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MORNING ENERGY NEWS  | 10/14/2021
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Hey Larry, when will you help stop this energy hyperinflation you helped kick off? When will you ask oil, gas, and coal companies to increase exploration and production cap ex?


Euromoney (10/13/21) reports: "Larry Fink, chairman and chief executive of BlackRock, was in a forthright mood, speaking to the institute of International Finances's president Tim Adams on the eve of third-quarter results. The world's largest asset manager on Wednesday reported a 16% year-on-year increase in revenues, a 10% increase in operating income and $98 billion of long-term net inflows for the quarter...BlackRock oversees well over $200 billion dedicated to sustainable strategies, much of what that in a new generation of iShares ETFs. Fink points out in his 2021letter to CEOs that the creation of sustainable index investments has enabled a massive acceleration of capital towards companies better prepared to address climate risk. This, he suggests, is only just starting, will play out over many years, and is set to transform asset prices."

"But make no mistake, it is exactly people like Larry Fink who are to blame for the global energy crisis, by pretending that massive continuing investment in fossil fuels aren’t necessary and by attempting to bully companies out of making them." 

 

– William Slaughter 

This pretty much sums up the global warming elites...


The Guardian (10/11/21) reports: "Burnishing his green credentials before the Cop26 summit, it was with pride that Prince Charles revealed that he runs his Aston Martin on 'surplus English white wine and whey from the cheese process.'..Yet while the heir to the throne’s initiative has won some plaudits – as well as mirth – others have pointed out that the particularly niche approach is of little help both nationally and globally. In fact, say campaigners, there would even be significant harms were it to be somehow replicated. 'Prince Charles’s quaint solution to decarbonise his Aston Martin using a high blend of bioethanol made from cheese and wine wastes should not be mistaken for a serious solution to decarbonise vehicles,' said Greg Archer, UK director of T&E, a European clean transport campaign group...Not that the streets of the UK are set to be clogged any time soon with vehicles running on leftover Chapel Down or mouldy stilton. To be more precise, the car that Charles has owned for five decades has been converted to run on a fuel blend made up of 85% bioethanol and 15% unleaded petrol, known as E85...But as explained by Dr Chris Malins, a consultant on alternative fuels policy and sustainability, the prince’s case is a 'boutique' case that is essentially not scalable as a specific model."

This is what is known as an abusive relationship.


Reuters (10/13/21) reports: "The White House has been speaking with U.S. oil and gas producers in recent days about helping to bring down rising fuel costs, according to two sources familiar with the matter. Energy costs are rising worldwide, in some cases leading to shortages in major economies like China and India. In the United States, the average retail cost of a gallon of gas is at a seven-year high, and winter fuel costs are expected to surge, according to the U.S. Energy Department. Oil-and-gas production remains below the nation’s peak reached in 2019. The talks with energy companies touched on several issues, including prices, according to a third person familiar with the discussions. The administration has been in discussions with the oil industry over limiting methane emissions in recent months. 'We are closely monitoring the cost of oil and the cost of gas Americans are paying at the pump. And we are using every tool at our disposal to address anti-competitive practices in U.S. and global energy markets to ensure reliable and stable energy markets,' a White House official said."

Biden's American energy embargo is going to hurt.


Wall Street Journal (10/14/21) reports: "Americans got a stark warning from the government this week: Expect higher heating bills this winter. According to the Energy Information Administration, nearly half of U.S. households that warm their homes with mainly natural gas can expect to spend an average of 30% more on their bills compared with last year. The agency added that bills would be 50% higher if the winter is 10% colder than average and 22% higher if the winter is 10% warmer than average.The forecast rise in costs, according to the report, will result in an average natural-gas home-heating bill of $746 from Oct. 1 to March 31, compared with about $573 during the same period last year."

Energy Markets

 
WTI Crude Oil: ↑ $80.80
Natural Gas: ↑ $5.85
Gasoline:  $3.29
Diesel: ↑ $3.50
Heating Oil: ↑ $253.58
Brent Crude Oil: ↑ $83.67
US Rig Count: ↑ 632

 
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