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DAILY ENERGY NEWS | 12/21/2021
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** The same economists who said that inflation wouldn't happen now tell us EPA’s new auto mandate will save us money.
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EPA ([link removed]) (12/20/21) dictates: "Today, the Environmental Protection Agency (EPA) is finalizing the most ambitious federal greenhouse gas (GHG) emissions standards for passenger cars and light trucks ever. The final standards, for Model Years (MY) 2023 through 2026, leverage advances in clean car technology to unlock $190 billion in net benefits to Americans, including reducing climate pollution, improving public health, and saving drivers money at the pump. The final rule also delivers more net benefits to consumers than the proposed rule showcasing how zero-emission vehicles are more affordable and more efficient for consumers. The ambitious standards through 2026 also set the light-duty vehicle greenhouse gas (GHG) program on track to provide a strong launch point for the Agency’s next phase of standards for MY 2027 and beyond. EPA is planning to initiate a separate rulemaking
to establish multi-pollutant emission standards under the Clean Air Act for MY 2027 and later that will speed the transition of the light-duty vehicle fleet toward a zero-emissions future consistent with President Biden’s Executive Order, 'Strengthening American Leadership in Clean Cars and Trucks.'"
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** "High gasoline prices are completely political this time around — no wars, no refinery explosions, nobody to blame but those who don't understand the simplest economic concepts. Now, with hypocrisy spewing from the White House by dumping reserves, begging allies and enemies alike, and selling off millions of acres for new oil drilling, it's clearly backwards-land."
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– Kevin Cochrane, American Thinker ([link removed])
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Green New Deal energy policies have Europeans eating crickets, worms & grasshoppers for Christmas! Bon Appetit!
** Zero Hedge ([link removed])
(12/20/21) reports: "Across the world, households are experiencing an exponential rise in food inflation. This holiday season, from Brazil to China to European countries to the US, households will pay near-record prices for food, which begs the question: Are households able to afford traditional food, or will they resort to substitutes to save money? 'You might be able to trade down on some things; instead of the high-priced turkeys or steaks, you might consider something less expensive on that side of the dinner table,' Curt Covington, senior director of institutional credit at AgAmerica Lending, which lends money to farmers, told Bloomberg. With that in mind, households are likely to substitute popular holiday foods with low-cost items. There's even a chance that some might resort to eating bugs and worms. European member states certified house crickets, yellow mealworms, and grasshoppers as food fit to be sold at supermarkets. The bugs will be sold in frozen, dried, and powdered
forms and will be packed with nutrients and low-cost, according to Bloomberg. Earlier this month, the World Economic Forum published two articles explaining how people must get used to eating bugs. Those who can no longer afford meat, such as ham or turkey, and other traditional holiday foods will come to find a new substitute. Bloomberg provides examples from across the world of how food inflation crushes holiday cheer. "
Electricity prices are becoming legitimately scary in Europe. The day forward price in France is now $727 (€645).
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Do people need to freeze to death in the UK before they understand that relying on Russia for natural gas is not a good strategy?
** Bloomberg ([link removed])
(12/20/21) reports: "The U.K. proposed a series of climate change tests to determine whether new oil and gas fields can be built off its shores, but said its net-zero pledge doesn’t require the industry to be shut down. New projects could potentially still be allowed if they can show that their proposed emissions are less than those that come from importing fossil fuels, the Department for Business, Energy and Industrial Strategy said in a consultation document Monday that seeks to align fossil-fuel production with its target to have net-zero greenhouse-gas emissions by 2050. Earlier this year, the International Energy Agency said no new oil and gas fields should come online if a climate crisis is to be averted. However, the U.K. has said it wants to avoid a cliff edge for the industry and, at the COP26 climate summit last month, it refused to join an alliance of countries fixing a date to phase out production. Earlier this year, the International Energy Agency said no new oil and gas
fields should come online if a climate crisis is to be averted. However, the U.K. has said it wants to avoid a cliff edge for the industry and, at the COP26 climate summit last month, it refused to join an alliance of countries fixing a date to phase out production."
Energy Markets
WTI Crude Oil: ↑ $70.34
Natural Gas: ↑ $3.87
Gasoline: ~ $3.30
Diesel: ~ $3.58
Heating Oil: ↑ $222.73
Brent Crude Oil: ↑ $73.06
** US Rig Count ([link removed])
: ↑700
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