Mr. First Lady's tough week

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DAILY ENERGY NEWS | 03/18/2022

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The First Lady's husband has had a rough week. Plus, Irish marauders on the latest episode of The Unregulated Podcast. Now streaming on our website, or wherever you listen to podcasts.

"Voters will cast ballots for candidates who prove they understand the problem and have a plan for fixing it. Democrats who continue to wallow in platitudes about an 'existential' climate crisis may find themselves out of jobs."

–Kimberley A. Strassel,
Wall Street Journal

Does anybody really take either of these two guys seriously?

Fox Business (3/14/22) reports: "Rep. Ro Khanna and Sen. Sheldon Whitehouse are pushing a bill they say will help bring relief from high gas prices to Americans – as energy industry critics argue it would do the exact opposite. The proposal, which comes as Russia's war on Ukraine delivers a shock to global energy prices, is called the 'Big Oil Windfall Profits Tax.' According to Khanna, D-Calif., and Whitehouse, D-R.I., the bill would levy a tax on oil barrels sold by large producers 'equal to 50 percent of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019.' The money from that tax would be sent to consumers as a quarterly rebate, according to a description of the bill, with a cutoff for single people making $75,000 or more and families making $150,000 or more. 'This is a bill to reduce gas prices and hold Big Oil accountable. As Russia’s invasion of Ukraine sends gas prices soaring, fossil fuel companies are raking in record profits,' Khanna said. 'These companies have made billions and used the profits to enrich their own shareholders while average Americans are hurting at the pump.'"

Yesterday, we asked where Deb Haaland was. Now we know. Instead of managing the 2.46 billion acres of the federal mineral estate (not one legal lease sale since her boss began dismantling America's energy security), it turns out she was partying at the Leftist Lollapalooza.

U.S. Department of Interior (3/18/22) release: "Secretary of the Interior Deb Haaland attended SXSW yesterday where she outlined Auntie Deb’s Guide to Equity & Inclusion. Her remarks highlighted her philosophy about why representation matters, how to take it to the next level, and what can be possible when we recognize America’s full history and provide space for all voices to have a seat at the table. Putting her words into action, Secretary Haaland invited writer, transgender activist and military veteran Charlotte Clymer to share the stage for a Q&A session following her speech. Secretary Haaland's remarks follow a series of events and actions taken to underscore the Department’s prioritization of equity and inclusion across the federal government, including establishing the first-ever Diversity, Equity, Inclusion and Accessibility Council; visiting historically significant sites that tell the stories of marginalized communities; and advancing efforts to remove derogatory names from our nation’s public lands and waters."

We salute you, Autry Stephens. True grit and the entrepreneurial spirit. That's the American way.

Wall Street Journal (3/17/22) reports: "In the spring of 2020, oil prices were crashing and Autry Stephens was in trouble. When prices stabilized a few months later, his Midland, Texas, oil company decided to take a gamble and expand drilling. His timing was perfect. With oil prices today gyrating around $100 a barrel, Mr. Stephens’s company, Endeavor Energy Resources, and a few other privately held U.S. drillers, have emerged as pivotal players in the global energy market. The war in Ukraine and sanctions against Russia have hit supplies, and these smaller operators are among the few racing to produce more crude. That is making them a lot of money. Mr. Stephens, who turned 84 last week, may be the biggest winner. Under financial pressure in early 2020, he now has become one of the wealthiest people in the American energy sector, with a net worth of more than $10 billion, according to people close to him and market valuations of assets controlled by his company, of which he is the sole owner. Mr. Stephens is a reserved oilman who often eats a cheese quesadilla with fries for lunch and is usually in the office seven days a week. He said he has never before seen a market with surging prices yet so little competition. “This is almost too good to be true,” he said...I always like to drill. I’m for drilling,' Mr. Stephens said. 'Public companies have changed, but we’re still guided by classic business parameters like rates of return, and aren’t as influenced by what Wall Street wants to hear or ESG,' referring to environmental, social and governance concerns that have become more pressing for many publicly traded energy companies. 'We totally support and participate' in safer production practices, he said, while arguing that oil will remain necessary for global economies and that more production will be required as the West shuns Russian oil."

If you oppose a carbon tax, take a stand and contact us.

Tom Pyle, American Energy Alliance

Myron Ebell, Competitive Enterprise Institute

Phil Kerpen, American Commitment

Andrew Quinlan, Center for Freedom and Prosperity

Tim Phillips, Americans for Prosperity

Grover Norquist, Americans for Tax Reform

George Landrith, Frontiers of Freedom

Thomas A. Schatz, Citizens Against Government Waste

Richard Manning, Americans for Limited Government

Adam Brandon, FreedomWorks

Craig Richardson, E&E Legal

Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Annette Thompson Meeks, Freedom Foundation of Minnesota
Isaac Orr, Center of the American Experiment
David T. Stevenson & Clint Laird, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Jack Ekstrom, PolicyWorks America

Energy Markets

WTI Crude Oil: ↑ $103.04
Natural Gas: ↓ $4.86
Gasoline: ↓ $4.27

Diesel: ↓ $5.06
Heating Oil: ↓ $344.02
Brent Crude Oil: ↓ $106.23
US Rig Count: ↑ 765

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