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DAILY ENERGY NEWS | 04/11/2022
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** With a record like this, who could believe skyrocketing energy prices aren't a deliberate policy choice?
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Yellow Hammer ([link removed]) (4/10/22) op-ed: "Russia’s invasion of Ukraine sent already rising oil prices even higher. Record gas prices are fueling the highest inflation rate in 40 years. President Biden blames high gas prices on Mr. Putin, but administration policies are hampering U.S. oil production. Markets are forward-looking and incorporate new information almost instantaneously. Anticipated events will affect commodity and stock prices before they occur. Experts’ surprise at the full-scale invasion suggests that this likely explains the price rise from $90 to $120 per barrel over the next two weeks. But the increase from $40 in October 2020 to $90 in February seems hard to blame on Mr. Putin. The Institute for Energy Research (IER) maintains a scorecard on Biden energy policies. Mr. Biden canceled the Keystone XL pipeline on Inauguration Day...President Biden has reversed President Trump’s reforms of the National Environmental Protection Act and the Clean
Water Act. The policy process previously allowed environmental groups to endlessly litigate required environmental reviews, tying up production and pipelines for years...The Biden administration has stopped development in the Arctic National Wildlife Refuge and the Alaska National Petroleum Reserve and halted new leases on Federal lands and waters. A court ruling blocking a large Gulf of Mexico lease has not been appealed....Mr. Biden is simply, in IER’s view, delivering on his 2020 election pledge: 'No ability for the oil industry to continue to drill period. It ends.' And now the president is asking Iran, Venezuela and Saudi Arabia to pump more oil. Everyone, it seems, except America."
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** "The hard fact is that with each passing month, more rural communities across the country are saying no to big renewable projects and proving yet again, that land-use conflicts are limiting, and will continue to limit, the growth of wind and solar energy."
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– Robert Bryce, Forbes ([link removed])

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It's a bummer.

** Daily Caller ([link removed])
(4/7/22) reports: "California electricity bills are among the highest in the nation and are set to continue skyrocketing, putting state and national green ambitions in the spotlight. The state’s largest energy providers reported average monthly bills dwarfing those of other states in 2021, E&E News reported. If prices keep rising, as current projections say they will, electric vehicles will continue to be more expensive than traditional gas-powered cars. The surging prices could act as an impediment for the electric vehicle industry in the state. Democratic Gov. Gavin Newsom signed an executive order in 2021 banning new traditional gas vehicles by 2035 while President Joe Biden outlined a nationwide goal of having electric vehicles account for half of total car sales by 2030."

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Keep your expectations grounded. Look who we are dealing with, after all...

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I've been told that increasing renewables will lower electricity rates, but California increases renewables and rates are double the rest of the US.

** E&E News ([link removed])
(4/5/22) reports: "Millions of Californians pay among the highest prices in the nation for electricity, a potential threat to the state’s plans to electrify cars and homes as it battles climate change. Surging electricity prices of the three biggest utilities in the Golden State have reached levels that now are more than double the national average, as posted by the U.S. Energy Information Administration. Bills are projected to keep climbing as utilities address wildfire risk from their power lines and add electric vehicle charging stations. Ratepayers ultimately bankroll those costs. The state as a result faces a looming crisis, some analysts say. California wants residents to swap gasoline-fueled cars and natural gas heaters for electric models. But if power rates keep rising, it will cost more to plug in an EV at home than to fill up a gas tank, economists project...The rise in electricity prices comes as California analyzes how to meet its climate goals, including cutting greenhouse gas
emissions 40 percent below 1990 levels by 2030. It wants carbon-free electricity by 2045. Before that, it plans to phase out traditional cars, requiring automakers to offer only zero-emissions models by 2035."

Energy Markets


WTI Crude Oil: ↓ $94.56
Natural Gas: ↑ $6.59
Gasoline: ↓ $4.11

Diesel: ↓ $5.04
Heating Oil: ↓ $327.23
Brent Crude Oil: ↓ $99.14
** US Rig Count ([link removed])
: ↑ 769

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