"I ask you to judge me by the enemies I have made."

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DAILY ENERGY NEWS | 07/03/2025

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You can tell the OBBB is a win for America by who has lined up against it.

Sierra Club (7/3/25) catastrophizes: "Republicans in Congress are poised to deliver a big legislative victory for President Donald Trump, but environmental and public health advocates warn it will at an enormous cost: to the health of millions of Americans, their jobs and livelihoods, and the ongoing fight against runaway climate change. On Tuesday, the Senate voted by a razor-thin 51-50 margin to pass the so-called One Big Beautiful Bill Act...The bill would decimate the Inflation Reduction Act—the largest climate and clean energy investment in US history—by cutting incentives and funding for renewable energy and clean energy technologies like heat pumps and electric vehicles. It eliminates the tax credit for electric vehicles, ends the advanced manufacturing tax credits for clean energy and batteries, including wind turbines, and slashes tax credits for solar and wind projects. The bill also repeals residential clean energy tax credits that help homeowners install renewable energy systems like rooftop solar and it axes incentives for home energy efficiency upgrades like weatherization."

"There are two ways to preserve the status quo:

1. Keep voting for it.
2. Keep voting against imperfect progress. Either way, nothing changes.

Fight the battle you're in, not the one you wish you were in."

– Rep. Warren Davidson (OH-8)

USA #1.

Rig Zone (7/3/25) reports: "According to the Energy Institute’s (EI) latest statistical review of world energy report, which was published recently, the world’s top oil producer is the United States. The report showed that the U.S. produced 20.135 million barrels of oil per day in 2024. That represented a 3.6 percent increase year on year and 20.8 percent of the total oil production in 2024, according to the report, which highlighted that U.S. oil production has seen an average yearly growth rate of 5.5 percent from 2014 to 2024...The report pointed out that its oil production figures include 'crude oil, shale oil, oil sands, condensates (lease condensate or gas condensates that require further refining), and NGLs (natural gas liquids - ethane, LPG and naphtha separated from the production of natural gas).' The EI’s latest statistical review of world energy showed that the U.S. was also the world’s top producer of crude oil and condensate. According to the report, the U.S. produced 13.194 million barrels per day in 2024. This was a 2.0 percent year on year increase and represented 15.9 percent of the world’s total crude oil and condensate production last year."

They're calling it the California of Europe, and they aren't referring to the weather, folks.

When you have a product people want you don't need subsidies, you just need government to get out of the way.

Bloomberg (7/2/25) reports: "In an outpost of Patagonia where the desert steppe collides with lush river banks, Argentine drillers are pumping crude that’s as light and sweet as the Permian Basin’s — and they’re doing it for less than their Texan counterparts. Welcome to the world’s latest shale boom. After a decade of false starts, the Vaca Muerta is finally lifting off, invigorated by President Javier Milei’s free-market experiment. The libertarian leader wants to transform Argentina into a major oil producer and reshape an economy built on farming...Like a jar lid that suddenly twists open after others loosened the seal, the Vaca Muerta was already on the verge of a breakout when Milei took office...To quicken the boom, Milei had only to tear away obstacles: He all but extinguished price caps on oil; relaxed capital controls that have especially been the bane of supermajors like Chevron Corp.; and granted energy investors legally-bulletproofed tax breaks for 30 years. Within a year of his taking office, daily crude production in the Vaca Muerta jumped 28% and in April notched 442,000 barrels. Over the next five years, it’s forecast to surpass 1 million barrels a day — as much as some OPEC members — with most earmarked for export."

Energy Markets

WTI Crude Oil: ↓ $67.28
Natural Gas: ↑ $3.52
Gasoline: ↓ $3.16

Diesel: ↓ $3.68
Heating Oil: ↓ $241.00
Brent Crude Oil: ↓ $68.92
US Rig Count: ↑ 573

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