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DAILY ENERGY NEWS | 12/07/2021
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** The actual existential threat is from climate policy.
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Substack ([link removed]) (12/2/21) article: "Over the last two years, some of the world’s most powerful and influential bankers and investors have argued that climate change poses a grave threat to financial markets and that nations must switch urgently from using fossil fuels to using renewables. In 2019, the Federal Reserve Bank of San Francisco warned that climate change could cause banks to stop lending, towns to lose tax revenue, and home values to decline. Last year, 36 pension fund managers representing $1 trillion in assets said climate change 'poses a systemic threat to financial markets and the real economy.' And upon taking office, President Joe Biden warned government agencies that climate change disasters threatened retirement funds, home prices, and the very stability of the financial system. But a major new staff report from the New York Federal Reserve Bank throws cold water on the over-heated rhetoric coming
from activist investors, bankers, and politicians. 'How Bad Are Weather Disasters for Banks?' asks the title of the report by three economists. 'Not very,' they answer in the first sentence of the abstract"..Proof of the threat to the economy from climate policy is the worst global energy crisis in 50 years. Shareholder activists played a significant role in creating it, according to analysts at Goldman Sachs, Bloomberg, and The Financial Times, by reducing investment in oil and gas production, and causing nations to over-invest in unreliable solar and wind energies, which has driven up energy prices, and contributed significantly to inflation."
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"What we need is more – not less – natural gas supply to meet growing, and at times unexpected, demand."
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– Ed Longanecker, TIPRO ([link removed])

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The beatings will continue until morale improves.

** Bloomberg ([link removed])
(12/6/21) reports: "The Biden administration’s No. 2 energy official was heckled at an international oil conference after admonishing U.S. drillers to step up production in the industry’s de facto hometown. Deputy Energy Secretary David Turk told shale explorers on Monday that the government already has done its part to lower fuel prices by offering up part of its strategic crude reserve...His remarks provoked a heckler in the audience: 'Why don’t you help us then?' Turk, whose comments preceded presentations by the chief executives of Exxon Mobil Corp. and Chevron Corp. -- the nation’s largest oil explorers -- came on the same morning that refiners’ bids for crude from the strategic reserve were due."

China is just one stern talking to away from capitulating to Special K's demands.

** The Hill ([link removed])
(12/1/21) reports: "Special presidential envoy for climate John Kerry on Wednesday called out a handful of countries that need to “step up” on climate change, urging them to do more as the world works to stave off the worst effects of global warming. Kerry, during an interview at the Reuters Next conference, said the current commitments of a number of countries fall short of what is necessary to limit global warning to 1.5C above pre-industrial levels. 'And that means you have China, India, Russia, Brazil, Mexico, Indonesia, South Africa, a group of countries that are going to have to step up,' Kerry said...Kerry has been adamant about China being part of the global fight against climate change, at one point saying the current climate situation cannot be rectified without 'full engagement and commitment' from Beijing. Kerry told Reuters on Wednesday the U.S. is working with some developing countries to help quicken the speed at which they are able to shift to cleaner forms of energy."

The enemy of my enemy is my friend.

** Just The News ([link removed])
(12/6/21) reports: "Tesla and SpaceX CEO Elon Musk said Congress should "can" President Joe Biden's multitrillion dollar Build Back Better Act, which Democrats are seeking to pass with budget reconciliation to avoid relying on votes from Republicans. 'Honestly, I would just can this whole bill,' said Musk, ranked number two on the 2021 Forbes 400 list of the wealthiest Americans. 'Don't pass it. That's my recommendation.' Musk argued that the federal government should 'get out of the way and not impede progress,' emphasizing that the government should be a 'referee' rather than a "player on the field.'..Biden's budget bill includes $7,500 subsidies for the purchase of electric vehicles. It also includes an additional $4,500 for the purchase of union-made electric vehicles, which would exclude the nonunion Tesla...The moderator noted that the bill includes funding for expanding the electric vehicle charging infrastructure in the U.S. In response, Musk said he still thinks the bill should be
thrown out. 'Unnecessary,' he said. 'Do we need support for gas stations? We don't. I'm literally saying get rid of all subsidies.' Musk warned that the nation's record $3 trillion deficit could lead to negative consequences."

Energy Markets


WTI Crude Oil: ↑ $71.56
Natural Gas: ↑ $3.75
Gasoline: ↓ $3.34

Diesel: ↓ $3.61
Heating Oil: ↑ $220.84
Brent Crude Oil: ↑ $74.89
** US Rig Count ([link removed])
: ↓ 669



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