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DAILY ENERGY NEWS | 01/24/2022
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** Thankfully, the Permian is out of reach of the Biden Administration's war on domestic energy. At least for now.
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Oil Price ([link removed]) (1/19/22) reports: "Crude oil production in the Permian shale play reached a record-high last month, averaging 4.92 million bpd, the Energy Information Administration reported in the latest edition of its Drilling Productivity Report. But the top shale play in the United States is seen boosting output even higher, to 4.996 million bpd this month and 5.076 million bpd in February, the EIA also said. Bloomberg noted in a report on the news that this makes the Permian alone a bigger producer than any OPEC members except Saudi Arabia. Production in other shale plays across the U.S. is not performing as well as the Permian, but that’s hardly a surprise given the devastation the industry suffered in 2020. Yet it also rose, to a total shale output of 8.34 million bpd for December. The total shale output of the U.S. is seen rising to 8.44 million barrels daily this month and further to 8.54 million bpd in
February. This was lower than the record 9.27 million bpd the shale patch produced in November 2019, but it’s worth noting that the December production increased across almost all shale plays, and none recorded production declines. The increase in shale oil output was as much a result of consistently higher oil prices and tighter global supply that made production growth a less risky, more attractive option for shale producers, most of whom had prioritized returning cash to shareholders over production increases."
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** "With or without government meddling, any homeowner who wants environmentally friendly appliances is always free to choose them. So why force the politically correct option on everyone?"
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– Ben Lieberman, The Competitive Enterprise Institute ([link removed])

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We hope and pray that the person who was injured will recover. We also hope and pray that nobody takes this hypocritical blowhard seriously ever again.

** TMZ ([link removed])
(1/21/22) reports: "Arnold Schwarzenegger was just involved in a bad car accident ... so bad his monster SUV rolled over on top of another car, and that driver was badly injured. Arnold was driving a Yukon SUV when it collided with a red Prius at around 5:00 PM PT. His SUV started to roll and ended up on top of the Prius, then continued rolling to the left into a Porsche Taycan. One eyewitness says it was crazy ... it looked like a stunt in a movie. The collision was intense enough that the airbags deployed on the Yukon. The woman who was driving the Prius was injured -- bleeding heavily from her head. We're told an ambulance took her to the hospital...Law enforcement sources tell TMZ, they believe the accident was Arnold's fault. They say he was turning left but there was a left turn arrow that was still red. Arnold was not ticketed."
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** Souce: TMZ ([link removed])

Rank by order of hypocrisy: Big Tech, Big Green, Hollywood, Politicians.

** CNN ([link removed])
(1/23/22) reports: "In the west of Ireland lies a medieval market town, its roots steeped in legend. Beyond the labyrinth of narrow streets of the center are the chimney stacks of housing developments that still puff coal and peat. Past those homes, on the outskirts of Ennis, is an unremarkable but huge plot of land, nestled between a power station and farmland where cattle and sheep graze. This is where a mysterious company has applied to develop a new data center the size of 22 American football fields...Ireland's temperate climate helps reduce the amount of energy needed to cool servers, but its corporate tax rates — some of the lowest in the world — and friendly regulatory environment are what makes it so attractive to big companies, such as Google, Meta, Intel and Apple who all have their European headquarters here. Despite that favorable climate, Ireland's data centers eat up a significant amount of electricity, leaving how their operations square with the country's ambitious climate
goals in question. According to state-owned power operator EirGrid, they are on track to have consumed 17% of power generated in Ireland in 2021...As more centers are built across the country, environmental advocates fear Ireland's climate targets are slipping further out of reach."

Wait, what? The Green New Deal requires battery chemicals? And China controls them all?

** Wall Street Journal ([link removed])
(1/21/22) reports: "Last year was the year of electric vehicles—global sales are likely to have hit a record, in turn pushing up battery demand. Now too much of a good thing is causing problems: Many key battery materials, including but not limited to processed lithium itself, are in short supply and prices are rising sharply. Adding to the geopolitical risks for global auto makers is the supply chain concentrated in a country determined to make itself the EV capital of the world: China. Lithium is the most spectacular example: Prices of lithium carbonate have quintupled in China from a year earlier, according to Benchmark Mineral Intelligence. Other battery materials from nickel to cobalt have also been rising and could remain elevated as new supply will take time to come online. Sustained high costs will eventually pass onto car makers...Shortages are adding to already substantial concentration risks regarding China’s dominance in the EV supply chain. The country has three-quarters of the
world’s wet-separators market and more than half of that for battery-grade PVDF, according to Morgan Stanley. Most of the mining for materials like lithium and cobalt isn’t in China, but the country dominates the subsequent steps in the value chain."

Did Frans just say that the answer to high energy prices is even more renewables? That's funny.

** Bloomberg ([link removed])
(1/22/22) reports: "European Union climate chief Frans Timmermans called on member states to increase investment in renewable energy and eventually wean the continent off Russian gas. Tensions between the bloc and Russian President Vladimir Putin have been escalating amid accusations that Gazprom PJSC, Russia’s state-owned energy company, isn’t doing more to fill up Europe’s depleted stocks of gas. The threat of a Ukrainian invasion is also giving rise to fears that gas prices could spiral even higher, tightening the energy squeeze on EU citizens. 'If we really want to stop long-term making Putin very rich, we have to invest in renewables and we need to do it quickly,' Timmermans said Friday at an informal meeting of EU energy and environment ministers in Amiens, France. 'If you really want to make sure that you can provide stable, affordable energy to your citizens, renewables is the answer,' he said. Rising energy prices pose a major challenge to the EU’s plans to transition the region’s
economy away from a reliance on fossil fuels. Some member states, including Poland, argue that the Green Deal is one of the factors behind the increase."

Energy Markets


WTI Crude Oil: ↓ $83.90
Natural Gas: ↓ $3.98
Gasoline: ↓ $3.31

Diesel: ↑ $3.67
Heating Oil: ↓ $266.37
Brent Crude Oil: ↓ $86.85
** US Rig Count ([link removed])
: ↑ 714



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