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DAILY ENERGY NEWS | 04/07/2022

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No price is too high for someone "making a difference" for the climate. For the rest of us, vacations are about to get more expensive...

Bloomberg (4/6/22) reports: "Jet fuel supplies are draining fast on the East Coast, supporting wholesale prices at near-record highs just when demand for air travel is closing the gap to pre-pandemic times. East Coast jet fuel stockpiles fell for a third straight week to their lowest level seasonally since 1996, as government data reflect what suppliers in the spot market have said for the past two weeks -- there’s very little aviation fuel available. Jet fuel is fetching $7.49 a gallon, nearly double the spot price of diesel in New York and more than 1.5 times that of gasoline. Since fuel accounts for up to a third of airline operating expenses, airfares will likely get a lot pricier. Some carriers have already begun to pare flights due to high fuel costs -- and those decisions were made a month ago, when jet prices were less than half of what they are now. Fuel costs are forcing airlines to scale back at a time when air travel is slowly returning to pre-Covid levels. The number of passengers going through security at U.S. airports averaged 2.08 million per day in the first five days of April, around 9.9% lower than the same period in 2019, according to Transportation Security Administration data. March travelers were down by 12.4% compared with 2019."

"Today’s sky-high gas prices were a policy choice, not an unavoidable accident. No matter how many misleading statistics White House officials and congressional liberals try to throw at the people, the blame for high energy costs rests with them."

– Rep. Yvette Herrell (NM-R)

Going where no administration has gone before. The latest episode of The Unregulated Podcast is now streaming on our website, or wherever you listen to podcasts.

Anyone who thinks China will cut its coal use and harm its economy is seriously delusional.

Reuters (4/7/22) reports: "A new U.N. report detailing what the world needs to do to combat climate change has highlighted the need for China - by far the world's biggest greenhouse gas emitter - to accelerate its shift towards clean and low-carbon energy. This week's report by the Intergovernmental Panel on Climate Change (IPCC) said global emissions needed to peak by 2025 and fall 43% below 2010 levels by the end of the decade if temperature rises are to be kept below 1.5 degrees Celsius. It also recommended a 65%-95% cut in coal consumption by 2050 and further cuts in oil and gas, putting China's efforts to decarbonize its coal-heavy energy system - and its renewed emphasis on energy security - under the spotlight. Frank Jotzo, an economist at the Australia National University (ANU) and one of the authors of the IPCC report, told a briefing this week that China was one of several countries currently falling short when it comes to meeting global goals aimed at curbing temperature rises. 'The opportunity is there,' he said, 'but the short-term actions overall and the near-term pledges that have been made are incompatible.' China, which produces about a third of global annual emissions, has not officially responded to the IPCC report, and media coverage has been scant. Chinese researchers who helped draft the report also declined to comment."

They’re not called bird blenders for nothin’ folks.

NPR (4/6/22) reports: "A wind energy company was sentenced to probation and ordered to pay more than $8 million in fines and restitution after at least 150 eagles were killed over the past decade at its wind farms in eight states, federal prosecutors said Wednesday. NextEra Energy subsidiary ESI Energy pleaded guilty to three counts of violating the Migratory Bird Treaty Act during a Tuesday court appearance in Cheyenne, Wyoming. It was charged in the deaths of eagles at three of its wind farms in Wyoming and New Mexico. In addition to those deaths, golden and bald eagles were killed at wind farms affiliated with ESI and NextEra since 2012 in eight states, prosecutors said: Wyoming, California, New Mexico, North Dakota, Colorado, Michigan, Arizona and Illinois. The birds are killed when they fly into the blades of wind turbines. Some ESI turbines killed multiple eagles, prosecutors said. It's illegal to kill or harm eagles under federal law...The case comes amid a push by President Joe Biden for more renewable energy from wind, solar and other sources to help reduce climate changing emissions. It also follows a renewed commitment by federal wildlife officials under Biden to enforce protections for eagles and other birds under the Migratory Bird Treaty Act, after criminal prosecutions were halted under former President Donald Trump. Companies historically have been able to avoid prosecution if they take steps to avoid bird deaths and seek permits for those that occur. ESI did not seek such a permit, authorities said."

Now add some fracking and we're talkin' business.

The Hill (4/7/22) reports: "Britain plans to build eight new nuclear reactors and expand production of wind energy as it seeks to reduce dependence on oil and natural gas from Russia and other foreign suppliers following the invasion of Ukraine. Prime Minister Boris Johnson announced the plans Thursday as part of a new energy security strategy that will also accelerate development of solar power and hydrogen projects. The government said it wants to almost triple nuclear power generation capacity to 24 gigawatts by 2050. 'We’re setting out bold plans to scale up and accelerate affordable, clean and secure energy made in Britain, for Britain, from new nuclear to offshore wind, in the decade ahead,’ Johnson said. 'This will reduce our dependence on power sources exposed to volatile international prices we cannot control.' The strategy comes after oil and natural gas prices soared following the invasion of Ukraine amid concerns that energy supplies from Russia could be curtailed. High energy prices are fueling a cost-of-living crisis in Britain, where household gas and electricity prices jumped 54% this month."

Energy Markets

WTI Crude Oil: ↑ $97.81
Natural Gas: ↑ $6.05
Gasoline: ↓ $4.15

Diesel: ~ $5.07
Heating Oil: ↑ $337.97
Brent Crude Oil: ↑ $102.39
US Rig Count: ~ 757

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