Where's the beef?

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DAILY ENERGY NEWS | 12/16/2021

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Who is really behind run-away inflation? Democrats pushing record federal spending, or "greedy food conglomerates"? ? Find out on the latest episode of The Unregulated Podcast with Tom Pyle and Mike McKenna. Now available to stream from our website, or wherever you listen.

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"There are a lot of things to worry about right now, like climate change, voting rights, and worker exploitation. Here’s why inflation isn’t one of them, despite what conservatives and corporations would like you to believe."

– Robert Reich,
Unhinged Twitter User

Remind me again where fertilizer comes from. (HINT: Organic fuels like natural gas)

Wall Street Journal (12/15/21) reports: "Fertilizer prices have more than doubled over the past year, frustrating U.S. farmers, who now are adjusting spring planting plans and warning about the potential for higher food prices. A global shortage of the chemical ingredients used to make fertilizer, widely applied to soil to boost corn and wheat yields, has sent fertilizer prices soaring. Escalating costs are leading some farmers to shift acres toward less fertilizer-intensive crops, like soybeans, while others said they plan to cut back on their overall fertilizer use, potentially reducing future harvests. Lower grain production could translate to higher prices for farm commodities like corn, analysts and farmers said. They added that higher costs for such commodities would further inflate prices of pantry staples like cereal and cooking oil, as well as beef and other meat, because producers rely heavily on grain to feed livestock and poultry."

Does John Kerry know that fertilizer is made with the natural gas of which he is trying to stifle investment?

Wall Street Journal (12/15/21) op-ed: "‘The reality is the Biden administration is not standing in the way of increasing domestic oil production to meet today’s energy needs,' Deputy Energy Secretary David Turk asserted at the World Petroleum Congress in Houston last week. Really? He might want to check with John Kerry. The president’s climate envoy has been pressuring banks and financial institutions to reduce their commitments to U.S. oil and gas companies and join the Net-Zero Banking Alliance, which would hobble the ability of oil and gas companies to increase production. Citi, Wells Fargo, Bank of America, Morgan Stanley, Goldman Sachs and JPMorgan Chase signed on to the alliance this year. Mr. Kerry’s efforts didn’t go unnoticed. In April, members of the Senate Banking Committee sent him a letter expressing concern that he had “been pressuring banks to make extralegal commitments regarding energy-related lending and investment activities” that would result in 'higher energy costs for American consumers.'"

If the new German Chancellor wants to get out of using fossil fuels, how about he just cancels Nordstream 2?

Yahoo News (12/15/21) reports: "German Chancellor Olaf Scholz said on Wednesday his government would make Europe's largest economy fit for the future by fostering investment in climate protection and digitalization, vowing no one would be left behind in this major transformation. The Social Democrat's first major address to parliament since replacing conservative leader Angela Merkel last week focused largely on domestic issues, emphasizing the immediate need to tackle the pandemic and the longer-term task of modernizing both the economy and society. Yet the 63-year old, who has paid visits to Paris, Brussels and Warsaw since taking office, also underscored the importance of strengthening the European Union and standing shoulder-to-shoulder with transatlantic allies in the face of security threats like the Russian military build-up in Ukraine. 'We have about 23 years ahead of us in which we must and will get out of fossil fuels which means the biggest transformation of our industry and economy in at least 100 years,' said Germany's new chancellor."

Energy Markets

WTI Crude Oil: ↑ $71.26
Natural Gas: ↑ $3.87
Gasoline: ↓ $3.31

Diesel: ↓ $3.59
Heating Oil: ↑ $222.68
Brent Crude Oil: ↑ $74.13
US Rig Count: ↑ 690

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