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MORNING ENERGY NEWS  | 11/05/2021
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A reporter other then Peter Doocy asks the WH about domestic supply. Baby steps, people...

Here's a sample question for a reporter. Go ahead and use it.  We don't need the credit.

"The United States produced over 80% of the new oil on the global market over the last decade. If Joe Biden is concerned about high oil and gasoline prices, why is he attacking domestic oil and gas production instead of encouraging it?" 


Reuters (11/4/21) reports: "The White House said on Thursday OPEC and its allies had the power to put more oil on the market and influence gasoline prices while the United States operated on a system in which oil producing companies made their own decisions on supply. 'The U.S. operates on a competitive free market system,' White House spokesperson Karine Jean-Pierre told reporters. 'Individual companies make their own decisions,' she said. OPEC and its allies agreed at a meeting on Thursday to stick to plans to raise oil output by 400,000 barrels per day (bpd) from December, despite calls from the United States for extra supply to cool rising prices."

“As long as enough people can be frightened, then all people can be ruled. That is how it works in a democratic system and mass fear becomes the ticket to destroy rights across the board." 

 

– James Bovard, 
American Institute for Economic Research

China and the rest of the world only want $1.3 Trillion per year. Sign us up, Joe! 


Wall Street Journal (11/4/21) reports: "Most of the world’s developing countries have backed a demand for wealthy nations to channel at least $1.3 trillion in climate finance to them annually starting in 2030, the opening salvo in one of the most contentious negotiating topics at the COP26 climate summit. African nations and a group called the Like-Minded Developing Countries, which includes China, India and Indonesia, said in a document they submitted to the United Nations at the summit that half the money should go toward funding renewable energy in the developing world and half toward protecting these countries from the effects of global warming. Developed nations have long pledged to help pay for developing nations to respond to climate change. That promise was crucial to sealing the Paris accord in 2015, when the U.S., Europe and other wealthy countries agreed to provide $100 billion a year from 2020 through 2025.The $1.3 trillion target for mobilizing funds reflects the huge investments that will be needed after that to reach the climate targets of the Paris accord, the paper says."

Your periodic reminder that the Energy Secretary doesn't know anything about energy.

You can't go near renewable advocates without hearing how wind and solar are now the cheapest forms of generation. So when do these low costs show up for consumers? Am I missing something here?


Barron's (11/3/21) op-ed: "As Europe struggles through an energy crisis, the United States could very well be on the precipice of our own. Prices are high—that is no secret. Production of oil is lower than it was before Covid, and there are concerns about a cold winter coming. And yet the situation may be worse than that. The U.S. may very well be facing a shocking dislocation of the energy economy. Electricity prices in the U.S. follow a typical pattern. Prices increase in the summer and decline the following winter. According to data from the Bureau of Labor Statistics, over the last 20 years, prices in summer months (May–October) have averaged $0.007 per kilowatt-hour more in the summer than in the preceding winter months. Prices drop, on average, by $0.004 per KWH in the winter months (November–April) compared to the preceding summer months. Between 2001 and 2020, electricity prices only diverged from this pattern once, with a brief spike in the winter of 2006. Now, we are seeing a completely new path for electricity pricing. In the winter of 2020–2021, the price of electricity actually rose $0.001 per KWH compared to the previous summer. More disturbing, though, the price is expected to continue to rise this winter as well. If it does, last winter will not be an aberration but a dislocation. The consequences would be significant for both energy and utility investing as well as for Americans who struggle to pay their electricity and heating bills this winter."

If you oppose a carbon tax, take a stand and contact us.
Tom Pyle, American Energy Alliance
Myron Ebell, Competitive Enterprise Institute
Phil Kerpen, American Commitment
Andrew Quinlan, Center for Freedom and Prosperity
Tim Phillips, Americans for Prosperity
Grover Norquist, Americans for Tax Reform
George Landrith, Frontiers of Freedom
Thomas A. Schatz, Citizens Against Government Waste
Richard Manning, Americans for Limited Government
Adam Brandon, FreedomWorks
Craig Richardson, E&E Legal
Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Nathan Nascimento, Freedom Partners Chamber of Commerce
Isaac Orr, Center of the American Experiment
David T. Stevenson & Clint Laird, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Jack Ekstrom, PolicyWorks America

Energy Markets

 
WTI Crude Oil: ↑ $79.61
Natural Gas: ↓ $5.53
Gasoline: ↓ $3.42
Diesel: ↑ $3.64
Heating Oil: ↑ $242.74
Brent Crude Oil: ↑ $81.15
US Rig Count: ↓ 646

 
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