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DAILY ENERGY NEWS | 02/23/2022
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** Biden's 'green' jobs should not be confused with American jobs.
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The Epoch Times ([link removed]) (2/22/22) reports: "'Electrification' has become a watchword for the Biden administration, particularly as part of the push for net-zero emissions in the U.S. economy by 2050...The IEA report stresses the need to step up mining of lithium, cobalt, and other minerals used in electric vehicles, solar plants, and windfarms. Today, the mining and, in particular, the processing of many of those minerals is concentrated in China...The United States, by contrast, imported 76 percent of its cobalt in 2020, according to the U.S. Geological Survey. 'China owns eight of the 14 largest cobalt mines in the Democratic Republic of Congo and they account for about half of the country’s output. An American company once owned the largest DRC mine, but sold it in 2016 to China Molybdenum,' said Mary Hutzler, distinguished fellow at the
IER...Hutzler, of IER, has highlighted environmental challenges to new mines in the West as factors behind that increase. She drew attention to actions against approved lithium mines in Chile and Serbia as well as the proposed Thacker Pass lithium mine in Nevada, currently embroiled in a court battle. 'When demand exceeds supply, prices increase, as is the case with lithium, which could end the spiraling down of electric vehicle battery prices, making the green energy transition even harder to achieve,' she said.
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** "The US has sanctions on Iran, Venezuela, Russia and then asks Opec plus for more oil."
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– Amena Bakr, Energy Intelligence ([link removed])

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Churchill described Russia as a "riddle, wrapped in a mystery, inside an enigma." Or was he talking about the Larry Fink and Blackstone types?

** Bloomberg ([link removed])
(2/22/22) reports: "After watching big banks curtail lending and asset managers pare bets, fossil fuel producers are now losing access to some of Wall Street’s deepest pockets. Blackstone Inc., once a major player in shale patches, is telling clients its private equity arm will no longer invest in the exploration and production of oil and gas, according to people with knowledge of the talks. The firm’s next energy fund won’t back those upstream investments — a first for the strategy. Blackstone's credit arm is swearing them off too. The pledge by the world’s largest alternative asset manager comes after its energy returns have see-sawed and culminates a years-long retreat by the industry from the oil patch after hefty losses for some players. Apollo Global Management Inc. has also been pulling back, and recently told prospective backers its next buyout fund won’t make fossil-fuel investments. Long-time energy investors including Riverstone Holdings are among others that have shifted focus.
At Blackstone, the view in the executive suite has hardened: The world will rely less on extracting hydrocarbons from the ground for energy needs. Though its energy private equity arm hasn’t made a new oil and gas investment since 2017, the formal prohibition is new, and it’s getting stitched into its rules."

All we're asking for is one single reporter to give this a basic fact check. There’s a free AEA t-shirt in it for you.

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The media is beyond parody at this point.

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Incredible what government agents are willing to do to their fellow citizens so long as it is the 'right thing to do.'

** The Hill ([link removed])
(2/21/22) op-ed "In a recent article, former Environmental Protection Agency Assistant Administrator Susan Parker Bodine recalls rebuffing a proposed rule that would have required local communities to obtain a costly Clean Water Act permit to transfer their sewage to larger, consolidated municipal treatment systems for treatment and discharge. When Bodine confronted EPA staff and informed them the agency lacked legal authority to require these communities to obtain permits — because they did not discharge pollutants into 'navigable waters' — the staff acknowledged the legal problem, yet defiantly replied: 'It’s the right thing to do.' This exchange is emblematic of the modern administrative state. Federal executive branch agencies have the power to regulate only if Congress gives them clear authority, yet agency bureaucrats often ignore the limits on their power and seek to alter laws in a way they believe is 'right.' This is not how our Constitution’s separation of powers works...Congress
has not amended the Clean Air Act since 1990 or the Clean Water Act since 1987. The American public’s view on what the 'right thing to do' about the environment has changed during the past 30 years. And reasonable minds can differ on how private property should be regulated to avoid environmental harm. But one thing has not changed over that time: The foundational principle enshrined in our Constitution is that the legislature, and not executive branch agencies, should determine the nation’s environmental policy. The Supreme Court should make that clear to EPA."

Energy Markets


WTI Crude Oil: ↑ $92.14
Natural Gas: ↑ $4.56
Gasoline: ↑ $3.53

Diesel: ↑ $3.95
Heating Oil: ↑ $280.54
Brent Crude Oil: ↑ $97.01
** US Rig Count ([link removed])
: ↑ 734



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