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DAILY ENERGY NEWS | 02/02/2022
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** For Russia with love...
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Real Clear Energy ([link removed]) (2/1/22) article: "Europe would be in a stronger position today to resist Russian aggression if it could draw from more diversified energy sources. Unfortunately, President Biden has made that process more difficult by withdrawing support from the EastMed pipeline, which would transport natural gas from Israel to Europe. Former Secretary of State Mike Pompeo had supported the project under President Trump. But Biden’s State Department announced in January that it was reversing this position...In retrospect, all the talk of 'Russian collusion' that could not be substantiated against Trump, can certainly be applied to Team Biden at least where energy policy is concerned. 'All the signs from the Biden administration are we don’t support oil and gas production for western countries and that the only place you can do it is
in Russia,' Dan Kish, a senior fellow with IER, said. 'He’s canceled Keystone and is raising taxes and fees on existing gas production to make it harder to do in the U.S. I’ve never seen Biden do anything positive on energy.' What exactly was the rationale for Biden to undercut the EastMed pipeline at Europe’s expense? Apparently, he wants to speed up the transition ([link removed]) to so called renewable energy sources. But once again, Biden’s opposition to natural gas pipelines makes no sense as a matter of policy – even by his own environmental metrics."...Although the EastMed pipeline is not set to be operational until 2025, a decision to press ahead with the project would have significant economic and geopolitical benefits, Kish, the IER senior fellow, observed. “When you have a project like this it sends all the right signals and lets the other side know you mean business,” he said. “But
when you stop the project, it sends a message to markets and to power players like Putin. It says that we are making ourselves defenseless and he’s looking to take advantage of the situation.”
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** "Americans and Europeans have become so focused on appeasing climate activists that they’ve forgotten the importance of power — in the sense of geopolitics, not kilowatts. While the West was debating ways to reduce emissions at the UN’s COP26 summit in Glasgow, Russia and China didn’t even bother to show up. While we fall over ourselves to acclaim Greta Thunberg, Russia builds strategic gas pipelines and China builds coal-burning power stations."
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– Ayaan Hirsi Ali, Specator ([link removed])
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Rarely is the 'elite's' disdain for average people as explicit as in New England.
** Forbes ([link removed])
(2/1/22) column: "Yesterday New Englanders had reason to feel a little more … European than usual. that’s because according to Department of Energy data they were paying a spot price of $30.5 per million British thermal units for natural gas. This is an absurd price, in line with what Europeans, facing their worst energy crisis in a generation, have been suffering in recent months. To put it in context, $30.5 per mmBtu is the equivalent of paying $180 for a barrel of oil (double what it is today), or 20 cents per kilowatt-hour for electricity. In other words: nuts. How much are Bostonians getting shafted on natural gas? By comparison, the spot price of gas on the Gulf Coast of Texas and Louisiana yesterday was $5.50 per mmBtu (the energy equivalent of about $33/bbl oil). This price spread is exceptionally wide, nearly unprecedented. But it’s easily explained — by the perennially misguided energy policy in New England. Just 200 miles to the south, beneath western Pennsylvania, lay the
nation’s biggest gas field — the Marcellus shale. From practically nothing 15 years ago, the Marcellus now provides roughly a third of America’s gas supply, more than 30 billion cubic feet per day."
Canadian truckers and farmers are showing the world how to stand up and fight for their freedoms. Canadians! How's that Great Reset going, globalists?
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Is this about preparing for an electric future or is it about chasing the stock price of overvalued lifestyle companies like Tesla and Rivian?
** Bloomberg ([link removed])
(2/1/22) reports: "Ford Motor Co. is planning a major reorganization to prepare for the electric future, using Tesla Inc.’s success as a road map and accelerating EV spending by as much $20 billion. The effort, led by a former Apple Inc. and Tesla executive, calls for Ford to spend an additional $10 billion to $20 billion over the next five to 10 years converting factories worldwide to electric-vehicle production from making gasoline-powered cars, according to people familiar with the plan. That would be on top of the $30 billion Ford already has committed to EVs through 2025. The move is part of Chief Executive Officer Jim Farley’s initiative to challenge Tesla’s dominance in EVs even as he takes pages from the playbook of the electric-vehicle pioneer, now the world’s most valuable automaker. Investors have bought into Farley’s vision for Ford, briefly lifting the company’s market value above $100 billion in January."
Energy Markets
WTI Crude Oil: ↑ $88.76
Natural Gas: ↑ $5.33
Gasoline: ↑ $3.39
Diesel: ↑ $3.74
Heating Oil: ↑ $275.28
Brent Crude Oil: ↑ $89.70
** US Rig Count ([link removed])
: ↑ 715
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