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DAILY ENERGY NEWS | 02/04/2022

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Six more weeks of winter, and six more weeks of nothing from the Senate. The latest episode of The Unregulated Podcast is now available on our website, or wherever you listen to podcasts.

"So-called renewable energy programs that PJM accommodates are handouts to the green lobby financed by energy consumers who get no benefit. The environment is not improved. The electrons delivered are no different, only more expensive."

– Gordon Tomb,
CO2 Coalition

Two wrongs don't make a right, and tanking two regional economies won't save the planet.

Inside Sources (2/2/22) op-ed: "Notorious for its crime and its outrageous cost of living, California seems an odd choice for Pennsylvania to mimic. And yet, with the adoption of California’s onerous electric vehicle rules, the commonwealth would be doing just that. The Pennsylvania Department of Environmental Protection has submitted a proposal for wholesale adoption of the California Air Resources Board’s electric vehicle (EV) program. The California rules import would impose new requirements on automakers and dealerships to stock lots with EVs. In essence, the combined California-Pennsylvania mandate would command automakers to deliver increasing numbers of EVs for sale in Pennsylvania each year. Should they fail to meet the quotas, automakers will be required to buy credits from others that have banked them, like EV-only Tesla. There’s little doubt that adopting the California program would result in more EV proliferation. In the most recent data year, more than 7 percent of the new cars sold in California were EVs, leading the nation as a percentage of sales and pushing the cumulative number of EVs on the state’s roads to nearly half a million. But does the value-add of the program exceed the additional costs to the auto industry that eventually filter down to all of us? The evidence says no."

Somebody has to buy Russian diesel, might as well be the northeast, right?

Bloomberg (2/3/22) reports: "The U.S. is drawing more diesel from Russia this month than it has in at least three years as cold weather envelops the Northeast. About 1.55 million barrels of diesel is en route from Russia to the U.S. for February arrival, a record in data going back three years, according to oil-data provider Vortexa. So far that represents 22% of the nation’s diesel imports in February. The Russian cargoes are arriving as U.S. demand for the fuel stands at a three-year high. The growing proportion of Russian imports is another illustration of the nation’s critical role in supplying the world with oil. Geopolitical tensions have markets on edge as the U.S. has said it will respond with sanctions if Russia invades Ukraine, a move Russia has said it isn’t planning to make. 9The U.S. East Coast is especially reliant on imported diesel because refining capacity has shrunk in recent years due to poor margins and an explosion. Diesel inventories have fallen to the lowest for this time of year since 2014. The Northeast is relying more heavily on oil-fired generators for electricity as natural gas prices have surged. "

BoJo, you don't look good in Green.

Wall Street Journal (2/4/22) editorial: "If Boris Johnson were trying to goad his Tory colleagues into ousting him as U.K. Prime Minister, he couldn’t do better than the response his government unveiled Thursday to a cost-of-living crisis. What should have been a chance to reset his embattled administration has become a master class in how not to govern as a conservative...Household budgets took further knocks Thursday in what is fast becoming an emergency for millions of Britons. The energy regulator announced that starting in April the cap on household energy prices will rise 54%, potentially adding nearly £700 ($950) a year to the average family bill. The Bank of England, meanwhile, raised its benchmark interest rate another quarter-percentage point to 0.5%, following an increase in December...The potential political fallout should be triggering a major rethink in Mr. Johnson’s administration. His subsidies for renewables have boosted energy bills even as the global market pushes natural-gas prices higher. A simpler plan to cut taxes across the board and ditch costly green subsidies would have helped. Mr. Johnson’s big-government conservatism has produced policies that voters don’t understand, let alone like."

If you oppose a carbon tax, take a stand and contact us.

Tom Pyle, American Energy Alliance

Myron Ebell, Competitive Enterprise Institute

Phil Kerpen, American Commitment

Andrew Quinlan, Center for Freedom and Prosperity

Tim Phillips, Americans for Prosperity

Grover Norquist, Americans for Tax Reform

George Landrith, Frontiers of Freedom

Thomas A. Schatz, Citizens Against Government Waste

Richard Manning, Americans for Limited Government

Adam Brandon, FreedomWorks

Craig Richardson, E&E Legal

Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Annette Thompson Meeks, Freedom Foundation of Minnesota
Isaac Orr, Center of the American Experiment
David T. Stevenson & Clint Laird, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Jack Ekstrom, PolicyWorks America

Energy Markets

WTI Crude Oil: ↑ $92.84
Natural Gas: ↑ $4.89
Gasoline: ↑ $3.42

Diesel: ↑↓$3.77
Heating Oil: ↑ $289.81
Brent Crude Oil: ↑ $93.40
US Rig Count: ↑ 716

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