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DAILY ENERGY NEWS | 11/24/2021
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** While Biden taps the strategic polling reserve, AEA asks the FTC to investigate him for price gouging on the latest episode of The Unregulated Podcast now streaming on our website ([link removed]) or wherever you listen to podcasts.
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** "The SPR is for a crisis interruption in energy supplies, so severe it represents a STRATEGIC threat to US interests. The SPR isn't there so US Pres can buy down prices to buoy his sagging approval numbers. This is banana republic stuff."
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– Professor Michael Munger, Duke University ([link removed])
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But the destruction and violence will be mostly peaceful. Oh, and it won't be a super spreader event either.
** CHEK ([link removed])
(11/21/21) reports: "A renowned environmental activist has a stern warning for politicians and global leaders if they fail to act on climate change. 'There are going to be pipelines blowing up if our leaders don’t pay attention to what’s going on,' David Suzuki told CHEK News on Saturday without elaborating further. The prominent environmentalist made the comments during an Extinction Rebellion Vancouver Island protest — called a Funeral for the Future — in downtown Victoria on Saturday afternoon. Suzuki was also at the group’s first event in the United Kingdom in 2018...Meanwhile, Suzuki said that British Columbia and the world is in 'deep deep doo-doo' at this point unless serious action is taken to address the climate emergency. He said Canada needs to find alternative ways to living, suggesting that altering the food supply chain is one way to cut fossil fuel emissions. 'We cannot go on having a food chain that is 6,000 or 7,000 miles long,' he said. “We’re a northern country, why the
hell are we able to buy fresh tomatoes and lettuce and fresh fruit 12 months a year? We’ve got to start living in a way that reflects the place that we live.'"
Biden feasts on SPR for Thanksgiving. Market calls it a turkey drop.
** Wall Street Journal ([link removed])
(11/23/21) editorial: "Crude prices rose Tuesday after the Biden Administration announced that the U.S. and other countries would tap their petroleum reserves. Sorry, Mr. President. Markets know that this political gesture won’t fix the supply shortage and could make it worse...For a decade the U.S. was the world’s swing oil producer. But U.S. drillers have retreated amid a regulatory assault from Washington, pressure from progressive investors, and challenges obtaining capital. Some say they are also struggling to find workers. Output is set to hit a record in the Permian Basin, where the break-even costs are low and new production doesn’t require long-term investment. But U.S. production is still about 1.7 million barrels per day below its pre-pandemic peak and has been declining in other oil fields such as the Bakken Shale, where a shortage of pipeline capacity has raised costs. The Democrats’ multi-trillion-dollar spending bill is chock-full of fees that would make U.S. producers less
globally competitive. Meantime, the Biden Administration last week asked the Fifth Circuit Court of Appeals to reverse a lower judge’s injunction on its ban on oil and gas leases on federal land. All of these policies discourage investment in future production, which means supply shortages and high gas prices may not be as temporary as the Administration claims. Mr. Biden’s SPR withdrawal is intended to give the appearance of doing something about prices while actually doing nothing."
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Electricity comes from little slots in the wall and propane comes from little tanks.
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Energy Markets
WTI Crude Oil: ↓ $78.14
Natural Gas: ↑ $5.05
Gasoline: ↓ $3.39
Diesel: ~ $3.64
Heating Oil: ↓ $238.29
Brent Crude Oil: ↓ $81.94
** US Rig Count ([link removed])
: ↓ 656
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