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DAILY ENERGY NEWS | 03/02/2022
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** Biden had one shot, one opportunity to reset our energy future and he just let it slip.
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Wall Street Journal ([link removed]) (3/1/22) editorial: "President Biden is no Olaf Scholz. The new Chancellor upended decades of center-left German defense and energy policy this week after Vladimir Putin invaded Ukraine, and Mr. Biden had a similar opportunity in his State of the Union address Tuesday. He missed the moment. The President remained on the same policy course of his first year, albeit dressed up in new anti-inflation packaging. More defense spending to meet the threats from autocrats? No. A new appreciation for the contribution of fossil fuels to American and European security? Not a word. A note that government spending contributed to the highest inflation in 40 years? Nope...On his domestic agenda, Mr. Biden acknowledged inflation, as he had to given the polls. But he blamed rising prices on the pandemic and greedy businesses, and his solutions
are to unleash prosecutors and antitrust cops, and to spend even more money on social welfare and entitlements. His most other-worldly line was that his program would 'cut energy costs for families an average of $500 a year by combating climate change.' The entire point of his climate agenda is to raise the price of energy for Americans by reducing the supply and increasing the cost of coal, oil and natural gas. His regulators are working to do that every day in every way. It was as if the horror of the last week, which exposed the folly of Europe’s dependence on Russian oil and gas, had never happened. The climate left still has a choke hold on this Presidency."
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"If we had a strong president, we would put the Keystone Pipeline back online."
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– Gov. Kristi Noem, (R-SD) ([link removed])
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If you want to know where gas prices are headed, just look to the laboratory in the West where the greens have cemented their favorite policies.
** California Globe ([link removed])
(3/1/22) column: "The first week in December 2018, the United States exported more oil than we imported, for the first time in nearly 70 years. This is known as energy independence. And it happened not because of the previous 50 years of dubious federal 'energy programs' heavily regulating oil and gas, while promoting alternative energy, but despite them. This took place under then-President Donald Trump, who said, 'The year 2019 marked the first time in 67 years that American annual gross energy exports exceeded gross energy imports.'...What energy independence means to the United States is affordable, reliable oil, natural gas, coal and fuel, which translates into affordable gas prices at the pump, affordable home heating costs, and affordable electricity. Energy independence isn’t complicated...The Institute for Energy Research said we can 'thank the oil and gas industry and its use of hydraulic fracturing and horizontal drilling for that milestone as production in those industries
increased a combined 11 percent in 2019. Total U.S. energy production increased by 5.7 percent in 2019 while U.S. energy demand decreased by 0.9 percent.'...Here in California, our gas prices have surpassed $5.00 per gallon throughout, and in some parts of the state, gas has reached $7.00 per gallon. This hurts the working classes and the poor the most, which seems like an oxymoron given that Democrats claim they are the Party which cares about the poor and the working classes."
If only it had been humanly possible to predict the outcomes of Energiewende...
** Reuters ([link removed])
(3/2/22) reports: "Germany on Wednesday took more steps to diversify its energy supplies in a bid to cut dependence on key supplier Russia, announcing a 1.5 billion euro order for non-Russian liquefied natural gas (LNG) and slowing its exit from coal. 'Pragmatism must trump every political commitment,' Economy Minister Robert Habeck told public radio Deutschlandfunk in remarks that would have been unthinkable by a Greens minister a week ago. 'The security of supplies must be safeguarded,'' he added, addressing fears of blackouts and rationing of gas for heating. Habeck's comment are the latest sign of how Russia's invasion of Ukraine has upended Germany's planned transition toward carbon neutrality, forcing the government to reconsider its planned nuclear and coal exits. Russia is the largest supplier of gas to Germany, accounting for 38%, according to data on the Economy Ministry's website. Coal and gas jointly accounted for 43% of Germany's gross power production last year...In response
to Russia's invasion of Ukraine, Germany has stopped certification of the Nord Stream 2 gas pipeline which would have carried Russian gas to Germany. It has also announced plans for LNG terminals and for national gas and coal reserves to be tapped in case of a dearth of gas imports."
Steve Moore ran the numbers so you don't have to.
** New York Post ([link removed])
(2/28/22) op-ed: "How much is President Joe Biden’s war on US energy costing you and all Americans? Since Russia invaded Ukraine, the world oil price has been wildly fluctuating, but Monday it was just shy of $100 a barrel...Compare the peak oil-production months under President Donald Trump’s energy-independence policies to the latest production numbers under Biden: The Energy Information Administration’s data show that the United States is producing roughly 1.2 million fewer barrels oil per day...So the math here is fairly straightforward: 1.2 million barrels times $100 a day is a deadweight loss to the United States of slightly more than $100 million every day. When Trump left office in January 2021, we were energy independent. Today, we rely on Russia and OPEC nations to fill up our tanks and heat our homes...And what does this $100 million loss seven days a week mean for the US economy? With that much more national income each day, we could build eight to 12 schools every day. We could
create 1,000 six-figure jobs a day. Annually, with the extra $40 billion we could help clean up every toxic waste dump in America or clean our rivers and streams. We could put scrubbers on every coal plant and fix leaks in every gas pipeline that crisscrosses America."
Energy Markets
WTI Crude Oil: ↑ $109.45
Natural Gas: ↑↓ $4.74
Gasoline: ↑ $3.65
Diesel: ↑ $4.04
Heating Oil: ↑ $339.04
Brent Crude Oil: ↑ $111.45
** US Rig Count ([link removed])
: ↓ 739
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