Double whammy

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DAILY ENERGY NEWS | 03/14/2022

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The same brain trust threatening to tax energy companies in a global shortage has promised the currency devaluation will continue until morale improves.

Washington Examiner (3/10/22) reports: "The White House is expecting 'substantially' higher inflation figures in the coming months, even after the February Consumer Price Index posted the highest year-over-year rate since 1982. Yearly inflation rose to 7.9% in February, which the White House attributed largely to a 3.5% increase in energy prices. The White House Council of Economic Advisers noted that 'there has been substantial run-up in energy prices since February resulting from the Russian invasion of Ukraine' and that 'energy and commodities prices will likely contribute substantially to inflation in the coming months.'..The president had previously warned the nation on Tuesday, moments after announcing a ban on all Russian energy imports, that the cost of defending a democratic Ukraine would lead to increases in domestic energy prices. He put the onus on U.S. oil and gas companies to boost domestic production and challenged them to choose between passing along higher returns to their investors and delivering savings to consumers...Biden stated at the time. 'But it's no excuse to exercise excessive price increases or padding profits or any kind of effort to exploit this situation or American consumers.'"

"Our elected officials must set aside their allegiance to green energy lobbyists and turn up gas production so that we can crush Putin’s war machine without setting a single foot on foreign soil."

–State Senator Gene Yaw (PA-23)

Biden climate team is in charge of security.

Reuters (3/10/22) reports: "White House efforts to boost U.S. liquefied natural gas exports and cut Europe's reliance on Russian gas after the invasion of Ukraine are proceeding slowly, because of concerns about the impact on climate change, government and industry sources said. The Ukraine crisis has underscored Europe's energy dependence on Russia, which supplies about 40% of the natural gas used to heat its homes and generate electricity, and the Biden administration has vowed to help its allies break that chain. The White House was weighing the announcement of an interagency review of ways to boost LNG exports to Europe alongside Tuesday's decision to ban U.S. imports of Russian oil products, people briefed on government decision-making told Reuters. However, the interagency review has been shelved, at least for now, after some in the White House argued it would counter the administration's efforts to wean the U.S. off fossil fuels consumption and production and tackle climate change, the sources said. Natural gas burns with much lower carbon emissions than coal or oil, but its drilling and extraction and transportation in pipelines results in the leakage of methane, the second biggest cause of climate change after carbon dioxide. The U.S. LNG industry has long claimed its fuel has less climate impact than Russian gas sent by leaky pipelines to Europe, but there's little hard data comparing the two."

When this guy gets it right, you know something is very wrong.

This sounds like our testimony last week.

Wall Street Journal (3/13/22) op-ed: "Gasoline prices are higher than we have ever seen. The government reported a year-over-year inflation rate of 7.9% for February, the highest since 1982. Americans need relief, and one thing stands in the way: President Biden’s unwillingness to reverse course on his administration’s commitment to put the American oil-and-gas industry out of business at the consumer’s expense. In the year since the administration froze new drilling leases on 26% of federal land and more than a third of the nation’s resources in productivity, the U.S. has been falling further from energy independence, putting national security at risk. There is no good reason for America to become more reliant on energy imports. It constrains our policy choices, forces us to cede our national security to foreign players and enriches those who would do us harm. This administration is working with the Saudis, Venezuela and even Iran to come to the rescue. Why? The U.S. needs domestically produced oil and natural gas. In 2019 the U.S. became energy-independent, a net exporter. Gas and electricity prices were low, and the U.S. was the largest producer of energy on the planet. Thanks to abundant and affordable clean-burning natural gas, brought to us by horizontal drilling, the reduction in greenhouse-gas emissions was the most successful in the industrialized world."

Energy Markets

WTI Crude Oil: ↓ $102.87
Natural Gas: ↓ $4.66
Gasoline: ↑ $4.32

Diesel: ↑ $5.13
Heating Oil: ↓ $329.38
Brent Crude Oil: ↓ $106.41
US Rig Count: ↑ 767

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