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MORNING ENERGY NEWS  | 10/05/2021
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Pop quiz for Circle Back:  Which country is the world's largest oil producer?  (Hint - This country is not a member of OPEC+).  Also, am I missing something or did she forget one of the "tools" at their disposal?  It's called drilling. 

"The Biden energy plan:

-Kill Keystone XL
-Limit oil/gas production on US land
-Try to push oil/gas/coal off the grid

BUT

-Give Putin a pipeline
-Beg OPEC to boost production
-Import Chinese solar panels

Result:  Rising energy prices for Americans while our enemies get rich." 

 

– Rep. Chip Roy, TX 21st District

Meet the new boss, same as the old boss. Biden, like Obama, wants America’s energy system to look more like Europe's...

"What's causing this global energy crisis?" said absolutely no-one who has been paying attention. 


Bloomberg (10/5/21) reports: "The world is living through the first major energy crisis of the clean-power transition. It won’t be the last. The shortages jolting natural gas and electricity markets from the U.K. to China are unfolding just as demand roars back from the pandemic. But the planet has faced volatile energy markets and supply squeezes for decades. What’s different now is that the richest economies are also undergoing one of the most ambitious overhauls of their power systems since the dawn of the electric age -- with no easy way to store the energy generated from renewable sources. The transition to cleaner energy is designed to make those systems more resilient, not less. But the actual switch will take decades, during which the world will still rely on fossil fuels even as major producers are now drastically shifting their output strategies. 'It is a cautionary message about how complex the energy transition is going to be,' said Daniel Yergin, one of the world’s foremost energy analysts and author of The New Map: Energy, Climate and the Clash of Nations. In the throes of fundamental change, the world’s energy system has become strikingly more fragile and easier to shock."

Miss me yet?

Energy Markets

 
WTI Crude Oil: ↑ $234.12
Natural Gas: ↑ $6.09
Gasoline: ↑ $3.20
Diesel: ↑ $3.36
Heating Oil: ↑ $247.81
Brent Crude Oil: ↑ $82.42
US Rig Count: ↓ 621

 
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