Joe and Susan sitting in a tree...

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DAILY ENERGY NEWS | 03/15/2022

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Who said bipartisanship is dead? I guess not everybody is hell bent on destroying the American oil and gas industry.

Wall Street Journal (3/14/22) editorial: "President Biden nominated Sarah Bloom Raskin to be the Federal Reserve’s vice chairman for bank supervision because she wants to use financial regulation to redirect capital from fossil fuels. She’s the wrong person for the wrong job at the wrong time, as Joe Manchin explained in his own words Monday in saying he opposes her nomination. 'Now more than ever, the United States must have policy leaders and economic experts who are focused on the most pressing issues facing the American people and our nation—specifically rising inflation and energy costs,' the West Virginia Senator said. Ms. Raskin’s 'previous public statements have failed to satisfactorily address my concerns about the critical importance of financing an all-of-the-above energy policy to meet our nation’s critical energy needs.' Ms. Raskin told the Senate she won’t use her powers against any industry, but her public record is clear. In June 2020, she wrote that financial regulators must 'do all they can—which turns out to be a lot—to bring about the adoption of practices and policies that will allocate capital and align portfolios toward sustainable investments that do not depend on carbon and fossil fuels.' There are many similar quotes."

"Despite the clear need for America to embrace this powerful tool [fracking], the Democratic Party has instead decided to double down on anti-energy independence initiatives. They’re playing right into Putin’s hands."

– Corey Walker,
Real Clear Energy

As Russia invades, the SEC looks to Europe's anemic oil, gas, and coal production and says, let's emulate the European policies which reduced European energy security.

Washington Post (3/15/22) reports: "The Securities and Exchange Commission plans to require all publicly traded companies to disclose their greenhouse gas emissions and the risks that climate change poses to their businesses, Maxine and our colleague Douglas MacMillan report this morning. Under a groundbreaking rule the SEC is expected to propose Monday, hundreds of businesses would be required to measure and disclose greenhouse gas emissions in a standardized way for the first time, according to two people briefed on the agency’s discussions, who spoke on the condition of anonymity to describe internal deliberations. The rule comes as shareholders of public companies are increasingly demanding more information about the risks that climate change could pose to their investments, arguing that mounting climate disasters and environmental regulations could limit the growth of businesses that fail to prepare for them."

'Clean' energy is when you sweep all the human rights violations under the bed.

E&E News (3/15/22) reports: "The solar industry was rattled last year when the United States cracked down on imports linked to the Chinese government’s repression of Uyghur Muslims. Human rights groups now are concerned about alleged abuses linked to another key component for clean energy: cobalt, a silvery-blue battery metal that is pivotal for electric vehicle batteries. This time they’re not holding out hope the U.S. will take steps to deal with the harsh labor conditions identified in the Democratic Republic of the Congo. For a complicated set of financial, legal and political reasons, experts told E&E News they expect the U.S. to do little to address what its own government agencies acknowledge is a blot that taints the transition to a zero-carbon future. The DRC, sometimes called the 'the Saudi Arabia of the electric vehicle age,' produces about 70 percent of the world’s cobalt. About 80 percent of cobalt processing occurs in China before being incorporated into lithium-ion batteries. But given the country’s dominance, auto and technology companies are effectively stuck sourcing from the DRC, advocates say, until engineers figure out how to make cheap cobalt-free batteries."

Right after the "what's your favorite ice cream flavor" and "do you still love puppies" questions are asked.

Wall Street Journal (3/14/22) editorial "Every so often President Biden makes himself available to the press to ask a question—when he’s not walking to or from a helicopter—and we have a suggestion for the next opportunity: 'Mr. President, will you do everything in your regulatory power to make it easier for American companies to produce more oil and gas to make the U.S. and its allies in Europe and elsewhere less dependent on Russian energy?' The question is straightforward, and the goal is to elicit a straight answer that gets to the heart of the current geopolitical moment. Oil and gas prices are soaring amid fears of reduced global supply. The Ukraine invasion has shocked Western Europe into recognizing that its reliance on Russian supplies has made it vulnerable to Vladimir Putin’s blackmail. In the U.S., consumers are increasingly dismayed by rising gasoline prices, which are weighing on pocketbooks and could result in a Democratic Party wipeout in November. Mr. Biden has dispatched officials to cajole the Saudis to pump more oil, but they won’t take the President’s call. The mob bosses of Venezuela and Iran will have to be bribed with U.S. sanction concessions to be able to sell more. Why not do everything possible to expand American energy production instead? The question will give the President a choice. If he says yes, we can hold him to that policy standard. But if Mr. Biden says no, we’ll know he’s siding with his climate emissary John Kerry and the progressive left against the urgent economic and strategic interests of the United States. The voters can judge accordingly."

Energy Markets

WTI Crude Oil: ↓ $95.35
Natural Gas: ↓ $4.51
Gasoline: ↓ $4.31

Diesel: ↓ $5.11
Heating Oil: ↓ $301.70
Brent Crude Oil: ↓ $99.46
US Rig Count: ↑ 763

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