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DAILY ENERGY NEWS | 03/10/2022
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** Joe Biden said he wanted to put oil and gas out of business. He is doing what he said he wanted to do. Who can fault producers for taking him seriously?
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Epoch Times ([link removed]) (3/9/22) reports: "President Joe Biden’s green energy policies are the key cause of skyrocketing gasoline prices, not the Russian invasion of Ukraine or the fact that federal leases for oil and gas exploration aren’t being fully utilized, according to an energy industry expert. 'Wide swaths of the elected government and administrative state have decided that investments in oil and gas must be minimized and eventually eradicated. There must be steady downward pressure on oil and gas investments,' said Institute for Energy Research (IER) Chairman Tom Pyle. The IER is an independent nonprofit research group that favors continued reliance on fossil fuels. Pyle’s comment came in testimony on March 8 before the House Energy and Commerce Committee’s subcommittee on energy during a hearing on electric vehicles (EV). 'Even as recently as two weeks ago—at the
height of the [Biden] administration scrounging around for liquified natural gas they could send to the [European Union]—the Federal Energy Regulatory Commission (FERC) issued two policy statements making it clear that the hurdles to permit liquified natural gas (LNG) terminals and their feeder pipelines would be getting higher, not lower,' Pyle testified. He said oil company executives and investors 'have listened and watched all of this and concluded that some significant portion of both the elected government and the administrative state are going to be actively hostile to their products into the foreseeable future.' 'It should surprise no one, therefore, that these executives and investors are unwilling to make decisions on projects that may take decades to break even.'
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** "Biden must now be honest about electric vehicles. They grossly violate basic environmental justice principles and are anything but fair to the poor of the world who suffer and die so that wealthy western elites can virtue signal with their electric vehicles."
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– Tom Harris, International Climate Science Coalition. ([link removed])
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When you can't win, outsource...
** New York Times ([link removed])
(3/9/22) reports: "The Biden administration on Wednesday restored California’s legal authority to set auto pollution and mileage rules that are tighter than federal standards, a potent climate policy that had been stripped away by former President Donald J. Trump. The return of one of California’s most powerful environmental prerogatives could have a significant impact on the type of cars Americans will drive in the coming decade, the amount of gasoline the nation consumes and its ability to reduce the tailpipe emissions that contribute heavily to climate change...Fossil fuel companies and Republican states are expected to fight back against all new rules designed to cut oil use and promote electric vehicles, with coordinated lawsuits against each of Mr. Biden’s policies. 'States that don’t feel that they should be forced into the worldview of the state of California would be the primary litigants,' said Thomas Pyle, the president of the Institute for Energy Research, an organization that
supports the use of fossil fuels. Last month, the Republican attorneys general of 15 states filed a suit against the Biden administration’s reinstatement of the Obama-era auto pollution rule, claiming that it exceeded the authority granted to the federal government under the Constitution. "
And they called him a madman...
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See Germany. Don't be Germany.
** National Review ([link removed])
(3/10/22) op-ed: "Enamored though English-speakers are of Anglo-American heroics, the 20th century’s European wars can be viewed through another lens: contests between the German and Russian peoples for continental supremacy. In the aftermath of the Second World War, the United States provided the xxxxxx against Russian domination, shielding West Germany from the threat to the east and allowing it to flourish economically. In the present century, a re-united, hubristic Germany has chosen to ignore or downplay the risk posed by Russia centering its policy toward Moscow on the energy trade. As part of its Energiewende, Germany is weaning itself off domestic coal and existing nuclear generation and has replaced a large portion of that power output with energy sourced from Russia...The flaws in the German framework are almost too painfully blatant to spell out: Putting a significant part of your energy-supply system in the hands of an aggressive, revanchist state like Russia is to offer a
potent geopolitical lever...Glaring as Germany’s shortsightedness now appears, the U.S. is stumbling into an analogous trap with our primary geopolitical opponent. Menacing though Russia is, for the United States, the long-term challenge is China, a state seeking to establish hegemony in the world’s most populous and most economically dynamic region, the Asia-Pacific. This century’s global politics will be defined by Sino-American competition in that region — and the world more broadly. Amid this reality, the United States ought to reconsider an energy and environmental orientation that favors China.
Energy Markets
WTI Crude Oil: ↑ $110.07
Natural Gas: ↑ $4.59
Gasoline: ↑ $4.31
Diesel: ↑ $5.05
Heating Oil: ↑ $351.86
Brent Crude Oil: ↑ $113.91
** US Rig Count ([link removed])
: ↑ 754
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