Whose side are these guys on?

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DAILY ENERGY NEWS | 01/31/2022

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If you work to limit oil supply in the face of global rising demand, you are working for OPEC and Vladimir Putin. That includes you, President Biden. And you, too, Larry Fink.

Bloomberg (1/30/22) reports: "Oil markets opened the week higher and were heading for the biggest January gain in at least 30 years as robust demand outpaced fresh supply. The global crude benchmark rose 1.3%, paring earlier gains, but remains on track for a 17% gain this month. West Texas Intermediate futures traded above $87 a barrel. Traders were greeted Monday with a familiar set of drivers, from the weather to stockpiles. Low temperatures in the U.S. have been boosting demand for fuels, as Boston reported a daily snow record and New York’s Central Park received more than 8 inches. Oil infrastructure in Ecuador was damaged by a rock slide, potentially endangering supply. Meanwhile, oil held on tankers fell by more than 20% last week, the latest sign of ebbing inventories. That combination of booming demand, scratchy supply and dwindling stockpiles has helped crude soar this month, with top banks and oil companies saying prices may soon pass $100 a barrel."

"No new coal plants.

No expansion in oil and gas exploration.

Now is the time for an unprecedented investment surge in renewable energy - particularly in emerging & developing economies - tripling to $5 trillion dollars annually by 2030."

– António Guterres,
U.N. Secretary General

A reminder that when your "infrastructure" bill had very little money in it for anything other than green boondoggles, you don't get to take credit for fixing bridges.

Wall Street Journal (1/28/22) editorial: "President Biden couldn’t have picked more grimly ironic timing to visit Pittsburgh to promote the $1.2 trillion infrastructure bill he signed last November. Hours after a snowy bridge in the city collapsed, injuring 10 people, the President promised to fix all of the nation’s 43,000 faltering bridges. 'We’re sending the money,' he assured. Sorry, he isn’t. The bill he signed doesn’t have nearly enough money unless his Administration plans to borrow from the Energy Department’s green energy venture-capital fund...In other words, the government will spend tens of billions of dollars on renewables that make the electric grid less reliable, and then tens of billions more on transmission lines, batteries and nuclear to back up unreliable renewables. Transportation Secretary Pete Buttigieg will also get $7.5 billion for an electric-vehicle charging network, and schools $5 billion for 'clean-energy' buses. Democrats want to spend another $555 billion on climate in the Build Back Better bill. Democrats this week also introduced a bill that they say is needed to compete with China. It includes still more climate spending, including $3 billion for solar manufacturing and cash for labor unions."

Fact check true.

When the very little money you have in your "infrastructure" bill for actual infrastructure comes with so many strings, you won't be able to build any roads. But wasn't that really the plan all along?

Wall Street Journal (1/30/22) editorial: "If you hoped President Biden’s infrastructure spending might bring a smoother drive to an area near you, it’s worth reading the latest fine print. Before funds are disbursed, bureaucrats are attaching strings that make it far more difficult to build new highways...According to the memo, proposals should be sent to the bottom of the pile if they 'add new general purpose travel lanes serving single occupancy vehicles.' She means cars. That includes construction of new roads and highways, or expansions of existing ones. States and cities that need new capacity will take a back seat to those seeking upgrades...Disdain for highways is common among progressive regulators, who see blocking road improvements as a virtue that will assist mass transit and climate-change goals. Upon her appointment as the interim highway administration leader, Ms. Pollack promised 'an agency that supports people rather than a singular mode of transportation.' Her boss, Transportation Secretary Pete Buttigieg, has said that traditional highway designs are racist...States and cities will continue to seek highway expansions, and some may secure funding. But don’t be surprised when federal agencies continue to steer 'bipartisan' infrastructure funds toward progressive priorities."

Energy Markets

WTI Crude Oil: ↑ $87.27
Natural Gas: ↑ $4.88
Gasoline: ↑ $3.36

Diesel: ↑ $3.72
Heating Oil: ↑ $279.20
Brent Crude Oil: ↑ $91.15
US Rig Count: ↑ 722

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