went too far, too fast in our plans,' Auchincloss writes."
All the Times Jen Psaki told Reporters She had to 'Circle Back.'

"Over the last four years, American electricity prices rose by over 20 percent, with only about 2 percent demand growth. Clearly, that trajectory is a train wreck waiting to happen as we enter a period of rapid demand growth for electricity." 

 

– Chris Wright, Secretary of Energy

A very different and welcome message at CERAWeek this year. 


Bloomberg (3/10/25) reports: "Executives from some of the world’s top oil and gas producers offered full-throated support for President Donald Trump’s 'Energy Dominance' on Monday, even as financial markets slumped on broader concerns about his economic agenda. The US fossil fuel industry is key to Trump’s promise of a new 'golden age' for the world’s biggest economy. His administration represents a rare opportunity for oil and gas companies to lock in permitting for everything from drilling leases to liquefied export terminals. Even with the uncertainty, oil producers including Chevron and Shell welcomed the Trump administration’s pro-growth agenda, contrasting it with what they perceive as overly stringent regulatory and climate stances by the Biden administration and in Europe’s political circles."

If only America had an abundance of energy resources and a free market to help lower prices...


Utility Dive (3/10/25) opinion: "In January, the PJM Interconnection issued its annual long-term forecast, which showed demand for electricity in the region could outstrip electric-generating capacity as early as 2026. Looming capacity shortfalls are not news for PJM, whose region includes 13 states and the District of Columbia. Just two years ago, PJM’s same annual forecast predicted capacity shortfalls by 2030; now it’s 2026. Clearly, growth of data centers and manufacturing, along with electrification of tasks like transportation, is driving demand. Artificially deflating capacity prices by lowering the price cap does nothing to fix PJM’s power-supply problems. It will turn an acute problem into a crisis, and could lead to blackouts for portions of the Midwest and Mid-Atlantic at times when electricity is needed most, such as periods of extreme temperatures when lack of heat or air-conditioning can affect health and safety."

Make it happen, Arkansas.


RealClearEnergy (3/10/25) opinion: "In Arkansas, lawmakers in the state capital are currently considering legislation known as Senate Bill 307, or the 'Create the Generating Arkansas Jobs Act of 2025.'  This law will increase investment in the electric grid, attract business investment to the state and protect customers from paying higher power bills. Most importantly, I am supportive of SB307 because it prioritizes protecting the average Arkansas customer – like families and small businesses – from the added costs of expanding electricity generation. The bill does this by changing the process by which electric utilities recover their costs for investing in the electric grid. Because SB307 can put Arkansas in position to win competitive business opportunities, which will create jobs and important tax revenues for the state, I encourage lawmakers in Little Rock to support this legislation. It’s smart public policy and will result in fair power bills for all Arkansans."

Energy Markets

 
WTI Crude Oil: ↑ $68.81
Natural Gas: ↓ $4.56
Gasoline: ↓ $3.00
Diesel: ↓ $3.62
Heating Oil: ↑↓ $220.32
Brent Crude Oil: ↓ $70.10
US Rig Count: ↓ 612

 
Donate
Subscribe to The Unregulated Podcast Subscribe to The Unregulated Podcast
Subscribe to The Plugged In Podcast Subscribe to The Plugged In Podcast
Connect on Facebook Connect on Facebook
Follow on X Follow on X
Subscribe on YouTube Subscribe on YouTube
Forward to a Friend Forward to a Friend
Our mailing address is:
1155 15th Street NW
Suite 525
Washington, DC xxxxxx
Want to change how you receive these emails?
update your preferences
unsubscribe from this list