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DAILY ENERGY NEWS | 04/15/2022

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Confused about how this radical minority is taking over your state government? That's how Big Green, Inc. likes it. Their convoluted influence campaigns don't last in the sunlight.

Real Clear Energy (4/14/22) article: "Pennsylvania sits at the epicenter of what is aptly described as America’s 'natural gas revolution,' which is why the state is well positioned to help free America and Europe from relying on foreign adversaries for their energy. But there’s a problem. Average residents who stand to benefit from affordable and reliable domestic energy supplies are operating at disadvantage against anti-energy campaigns that receive financial support not just from outside of the state, but also possibly from outside of the U.S. That’s why now is a good time for policymakers to take a hard look at the oversized influence green activists are exercising in Pennsylvania at the expense of their constituents...From within Pennsylvania, Heinz Endowments based in Pittsburg, and the William Penn Foundation based in Philadelphia, are among the biggest funders of anti-energy activism. Big Green Inc., a project of the Institute for Energy Research, a Washington-D.C.-based group that advocates for free market energy policies, tracks donations from these foundations on a state-by-state basis. In 2019, Heinz donated $375,000 to the Clean Air Task Force, an anti-oil think tank, $590,000 to the Clean Air Council, a Philadelphia-based nonprofit created in 1967 to push environmental litigation, and $90,000 to the Sierra Club 'to protect the region from impacts from fossil fuel use and development,' according to Big Green. "

"Only a sustained commitment to policies facilitating expanded private investment in the development of fossil reserves — an important form of national wealth — and associated infrastructure can lead the Biden administration out of the fuel-cost morass that it has created for itself and for all of us. But that would require an abandonment of the deeply dubious 'climate crisis' narrative."

– Benjamin Zycher,
American Enterprise Institute

As recently as a year ago, it looked like the costs of renewables only decreased. It turns out that isn't the case.

CNBC (4/14/22) reports: "The world’s governments have pledged more than $710 billion to 'sustainable recovery measures' by the year 2030 since the beginning of the Covid-19 pandemic, the International Energy Agency has said. This is a 50% increase compared to the figure in Oct. 2021 and represents 'the largest ever clean energy fiscal recovery effort,' according to the IEA. Despite this growth, the IEA’s latest update to its Sustainable Recovery Tracker cautioned that regional imbalances, compounded by rising commodity prices following the Russia-Ukraine war, were a cause for concern. In a statement earlier this week, the Paris-based organization said advanced economies were intending to spend over $370 billion before the end of 2023. It described this as a 'level of short-term government spending that would help keep the door open for the IEA’s global pathway to net zero emissions by 2050.' For other parts of the world, however, the story is different. Emerging and developing economies, according to the IEA, have made plans for roughly $52 billion of 'sustainable recovery spending' before the end of 2023. It said this was 'well short' of what was required for the pathway to net zero emissions by the middle of this century."

Great analogy.

🎵 So Long, It's Been Good to Know You. 🎵

Substack (4/15/22) article: "Lithium prices have soared by close to 500% over the past year. Stocks at the London Metals Exchange have dropped to the lowest since records began in 1997. EV prices are rising. The energy transition may have well ended before it took off. It’s increasingly looking like we are witnessing the mother of all perfect storms. When lockdowns started spreading across the world on the heels of Covid infections demand for natural resources naturally slumped but so did production. Then demand rebounded and it rebounded quickly while supply remained a hostage to broken supply chains and underinvestment in mining because climate change and energy transition...So, there are less metals and minerals that can be extracted cheaply but demand for such metals and minerals is rising, driven by government energy transition plans. And various transition proponents and analysts are forecasting investments in renewable energy needs to increase immensely if we are to hit Paris Agreement emission targets. The cheap renewable energy myth is being busted in real time. The question now is whether those in decision-making positions would rather keep the transition on — very expensive — life support or take the realistic road and save us all a lot of financial and energy pain."

Energy Markets

WTI Crude Oil: ↑ $106.95
Natural Gas: ↑ $7.30
Gasoline: ~ $4.07

Diesel: ↓ $5.01
Heating Oil: ↑ $385.48
Brent Crude Oil: ↑ $111.70
US Rig Count: ↓ 759

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