We need more sanctions

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DAILY ENERGY NEWS | 03/03/2022

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Putin isn't the only one we should be sanctioning.

Washington Times (3/2/22) op-ed: "BlackRock, an investment company mostly famous for deciding that oil and natural gas are morally bad investments and, at the same time, being the only American company to sponsor an investment fund in communist China, has decided to hedge its bets a bit. Reuters has reported that BlackRock and its CEO Larry Fink are trying to convince the world that even though the company announced that it wouldn’t invest in oil and gas companies in the future because it is 'committed to supporting the goal of net zero,' that in reality BlackRock 'wants to see these companies succeed and prosper.' This happy talk is too little and too late. Riley Moore, Treasurer of West Virginia, recently announced that his state would not be doing any more business with BlackRock specifically because of the company is hostile to a significant portion of West Virginia’s citizens and how they make a living. It’s about time. It’s also about time for Texas and other states to follow West Virginia’s lead and divest from BlackRock for the simplest of all reasons: Blackrock does not have America’s best interests at heart."

"With an emboldened Russia and sky-high gas prices, we are now experiencing the consequences of President Biden putting progressive politics ahead of the needs of the American people."

– Adam Brandon, FreedomWorks

Where are the adults?

Daily Caller (3/2/22) reports: "President Joe Biden has pushed an aggressive anti-fossil fuels agenda since taking office, harming U.S. energy independence goals and enabling Russian aggression, experts said. The Biden administration has consistently implemented policies against the U.S. fossil fuel industry — nixing pipelines and ditching drilling projects, pursuing burdensome regulations and delaying the key federal oil and gas permit program — as part of its aggressive climate agenda. Meanwhile, the U.S. has become increasingly reliant on oil imports, including those from Russia, and Russia has established itself as a major player in global natural gas markets. The U.S., though, is set to return to being a net importer of crude oil in 2022 under the Biden administration, according to federal projections. The nation became a net exporter of total energy in 2019, factoring in both coal and natural gas trade, and a net oil exporter in 2020. 'Vladimir Putin has had a chance to see if the Biden administration was going to continue to be aggressive in his support of the United States oil and gas industry,' Institute for Energy Research (IER) President Tom Pyle told the Daily Caller News Foundation in an interview. 'Every action that this administration has taken with respect to energy and oil and gas has been the opposite.' 'The administration is sending a signal to both the market and to Vladimir Putin that the United States is not serious about utilizing its God-given natural resources,' he added."

Even after seeing the results of Europe's "Greening," the kids in the White House continue to hold fast to their daydreams.

The Pipeline (3/2/22) op-ed: "Imagine being a Biden White House aide tasked with writing this week’s State of the Union address. Having spent weeks crafting an opus of appeals to Congress over Biden’s 'climate' agenda, reality barges in and scrambles the planned approach. After all, squandering the inheritance of energy dominance, and ushering in a U.S. equivalent of Germany’s disastrous energy policies here — with a reliance on China for rare earth-mineral dependent 'renewables' and increased reliance on Russian oil — has gone from being weirdly out-of-touch with Americans to utterly disconnected from reality. What to do? Unfortunately, adjusting to events and scrapping old plans until better times hopefully return was not the option chosen. Acknowledging how policy mistakes have brought the world to this week’s deadly and further-perilous point was therefore plainly out of the question...Like the Europeans now reaping the climate-policy whirlwind, President Biden and his party are too heavily invested in the matter with their base and (like a growing flock of Republicans) with their donors to let go. Biden’s use of the State of the Union reflected an unnerving resistance to change course when certain inevitable consequences of the 'green' agenda are coming home to roost. Demanding more of the same last night, faster, was simply irresponsible. Failing to exploit one’s own, plentiful resources in fealty to the Green Blob has proved a 'lesson in energy masochism' and Russian energy blackmail."

Hmmm...

Nikkei Asia (3/3/22) reports: "Taiwan reported a massive blackout on Thursday that is affecting its two biggest cities as well as its most important iPhone processor production hub. Over 5 million households were affected by the power outages, including in Taipei, the capital, and Kaohsiung, the second-biggest city. Taiwan Power Co. said in a brief statement that its southern power grid system encountered a malfunction causing blackouts in southern Taiwan. Knock-on effects from the outage triggered power outages in some parts of northern and central Taiwan as well. The malfunction took place at Kaohsiung's Hsinta Power Plant, the biggest power plant in southern Taiwan, according to the company. The iPhone processor production hub is in Tainan, in southern Taiwan...The large-scale power outage comes as former U.S. Secretary of State Mike Pompeo is in Taiwan for his first-ever visit to the key Asia tech economy. Pompeo is set to meet Tsai on Thursday. Their meeting is expected to go ahead, but a live broadcast of the event has been canceled."

Energy Markets

WTI Crude Oil: ↑ $111.59
Natural Gas: ↓ $4.72
Gasoline: ↑ $3.72

Diesel: ↑ $24.11
Heating Oil: ↑ $353.66
Brent Crude Oil: ↑ $113.58
US Rig Count: ↑ 740

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