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DAILY ENERGY NEWS | 05/20/2021
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** Question: How much longer will Joe exploit COVID to implement his left-wing grab bag?

Answer: As long as the media keeps covering up for him.
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American Spectator ([link removed]) (5/19/21) column: "Sometimes we all need a little tough love, and boy did I get a dose from one of my board members recently. 'You might as well roll up shop,' she said. 'COVID’s been over for six months out here, but you’re still obsessed with it. Meanwhile Biden’s radical agenda is advancing every day.' I can’t say she was wrong (although those of us with kids have had a tougher time moving from pandemic to post-pandemic while they are still masked and messed with). And I’m afraid that if I’ve failed to keep my eye on the big-government ball, so have a lot of other people. So that ends today. Let’s take stock of the bewildering array of misguided tax hikes, regulatory power grabs, corrupt union giveaways, and assaults on constitutional rights advancing every day in Democrat-dominated Washington. On energy, Biden’s aggressive anti-oil-and-gas agenda has already vaulted some of America back to Obama-era $4-per-gallon gasoline
in just a matter of months. Biden rejoined the Paris climate agreement (which imposes expensive limits on the U.S. but not China), banned oil and gas leasing on federal lands and waters, and revoked the permit for the Keystone XL pipeline. Those were well covered in the media. But he also repealed Trump’s transparency rules to bring back secret science at the EPA and has the Treasury Department and the SEC cooking up ways to leverage financial regulatory power to make fossil fuels more expensive and less available."


** "As one of his first official acts, Mr. Biden shut down the Keystone XL pipeline that would improve U.S. energy security. He is treating a pipeline that increases Russian influence and income better than one that enhances America’s."
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– Wall Street Journal Editorial Board ([link removed])

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How many times do we have to point out that this guy is a fraudster?

** Bloomberg ([link removed])
(5/17/21) reports: "Tesla Inc. customers in California and several East Coast states sued the company over what they called unexpected and steep price hikes for the company’s Solar Roof product. Chief Executive Officer Elon Musk first unveiled the Solar Roof idea in the fall of 2016, weeks before Tesla acquired solar-panel installer SolarCity for about $2 billion, a controversial move that has been challenged by shareholders. Musk’s Solar Deal Has Become the Top Threat to Tesla’s Future In early April, Tesla increased the cost of the Solar Roof by substantial amounts -- in some cases, by more than 50% -- after buyers had already committed to expensive preparation work, according to the complaint filed Monday in federal court in Northern California. 'After completing the sales agreements, and while the consumers have been making plans for the installations, in classic bait-and-switch fashion, Tesla is now informing these consumers they must pay upwards of a 50% price hike on the cost of the
Solar Roof if they want to proceed with the installation -- and if they do not pay promptly, they risk losing their place in line for installation,' according to the complaint. 'This is nothing short of a deceptive and unfair scheme.' Musk acknowledged that Tesla raised the price of the Solar Roof on the company’s earnings call last month but said that demand for the product 'remains strong.'"

This whole energy transition thing is not going so well. Unless, of course, you are Special Envoy Kerry and slavery is not in your lane...

** ([link removed])

It is really because of China's "head start in recovering from the pandemic" (how convenient, BTW) or is it because our leaders here at home are stunningly obtuse?


** Open Markets ([link removed])
(5/17/21) reports: "In the global refining industry, COVID-19 has exposed a seismic shift. While China’s oil refineries forge ahead with capacity expansion, many western-based refiners have retrenched. As China again hits the stimulus pedal, this year it is expected to officially surpass the U.S. as the world’s largest oil refiner according to the International Energy Agency (EIA). This can be partly explained by China’s head start in recovering from the pandemic. While much of the world remains under varying states of lockdown, China’s economic growth hit 6.5% in the fourth quarter of 2020, meaning that it grew 2.3% for the full-year. It is the only major economy to have expanded in 2020. There are four other structural factors driving the global refining industry amid China’s new capacity boom. Let’s take a look at each. According to the EIA, as economies locked down and airlines were grounded, global oil demand slumped 9.2% to 92.2 million barrels a day. Refineries were quick to feel
the impact with about 1.7 million barrels a day of refining capacity being halted in 2020, with more than half of that decrease in the U.S. And while Europe’s pandemic induced lockdowns may be temporary, at the end of 2020 they were taking out some 900,000 barrels a day of road fuel demand according to Rystad Energy. Added to the deep recessions in the many western countries, the growing pressure to phase out fossil fuels is another headwind. One example is the move by President Biden to pause new domestic oil exploration on federal land."

Energy Markets


WTI Crude Oil: ↓ $63.21
Natural Gas: ↓ $2.96
Gasoline: ~ $3.04

Diesel: ~ $3.17
Heating Oil: ↓ $199.77
Brent Crude Oil: ↓ $66.37
** US Rig Count ([link removed])
: ~ 529



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