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DAILY ENERGY NEWS | 02/08/2022

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The Washington Commander™ class needs private jets so they can do the necessary work of denying you an SUV. So much for Pelosi's 'moral obligation’ to reduce emissions.

Fox News (2/7/22) reports: "House Speaker Nancy Pelosi has spent over $500,000 on private jets since 2020 despite repeatedly describing climate change as an 'existential' threat the U.S. has a 'moral' obligation to address. According to campaign filings with the Federal Election Commission, Pelosi’s campaign paid a Virginia-based private aviation provider, Advanced Aviation Team, over $437,000 between October 2020 and December 2021 and over $65,000 to Clay Lacy Aviation, a California-based private jet provider. Private jets are notoriously bad for the environment, producing significantly more emissions per passenger than commercial flights. Pelosi’s campaign spent $67,605 on private air travel just months before she said she viewed tackling the climate crisis as a 'religious thing.' 'For me, it's a religious thing,' she said in November after leading a 21-member congressional delegation to the United Nations Climate Change Conference in Glasgow, Scotland. 'I believe this is God's creation, and we have a moral obligation to be good stewards.'"

"It’s true that because higher gasoline taxes are visible, they are understandably very unpopular with the public. CAFE regulations would be even more unpopular than higher gasoline taxes if the public understood the damage that those regulations cause."

–David R. Henderson,
Hoover Institution

Stealing from the poor and giving to the rich, who then brag about being green.

Wall Street Journal (2/7/22) editorial: "The dirty little secret about green energy subsidies is that they are welfare for the wealthy. And like any entitlement, they are hard to reform once people get hooked. Witness the revolt by the rich against a California proposal to scale back subsidies for rooftop-solar panels. At issue is the state’s net-metering program that rebates homeowners with solar panels for the excess power they generate and send to the grid. Utilities compensate solar customers at the retail electricity rate, which can be up to 10 times the wholesale price that other power generators are paid. Renewables and natural-gas prices have plunged since the mid-2000s. Yet retail rates in California have increased 50% over the last decade as utilities have had to spend more to integrate renewables into the grid and harden power lines. California’s cap-and-trade program and 'public purpose programs' like battery subsidies have also raised retail rates.'"

So I guess the Larry Fink types don't really have an issue with oil production. They just have an issue with American oil production...

Epoch Times (2/6/22) reports: "Environmental, social, and corporate governance—better known as ESG—is the order of the day in big business. According to its advocates, ESG rating provides investors with useful information on risks arising from climate change, pollution, and other environmental issues. Yet much of that information isn’t financially material. BlackRock, the world’s largest asset manager, notes on its webpage on 'ESG Integration' that ESG information typically falls under “non-accounting' data: 'It captures components important for valuations that are not traditionally reported.' The oil industry, long the bane of environmentalists, is no exception to this trend. At the recent Argus Americas Crude Summit in Houston, industry insiders gave the impression that ESG is a fait accompli. George Millas, CCO of EPIC Midstream, told the crowd of industry professionals that ESG is 'like a license to operate. It’s like safety. We can’t ignore it,' he said...Alex Cranberg, chairman of the oil and gas firm Aspect Holdings, told The Epoch Times in an email that some aspects of ESG are penalizing U.S. companies for political reasons. 'If an American company produces less, it just means that some other country like Qatar or Russia produces the oil or gas, or even that some more highly polluting fuel such as coal or wood is burned,' he said. 'This makes zero sense, but U.S. oil companies are being denied capital by some banks, multilateral lending agencies, public pension funds, and university endowments.'"

Every source of energy has trade-offs, no matter what the funny weed man says.

Euro News (2/7/22) reports: "Lithium extraction fields in South America have been captured by an aerial photographer in stunning high definition. But while the images may be breathtaking to look at, they represent the dark side of our swiftly electrifying world. Lithium represents a route out of our reliance on fossil fuel production. As the lightest known metal on the planet, it is now widely used in electric devices from mobile phones and laptops, to cars and aircraft. Lithium-ion batteries are most famous for powering electric vehicles, which are set to account for up to 60 per cent of new car sales by 2030. The battery of a Tesla Model S, for example, uses around 12 kg of lithium. These batteries are the key to lightweight, rechargeable power. As it stands, demand for lithium is unprecedented and many say it is crucial in order to transition to renewables. However, this doesn't come without a cost - mining the chemical element can be harmful to the environment. German aerial photographer Tom Hegen specialises in documenting the traces we leave on the earth's surface. His work provides an overview of places where we extract, refine and consume resources with his latest series exposing the 'Lithium Triangle.'"

Energy Markets

WTI Crude Oil: ↓ $89.61
Natural Gas: ↑ $4.29
Gasoline: ↑ $3.45

Diesel: ↑ $3.83
Heating Oil: ↓ $278.53
Brent Crude Oil: ↓ $90.95
US Rig Count: ↓ 718

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