Your Daily Energy News
View this email in your browser ([link removed])
DAILY ENERGY NEWS | 12/14/2021
Subscribe Now ([link removed])
** This Christmas, the Saudis (and Russians) have to be giving thanks that Joe Biden does not want to see America's shale oil production unleashed.
------------------------------------------------------------
Bloomberg ([link removed]) (12/12/21) reports: "Saudi Arabia boosted its revenue forecast for next year, with higher oil prices and production volumes poised to deliver the first budget surplus in eight years and the fastest economic growth since 2011. It’s a sharp turnaround after energy market turmoil and the pandemic combined to crater the kingdom’s nascent economic recovery from the last oil price rout. But it also underscored that despite years of efforts by Crown Prince Mohammed bin Salman to diversify the Group of 20 economy -- including progress in new sectors like entertainment -- the fortunes of the world’s largest crude producer still rise and fall with the price of oil. Saudi Arabia Sees Four Revenue Scenarios Amid Oil Uncertainty To help mitigate that volatility, the kingdom is pushing ahead with plans to spend less. Excess government revenue will be 'used as a buffer for the
future,' Finance Minister Mohammed Al-Jadaan said...Revenue next year is set to reach more than 1 trillion riyals ($267 billion), up from 903 billion riyals in a forecast published in September. The kingdom expects to record a surplus of 90 billion riyals next year, putting it 12 months ahead of a plan to balance the budget by 2023. Even with an expected surplus next year the government still plans to tap debt markets for about 40 billion riyals, mostly to refinance debt."
[link removed]
** "The upheaval in Europe is giving us a preview of the economic fiasco caused by underinvesting in reliable and secure fossil fuels. For Democrats, Europe is a model. For the rest of us, it should be a warning."
------------------------------------------------------------
– S ([link removed]) enator John Barrasso (R-WY) ([link removed])
============================================================
Can just one reporter please ask the White House if they think that energy prices play a role in produce prices?
** CNBC ([link removed])
(12/14/21) reports: "Wholesale prices increased at their quickest pace on record in November in the latest sign that the inflation pressures bedeviling the economy are still present, the Labor Department reported Tuesday. The producer price index for final demand products increased 9.6% over the previous 12 months after rising another 0.8% in November. Economists had been looking for an annual gain of 9.2%, according to FactSet. Excluding food and energy, prices rose 0.7% for the month, putting core PPI at 6.9%, also the largest gain on record. Estimates were for respective gains of 0.4% and 7.2%, meaning the monthly gain was faster than estimates but the year-over-year measure was a bit slower. The Labor Department’s record keeping for the headline number goes back to November 2010, while the core calculation dates to August 2014. Those numbers come with headline consumer prices running at their fastest pace in nearly 40 years and core inflation the hottest in about 30 years."
Nat gas prices are nearly 10x higher in Europe than in the US. Maybe Europe shouldn't have reduced European nat gas production and shut down nukes in Germany.
** ([link removed])
How's that ESG investing going for them?
** ([link removed])
Energy Markets
WTI Crude Oil: ↓ $70.50
Natural Gas: ↓ $3.76
Gasoline: ↑ $3.32
Diesel: ↓ $5.59
Heating Oil: ↓ $221.87
Brent Crude Oil: ↓ $73.51
** US Rig Count ([link removed])
: ↑ 687
** Donate ([link removed])
** Subscribe to The Unregulated Podcast ([link removed])
** Subscribe to The Unregulated Podcast ([link removed])
** Subscribe to The Plugged In Podcast ([link removed])
** Subscribe to The Plugged In Podcast ([link removed])
** Connect with us on Facebook ([link removed])
** Connect with us on Facebook ([link removed])
** Follow us on Twitter ([link removed])
** Follow us on Twitter ([link removed])
** Forward to a Friend ([link removed])
** Forward to a Friend ([link removed])
Our mailing address is:
** 1155 15th Street NW ([link removed])
** Suite 900 ([link removed])
** Washington, DC xxxxxx ([link removed])
Want to change how you receive these emails?
** update your preferences ([link removed])
** unsubscribe from this list ([link removed])
