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DAILY ENERGY NEWS | 04/08/2022
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** To drill or not to drill. That is the question.
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Washington Times ([link removed]) (4/7/22) editorial: "The much-anticipated hearing on Wednesday in the U.S. House of Representatives Committee on Energy and Commerce, at which oil company executives were supposed to be barbecued, turned out to be a messaging disaster for the Democrats. Some of them attacked the executives for using their company’s profits to buy back stock or increase dividends to shareholders. Good as far as it goes. However, in arguing against stock buybacks, the Democrats, led by Chair Frank Pallone of New Jersey, wound up explicitly advocating that companies spend that money — wait for it — exploring for and producing more oil and natural gas...Former President Barack Obama used to say that 'we can’t drill our way to lower oil prices.' Then the revolution in precision drilling and well stimulation proved him wrong. Having lost that fight, the bad guys changed tactics and made it painful for
people and companies to invest in oil and natural gas. That led to underinvestment in oil and natural gas resources, which has created our current situation. The hearing made it clear that the Democrats don’t know whether they favor producing more oil or not. That’s, of course, an unfortunate byproduct of their lack of knowledge about the energy industry more generally. We hope they pick a side in this fight soon and get their messaging straight. In the meantime, we remain confident, knowing that greater production of oil means lower prices for consumers. We look forward to the Democrats catching up to the rest of us."

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** "Expanding production requires capital investment which requires some level of confidence that policymakers won’t throw sand in the gears of your operation. Perhaps the Democrats' climate messaging has been nothing more than political red meat for its voter base, but in the real world, words have meaning, and telling an industry that your policy goal is to make it obsolete doesn’t encourage new investment or growth."
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– Kat Dwyer, Real Clear Energy ([link removed])

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So the "Energy Transition" is all hype for politicians and the Larry Finks of the world. Color us unsurprised.

** Mining.com ([link removed])
(4/6/22) reports: "A new research report produced by BHP and Legal & General Investment Management titled The Energy Transition Dilemma has a number of graphs that vividly display the daunting task ahead to combat global warming. None more so than this chart going all the way back to 1800 showing changes to the primary global energy mix. According to the authors, the past two transitions – from wood to coal, and from coal to oil and gas – took between 70 and 100 years for the new source of energy to reach 50% market share...Low carbon energy is yet to supply at a global level more than 100% of the incremental demand for energy. Only when these low carbon energy sources are growing faster than (or at least at the same rate as) overall energy demand will action start to match the rhetoric. To date, renewables meet around 30% of incremental energy demand, with the broader low carbon contribution slightly higher. Market share continues to grow but not nearly fast enough to halt the level of
global emissions and decouple growth in the economy from growth in emissions, let alone start to structurally lower emissions."

You'd think someone from Silicon Valley would have a better understanding of how video works.

I'm pretty sure asking an oil exec if he will commit to less production means, well you decide for yourself...

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If you oppose a carbon tax, take a stand and ** contact us. (mailto:[email protected])

** ([link removed])

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: ↑ $96.71
Natural Gas: ↑ $6.37
Gasoline: ↑ $4.13

Diesel: ↑ $5.06
Heating Oil: ↑ $330.66
Brent Crude Oil: ↑ $100.99
** US Rig Count ([link removed])
: ↓ 751



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