Bait and Switch

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DAILY ENERGY NEWS | 11/29/2021

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Joe Biden pretends to care about high gas prices, while his Interior Secretary drops another turkey on Black Friday.

Reuters (11/26/21) reports: "The Biden administration proposed a slew of changes on Friday to the nation's federal oil and gas leasing program, including hiking fees on drilling companies and limiting their access to sensitive wildlife and cultural zones. The recommendations followed a months-long review aimed at ensuring drilling on federal lands and waters benefits the public. But in a sign of the extreme controversy surrounding the issue, environmental groups slammed the proposals as too weak and the industry criticized them as too harsh. President Joe Biden's administration launched the review earlier this year in what had widely been seen as a step toward delivering on his election campaign promise to end new fossil fuel drilling on federal acreage to fight climate change. Under the U.S. federal oil and gas leasing program, the Interior Department must hold regular auctions for the drilling industry to boost domestic energy self-sufficiency and raise money for public coffers...'Our nation faces a profound climate crisis that is impacting every American,' Interior Secretary Deb Haaland said in a statement announcing the recommendations."

"Why isn't the media reporting that oil companies chose to raise prices rather than increase supplies?"

– Robert Reich, Regime Mouthpiece

Step right up! Get those "green" energy minerals!

NBC (11/28/21) reports: "It was 2 a.m. and the sun was shining, as it does day and night in mid-July in Norilsk, a Siberian city 200 miles north of the Arctic Circle. Igor Klyushin went to the bank of the river where he used to fish with his father for grayling, a dorsal-finned beauty known for its graceful leaps above the surface. 'A very merry fish,' Klyushin recalled. 'It enjoys cold and clean, clean water.' He doubted grayling would be there that night. In any event, authorities had long warned that it was unsafe to fish for them in the Daldykan River. And besides, he wasn’t there to fish. He began to record images of the clay-colored muck flowing downriver from one of the largest metal mining and smelting complexes in the world. The discolored water represented 'the latest environmental crime of Norilsk Nickel,' Klyushin said in the video he posted...The city of 176,000 has long been recognized by environmentalists — and even by the Russian government — as one of the most polluted places on Earth, because of one business: Norilsk Nickel, the world’s biggest producer of palladium and high-grade nickel and a top producer of platinum, cobalt and copper. Built as a resource colony by prisoners in the Soviet Gulag, Norilsk outlasted communism, embraced capitalism, and it now aims to ramp up production to sell the metals needed for electric vehicle batteries and the clean energy economy. Norilsk Nickel is the world’s leading producer of the high-purity Class 1 nickel that electric vehicle industry leaders like Tesla CEO Elon Musk are seeking. "

Defund DOT

BoJo's gonna build back better, he promises. In the meantime, bundle up and buy some spare batteries.

Bloomberg (11/28/21) reports: "Energy prices in Europe are repeatedly breaking records even before winter really kicks in, and one of the most damaging cost crunches in history is about to get worse as the temperature starts to drop. A super price spike in the U.K. last month forced some industrial companies to cut production and seek state aid, a harbinger for what could play out widely in Europe just as it contends with a resurgence of the coronavirus. For governments, it could mean tension with neighboring countries by moving to protect supplies. For households, it could mean being asked to use less energy or even plan for rolling blackouts...'If there’s a deep cold snap and there’s no wind, things could become tight given the lesser availability of nuclear plants and the recent closure of dispatchable generation assets using coal,' said Nicolas Goldberg, a senior manager in charge of energy at Colombus Consulting in Paris. 'If it’s getting really cold and there’s no wind, it may become a problem.'"

Energy Markets

WTI Crude Oil: ↑ $72.18
Natural Gas: ↓ $4.87
Gasoline: ~ $3.39

Diesel: ~ $3.64
Heating Oil: ↑ $220.78
Brent Crude Oil: ↑ $76.11
US Rig Count: ↑ 681

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