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DAILY ENERGY NEWS | 03/29/2022
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** Biden is looking everywhere for an excuse, except in the mirror.
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Real Clear Energy ([link removed]) (3/28/22) op-ed: "Never let a crisis go to waste, as the age-old Beltway wisdom goes, but one might think that the Ukraine crisis, in which thousands of innocents are dying and losing their homes, millions have been driven into refugee camps, and in which Russian military savagery is the order of the day, might give the usual Beltway suspects pause. Get real. Utter shamelessness is a feature rather than a bug in these politicized times, and in no context is such cynicism more blatant than with respect to the use of the ongoing Ukraine tragedy to attack the fossil-fuel industry and to promote unconventional energy hugely expensive, utterly unreliable, and environmentally destructive. This opportunism has taken two forms. The first is the laughable attempt to blame high gasoline prices on anyone, everyone other than the Biden administration. High gasoline prices
represent 'Putin’s price hike,' a stance not consistent with the reality that gasoline prices have been rising since December 2020. The oil companies are engaged in 'price gouging' and 'profiteering,' an argument not consistent with the failure of overseas gasoline producers to drive prices down by exporting ever-more gasoline to the U.S. market, thus capturing those profits for themselves."
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** "Political intervention and miscalculation have led to over-investment in unreliable energy sources and, far worse, under-investment in reliable energy sources and infrastructure. The full costs of this colossal malinvestment have been somewhat hidden from view as spare capacity in the global energy network has mostly kept the train on the tracks."
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– Chris Wright, Liberty Oilfield Services ([link removed])
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The oil is in Bakersfield but the dipsticks are in Sacramento.
** ([link removed])
Russia, Russia, Russia.
** Daily Caller ([link removed])
(3/28/22) reports: "Dr. Cecilia Rouse, chair of the Council of Economic Advisers, said Monday that gas and energy prices are expected to rise further due to U.S. sanctions imposed on Russia. 'This is an important moment for democracy, but what we do know is that Putin’s invasion of Ukraine will have impacts on both energy prices and food prices,' Rouse said. 'So, as the president has said, we can expect that while our sanctions are going to have their focus and most of their impact on the Russian economy, that we can expect we will see a bit of impact in the United States as well.' 'The president is focused on doing what he can to make ensure that those increases are contained and doing what he can to ease them for the American people,' she continued. 'He’s worked with our partners to increase an additional 60 million barrels from the Strategic Petroleum Reserve, and he has other options on the table that he will be considering as they come up.' Rouse then noted that food shortages are not
expected to occur in the U.S. due to it being a net exporter, but the administration is working closely with partners to 'minimize the impacts' on nations that heavily rely on Ukraine and Russia for 'wheat, in particular, and other grains.'"
But don't worry, they have the solution....
** ([link removed])
Of course, their numbers are a bit off. Those who can't afford $4.50 a gallon will need to spend over $60K, actually. $60,054 to be precise.
** Philadelphia Inquirer ([link removed])
(3/16/22) reports: "Oh, so now gasoline has crossed $4.50 a gallon in the Philadelphia region and you suddenly want an electric vehicle? Take a number. Not only is demand way up for EVs, but automakers’ EV supplies were pinched even before supplies tightened and the Russian invasion of Ukraine began, further enhancing market volatility. And although the decision to buy an EV might feel good for many reasons, it may not make economic sense for many buyers...Batz is shopping around for an EV. He has tried Teslas and Volkswagen and will look at Subaru. He also complained about the sticker price on the vehicles: As demand has risen, so have prices. According to Edmunds data, the average transaction price for a new EV climbed to $60,054 in February, $1,820 more than their average MSRP of $58,234. The average transaction price for all new vehicles was $45,596 in February. That price premium is another factor that may make buying an EV a tougher choice right now and may not make straight economic
sense. Consider that a person who drives 20,000 miles a year in a vehicle that gets 20 miles per gallon will pay $2,250 a year for gasoline at $2.25 a gallon. Doubling the cost means just under an extra $200 per month for fuel."
Energy Markets
WTI Crude Oil: ↓ $100.81
Natural Gas: ↓ $5.40
Gasoline:~ $4.24
Diesel: ~ $5.12
Heating Oil: ↓ $363.20
Brent Crude Oil: ↓ $106.80
** US Rig Count ([link removed])
: ↑ 764
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