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DAILY ENERGY NEWS | 11/18/2021
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** Since Inauguration Day, WTI is up 48%, but gasoline prices are up only 43%. If these guys are gouging motorists, they're pretty lousy at it. On the other hand, Biden wasted no time killing pipelines and shutting down drilling. Maybe the FTC should investigate him for anti-consumer behavior.
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CNBC ([link removed]) (11/17/21) reports: "President Joe Biden is asking the Federal Trade Commission to look into behavior from energy companies as prices at the pump hover around a seven-year high. In a letter to Chair Lina Khan Wednesday, Biden said there’s 'mounting evidence of anti-consumer behavior by oil and gas companies.' The letter noted that prices at the pump have remained high despite a decline in the price of unfinished gasoline. 'This unexplained large gap between the price of unfinished gasoline and the average price at the pump is well above the pre-pandemic average,' the letter said. The letter added that the 'two largest oil and gas companies in the United States' — which are Exxon and Chevron based on market capitalization — are on track to almost double their net income compared with 2019 levels, while the two companies have also announced stock buybacks and
dividend hikes. Biden’s latest request comes as the administration tries to quell the surge in gas prices and its contribution to inflation across the economy. In August the administration called on OPEC and its oil-producing allies to boost output and also asked the FTC to investigate price-gouging at the pump."
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** "If a genie appeared and said 'I can make all fossil fuel and FF infrastructure disappear if you choose' I'd say yes, even knowing the chaos it would sadly cause. Because it would still be far less than the irreversible damage and chaos we're heading toward."
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– Peter Kalmus, NASA climate scientist ([link removed])

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Just two "old friends" ensuring peace in our time...

** Reuters ([link removed])
(11/15/21) reports: "U.S. President Joe Biden and Chinese leader Xi Jinping stressed their responsibility to the world to avoid conflict as the heads of the two top global economies gathered for hours of talks on Monday. 'It seems to me our responsibility as leaders of China and the United States is to ensure that our competition between our countries does not veer into conflict, whether intended or unintended,' Biden said. The United States and China disagree on the origins of the COVID-19 pandemic, trade and competition rules, Beijing's expanding nuclear arsenal and its stepped-up pressure on Taiwan, among other issues. Calling Biden an 'old friend,' Xi said the two sides must increase communication and cooperation to solve the many challenges they face. Biden previously disputed the characterization of their relationship as an old friendship...Biden promised to address areas of concern, including human rights and other issues in the Indo-Pacific region, adding that 'you and I have never
been that formal with one another.'"

One of the "triumphs" of COP26 was the language to end inefficient fossil fuel subsidies. So why, then, is the Biden Administration asking countries to subsidize oil prices through SPR releases?

** Bloomberg ([link removed])
(11/18/21) reports: "China is releasing some oil from its strategic reserves days after the U.S. invited it to participate in a joint sale, suggesting the world’s two biggest oil consumers are willing to work together to keep a lid on energy costs. U.S. President Joe Biden and Chinese President Xi Jinping had discussed the merits of releasing oil from strategic reserves during their virtual summit this week, and Beijing’s decision will be seen as a win in Washington’s campaign to bring down prices. The administration has been lobbying Asian nations including China, India, Japan and South Korea to release reserves after OPEC+ rebuffed pressure from Biden to pump more crude. Oil prices have jumped more than 50% this year, contributing to a surge in inflation as the global economy recovers from the Covid-19 pandemic. Gasoline prices are near records in some regions of the U.S. and the administration is weighing several responses beyond its own stockpile release. Biden has also ordered the
Federal Trade Commission to investigate possible market manipulation."

Preach on, brother Hayes, preach on...

** Wall Street Journal ([link removed])
(11/12/21) op-ed: "Winter is coming, and President Biden may soon make Michigan’s hardest season even more painful. The White House is reportedly studying the consequences of shutting down Line 5, an oil and natural-gas liquids pipeline that carries heating and transportation fuels from Wisconsin through Michigan to Sarnia, Ontario. A shutdown would be a replay of the Keystone XL cancellation, except this pipeline is already operating, so the damage would be much worse. Media reports earlier this month prompted the White House to admit it was studying a shutdown. This week, however, the administration backtracked, denying it would make such a move. Energy Secretary Jennifer Granholm, a former Michigan governor, has already stated that Americans should expect to pay more for their gasoline and heating fuels this winter. The administration must realize that further price hikes, along with self-imposed energy shortages, will occur if a shutdown moves ahead."

Energy Markets


WTI Crude Oil: ↑ $78.93
Natural Gas: ↑ $4.99
Gasoline: ~ $3.41

Diesel: ~ $3.64
Heating Oil: ↑ $238.65
Brent Crude Oil: ↑ $81.05
** US Rig Count ([link removed])
: ↓ 653



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