Rest In Peace, Senator

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DAILY ENERGY NEWS | 12/06/2021

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Soldier, Father, Statesman, Friend

Reuters (12/5/21) reports: "Bob Dole, who overcame grievous World War Two combat wounds to become a pre-eminent figure in U.S. politics as a longtime Republican senator from Kansas and his party's unsuccessful 1996 presidential nominee, died on Sunday. He was 98. Dole, known for a wit that ranged from self-deprecating to caustic, died in his sleep, the Elizabeth Dole Foundation said. Dole announced in February that he had been diagnosed with advanced lung cancer and would begin treatment. 'America has lost one of its heroes; our family has lost its rock,' Dole's family said in a statement. 'He embodied the integrity, humor, compassion and unbounded work ethic of the wide open plains of his youth. He was a powerful voice for pragmatic conservatism.'...Dole, known for referring to himself in the third person, made a classic American journey from the poverty of the Great Depression of the 1930s, through World War Two battlefields to the corridors of power with a stoic Midwestern dignity. He represented Kansas in Congress for 35 years: 1961 to 1969 in the House of Representatives and 1969 to 1996 in the Senate...As a U.S. Army lieutenant in World War Two, he led an assault on a German machine-gun nest in Italy. A shell wrecked his right shoulder, paralyzed his right arm, broke vertebrae, riddled his body with shrapnel and cost him a kidney. Decorated for heroism, Dole spent 39 months in hospitals before returning to civilian life."

"The colonial mindset hasn't gone. We are seeing from developed nations that the path that made them developed is being closed for developing nations...Sadly, we also have such people in our country who stall the development of the nation in the name of freedom of expression without understanding the aspirations of the nation. Such people don't bear the brunt, but those mothers who get no electricity for their children bear it."

– Indian Prime Minister
Narendra Modi

Free-flowing freedom molecules, despite Biden's bumbling.

S&P Global (12/2/21) reports: "Natural gas deliveries to U.S. LNG export terminals surged to record levels in the waning days of November, topping 12 Bcf/d as strong global gas demand continued to incentivize operators to run their facilities at full bore. Total feedgas deliveries to the six major operating U.S. LNG export facilities hit about 12.1 Bcf/d on Nov. 26 and remained near that level for about two days before dropping to about 11.2 Bcf/d on Nov. 30, according to S&P Global Market Intelligence pipeline flow data. This last number compared to about 10.9 Bcf/d on Nov. 30, 2020, as sector activity rebounded from the impacts of the pandemic. Average flows for November 2021 exceeded 11 Bcf/d. Part of the uptick in activity was because of commissioning work on a sixth liquefaction train at Cheniere Energy Inc.'s flagship Sabine Pass LNG terminal in Louisiana. The company said the train produced its first LNG on Nov. 23. But high global gas prices were a key driver...LNG exports, meanwhile, could continue rising into 2022. In addition to the sixth train at Sabine Pass, Venture Global LNG's Calcasieu Pass LNG export facility is also undergoing commissioning in Louisiana. The developer has said its facility, which will have an export capacity of about 10 million tonnes per year, could begin producing LNG by the end of 2021. Goldman Sachs commodity analysts recently raised their full-year 2022 projection for U.S. LNG exports by 5 Mt to a total of 82 Mt for the year."

Nursing a Glasgow hangover.

Bloomberg(12/1/21) reports: "It’s been less than a month since world leaders pledged to combat climate change at the COP26 summit in Glasgow, yet Japan is already showing signs of putting the brakes on divestment from fossil fuels. Government officials have been quietly urging trading houses, refiners and utilities to slow down their move away from fossil fuels, and even encouraging new investments in oil-and-gas projects, according to people within the Japanese government and industry, who requested anonymity as the talks are private. The officials are concerned about the long-term supply of traditional fuels as the world doubles down on renewable energy, the people said. The import-dependent nation wants to avoid a potential shortage of fuel this winter, as well as during future cold spells, after a deficit last year sparked fears of nationwide blackouts. Japan joined almost 200 countries last month in a pledge to step up the fight against climate change, including phasing down coal power and tackling emissions. However, the moves by the officials show the struggle to turn those pledges into reality, especially for countries like Japan which relies on imports for nearly 90% of its energy needs, with prices spiking partly because of the world’s shift away from fossil fuel investments."

Are there any honest EV companies?

Reuters (12/6/21) reports: "The U.S. securities regulator has asked Lucid Group Inc (LCID.O) for documents related to an investigation into its blank-check deal, joining a growing list of companies that have come under scrutiny for their merger with shell companies. Shares of the luxury electric-car maker fell about 14% in pre-market trading on Monday after disclosing that it had received a subpoena from the U.S. Securities and Exchange Commission on Dec. 3. 'The investigation appears to concern the business combination between the Company and Atieva Inc and certain projections and statements,' Lucid said in a regulatory filing. Lucid's deal with veteran dealmaker Michael Klein's blank-check acquisition firm had given the combined company a pro-forma equity value of $24 billion and was completed earlier this year."

America's renunciation of energy independence is the outcome of deliberate policies, not the winds of history as the administration would like you to think.

The Center Square (12/6/21) op-ed: "'Joe Biden eliminated my job with the stroke of a pen.' – Suzanne Walker, Pipeline welder, TN In 1880, the U.S. produced 85% of the world’s crude oil...But when Franklin D. Roosevelt helped the Middle East double production of cheap crude, it was the kiss of death for U.S. energy independence. As a result of cheap imports, the U.S. cut back on oil production. And by 1970, the U.S. was dependent on imported oil from politically unstable Eastern nations. Since the 1970s, the East has had a major influence on America's foreign and domestic political and energy policies...It was not until 2019 that the U S. regained its energy independence under President Donald Trump. In 2019, after 62 years, our nation produced more energy than we consumed. This was a result of Trump's support for the hydraulic fracturing production of oil. By June 2020, the U.S. was exporting oil! 'We allowed OPEC to have too much control over America too long.' – Donald Trump. According to the American Energy Alliance's (AEA) 2021 scorecard, America's energy renaissance was due to Trump's commitment to use all energy resources to make America energy independent...President Biden has shown, 'fools rush in where wise men fear to tread.' Putting the entire nation's economic security in danger by undoing energy policies that made the U.S. energy independent is an illusionary fool's paradise. Only 'fake science climate doomsayers' call this successful policy. And dismantling energy policies that reduced a nation's carbon footprint lower than any other in the world will be Biden's 'climategate.'"

Energy Markets

WTI Crude Oil: ↑ $67.85
Natural Gas: ↓ $3.73
Gasoline: ↓ $3.35

Diesel: ↓ $3.62
Heating Oil: ↑ $213.31
Brent Crude Oil: ↑ $71.55
US Rig Count: ↓ 669

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