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DAILY ENERGY NEWS | 04/20/2022
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** Refusing to let any crisis, even the government-created ones, go to waste #TeamBiden wants the "social cost of carbon" to get inflated along with everything else.
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Politico ([link removed]) (4/20/22) reports: "he social cost of carbon was initially a wonky metric that Barack Obama's agencies used to help guide policy with the economic consequences of climate change in mind...The metric — an estimate of the economic impact of adding carbon dioxide the atmosphere — has become an increasingly crucial foundation for President Joe Biden's climate actions. It guides climate considerations for issues such as public transit grants, oil and gas lease sales and energy efficiency regulations, and it offers an economic baseline that the administration can use to defend its policies in court. And its importance has grown after Democrats' Build Back Better bill stalled in the Senate, which left regulations as a major avenue for pushing climate action...How to calculate the social cost of carbon has also become a deeply political question: The Obama administration
set it at $43 per ton of carbon dioxide, but the Trump administration whittled it down to $1 before Biden raised it back to $51 per ton. With better understanding of how climate change is affecting the world, some experts are calling for a price closer to the $200 range, a number that would make it vastly easier to justify efforts to throttle greenhouse gas emissions. 'The reason that you have this sort of ping-ponging of the social cost of carbon is that it's being utilized by the bureaucracy to achieve an end,' said Tom Pyle, president of the American Energy Alliance, which supports fossil fuels and is critical of the social cost metric. 'Each administration has its own ideology about what they want to accomplish, and the way that it was constructed, it's so subject to gaming that you're witnessing the result.'"
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** "The U.S. must increase the domestic supply of oil and gas. Stop the blather about oil companies having more than sufficient leases for drilling—they can’t drill if they can’t get government permits. Building new pipelines to transport oil and gas throughout the country also remains critical."
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– Senator Mitt Romney ([link removed])

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No. No. No. Biden didn’t “restore climate safeguards” with their NEPA rules, they required more climate assessments. NEPA requires assessments and analysis, but does not force outcomes. But we can’t expect the WaPo’s reporters to understand what the law actually does.

** Washington Post ([link removed])
(3/1/22) reports: "The White House on Tuesday announced it has restored key protections to a landmark environmental law governing the construction of pipelines, highways and other projects that President Donald Trump had swept away as part of an effort to cut red tape. The new rule will require federal agencies to scrutinize the climate impacts of major infrastructure projects under the National Environmental Policy Act (NEPA), a 1970 law that required the government to assess the environmental consequences of federal actions, such as approving the construction of oil and gas pipelines. In 2020, Trump introduced major changes to the law’s implementation, saying the government would exempt many projects from review and speed up the approval process. His administration also said federal agencies would not consider 'indirect' climate impacts. Trump and allies in the business community said the move would reinvigorate infrastructure projects across the nation."

Pave paradise put up a solar lot

** Bloomberg ([link removed].)
(4/20/22) reports: "The Interior Department made the projection in a report to Congress that shows regulators and developers moving rapidly to advance new wind farms and solar arrays in Arizona, California, Nevada and other Western states. The effort is part of the administration’s push to make the U.S. power sector emission-free by 2035 and permit some 25 gigawatts of solar, wind and geothermal energy production on public lands by 2025. 'The technological advances, increased interest, cost effectiveness and tremendous economic potential make these projects a promising path for diversifying our national energy portfolio,' Interior Secretary Deb Haaland said in a news release Wednesday. As part of the plan, the Interior is considering changes to electric-transmission corridors across 11 Western states that are meant to target and accelerate development of power lines. Regulators also will be using new policies to screen and prioritize proposed solar and wind projects on public lands, with
the goal of moving more quickly on the most feasible proposals. The Interior’s Bureau of Land Management has ramped up renewable energy permitting under Biden, having authorized 12 projects in fiscal 2021 that support 2,890 megawatts of solar and geothermal energy generation, according to the report. Almost all of those were solar ventures, such as the 500-megawatt Yellow Pine and 350-megawatt Hot Pot projects in Nevada."

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It would be nice if we had more domestic oil production in the pipeline from federal lands to replace the Russian oil, but Biden just prefers higher oil prices.

** Reuters ([link removed])
(4/20/22) reports: "Nine tankers carrying Russian-origin crude and fuel oil have discharged in the United States in April, likely the last ones to deliver before a wind-down set by Washington expires this week, customs and tanker tracking data showed. The United States last month set an April 22 ban on imports of Russian crude and refined products. The United States gave importers of Russian petroleum, liquefied natural gas and coal 45 days to take en route and under-contract cargoes. Tanker Seamagic, which loaded fuel oil at Russia’s Taman port, discharged at Valero Energy’s St. Charles, Louisiana, refinery last week, the last of the nine tracked to discharge. The data does not include ship-to-ship transfers or Russian-origin oil loaded elsewhere...The United States imported 672,000 barrels per day (bpd) of Russian crude and refined products last year, according to data from the Energy Information Administration. Of that, 30% or 199,000 bpd was crude, while 473,000 bpd was refined
products."

Energy Markets


WTI Crude Oil: ↑ $102.84
Natural Gas: ↓ $6.92
Gasoline: ↑ $4.11

Diesel: ↑ $5.05
Heating Oil: ↑ $393.25
Brent Crude Oil: ↑ $107.50
** US Rig Count ([link removed])
: ↓ 769



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