50 years of false promises of energy security...

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DAILY ENERGY NEWS | 03/01/2022

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The world is on fire and Biden will be regurgitating the same old, tired talking points we've been hearing for decades about the "energy of the future"...

Bloomberg (2/28/22) reports: "President Joe Biden will call on Congress to revive stalled climate legislation in Tuesday’s State of the Union address, pitching a package of tax credits and climate spending as a way to battle inflation and save the average American family $500 per year. The renewed push comes as Biden’s approval ratings have dropped precipitously, with voters increasingly frustrated by soaring inflation, driven in part by higher energy prices. Biden is not expected to explicitly lay out an alternative legislative vision, according a senior administration official who requested anonymity to discuss the preparations. Instead, he’ll describe fighting climate change as integral to boosting middle class finances. The proposal comes after Biden’s sweeping Build Back Better economic package -- which included tax credits for renewable power and clean energy manufacturing -- stalled in Congress...In addition to the climate push, Biden will discuss other price-saving efforts, including a bid to bring down the cost of ocean shipping and a push to improve the cost and care provided at nursing homes."

"Joe Biden will probably tell the American people that energy prices are going up because of the war in Ukraine. He will also blame coronavirus, China, and big corporations. In other words, he will blame everyone but himself for America’s historic inflation."

– Sen. John Barrasso (R-WY)

Thank you, Governor, for listening to the actual experts on this important topic.

Daily Signal (3/1/22) reports: "Virginia Gov. Glenn Youngkin is pursuing a multipronged strategy to dismantle climate change regulations and hold down energy costs, his press secretary told The Daily Signal. Government records indicate that Youngkin will rely on a mix of executive action, budget changes, and legislation to withdraw from the 11-state Regional Greenhouse Gas Initiative...In his executive order, Youngkin points out that more than 100,000 Virginia households were in need of financial assistance to cover energy expenses in 2019, costing the state $46 million. Since it is evident that many Virginians are 'struggling to pay their energy bills,' the Institute for Energy Research argues in a recent blog, it is 'illogical [for Virginia] to participate in a program like RGGI that raises energy costs.' The Washington-based nonprofit supports free-market policies in the energy sector. 'People benefit more from lower costs overall than by being reimbursed later on for a higher upfront cost,' the institute says in the blog."

Germany renounces dependency on Russian energy. Will it move its eggs in China's basket?

Clean Energy Wire (3/1/22) reports: "Amid Vladimir Putin’s war against Ukraine and the energy supply repercussions it has for Germany and the rest of Europe, the climate and energy ministry in Berlin will propose a faster expansion of renewable energy capacity, in order to reach a near 100 percent renewable power supply by 2035. The plans – seen by Clean Energy Wire – will be voted on by ministries as of this week and are scheduled to be decided by the government cabinet on 9 March before proceeding through the parliamentary process. The Renewable Energy Act (EEG), which until now aimed for full renewable supply 'before 2050,' will be amended to reach up to 110 gigawatts (GW) of onshore wind capacity by 2030 (more than double the amount running at present), 30 GW of offshore wind (almost four times more than today) and 200 GW of solar PV capacity, also almost four times more than currently exists. Tender volumes under the EEG will have to be adjusted to reflect the higher target capacities. The proposal is part of the government’s climate emergency program (easter package) which was announced in January."

I don't know, the slogan "Freedom is having only one choice!" seems a bit on the nose, even for the greens...

Center Square (2/28/22) reports: "Support behind a Massachusetts law allowing municipalities to ban gas in new constructions is growing, but one industry expert says the effort is misguided. Advanced by Democratic state legislators, House Bill 2167, sponsored by Rep. Tami L. Gouveia, D-14th Middlesex, would confer on local governments the authority to require all new builds and major renovations to be free of any natural gas and use only electricity, S&P Global reported. Emerson Clauss III, president of the Home Builders & Remodelers Association of Massachusetts, said consumers who have gas want gas. 'With this legislation, the state is talking about forcing people down to one choice,' Clauss told The Center Square. 'Well, one choice is not a choice.' Clauss said he has told politicians they don't understand the backlash they're going to get if they enforce a gas ban. This legislative move is intended to support the state’s 2030 and 2050 benchmarks to decarbonize the Commonwealth, and is the latest development in a longstanding effort to shift to all-electric building, S&P Global reported."

Energy Markets

WTI Crude Oil: ↑ $101.67
Natural Gas: ↑ $4.45
Gasoline: ↑ $3.62

Diesel: ↑ $4.01
Heating Oil: ↑↓ $160.43
Brent Crude Oil: ↑ $104.02
US Rig Count: ~ 746

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