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DAILY ENERGY NEWS | 04/21/2022

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Working like the devil to drive gas prices UP, UP, UP!

The Hill (4/20/22) reports: "The Biden administration, under fire from climate activists over its move to restart oil and gas leasing on federal lands, is seeking to shift blame to a court ruling as it navigates dueling climate and energy pressures. The administration has emphasized that its Friday decision to open up about 144,000 acres of publicly-owned lands for oil and gas drilling was caused by a court order — and has indicated in recent days that its preference would be to not hold any lease sales at all. White House press secretary Jen Psaki on Monday said the court ruling was 'forcing our hand' and that President Biden’s policy is to 'ban additional leasing.' 'Today’s action…was the result of a court injunction that we continue to appeal, and it’s not in line with the president’s policy, which is to ban additional leasing,' Psaki said. Asked if new leases will undercut Biden’s climate goals, Psaki reiterated that 'these leases are not in line with our policy or the president’s view.'"

"Time and again, U.S. companies have tried to address social problems by implementing divisive, controversial programs that have only increased conflict."

– Ed Rensi,
The Boardroom Initiative

Like the Biden Administration, the Business Roundtable would be happy if you paid more for your energy and gasoline. No amount of spin from a former Boehner flack is going to change that fact.

Washington Times (4/20/22) column: "Last Tuesday, in perhaps the most remarkable instance of political tone-deafness ever, the Business Roundtable, which describes itself as 'an association of [CEOs] of America’s leading companies working to promote a thriving U.S. economy and expanded opportunity for all Americans through sound public policy,' decided that promoting a thriving economy included being in favor of a fat, new energy tax on consumers. For the record, the Business Roundtable called for establishing 'a price on carbon …', which, as a practical matter, means that the federal government would institute a tax on energy, paid by consumers. Such an energy tax is a clever way to shift costs from businesses to consumers while giving propaganda points to businesses. Not wanting to be too closely associated with a new energy tax on consumers during our current moment of high energy and food prices, the chieftains of business decided to leave the details like the exact mechanism or amount of taxation to the little people: 'Business Roundtable supports a market-based emissions reduction strategy that includes a price on carbon … but it does not endorse any specific market-based mechanism."...It was bad enough that Michael Steel, who used to work for Speaker Boehner and now pimps for the BRT, felt compelled to engage in serial untruths: “Business Roundtable members support a balanced, responsible energy plan that … would lower energy prices for Americans, strengthen our economy, and allow the U.S. to better compete around the world, including with China.” Raising taxes won’t lower anyone’s energy prices, nor will it help America compete with China.

Huh? The State of Oregon is investing in oil and gas...

Bloomberg (4/20/22) reports: "The Oregon State Treasury has at least $5.3 billion invested in fossil fuel companies, a coalition of environmental groups said in a report Wednesday that blamed the state for adding to global warming and urged divestment. Oregon is considered a 'green' state, through its goal of reducing greenhouse gas emissions by state agencies and being the first state to commit to stop using coal-fired power. Yet the state treasury is working at cross-purposes with over $1 billion invested in the coal industry alone, Divest Oregon said in its report. 'The state exposes Oregonians to climate and health risks, economic costs, and financial losses' through the investments, the group said."

America to the rescue!

Hate to say it, but...

Fox Business (4/18/22) reports: "Multiple GOP state Attorneys General are calling on President Biden to reauthorize the Keystone XL pipeline, saying that his decision to revoke the Trump-era permit has contributed to record-high gas prices and made U.S. allies more dependent on Russia during its invasion of Ukraine. In a letter, led by Montana State Attorney General Austin Knudsen, the signatories called Biden’s revoking of the Keystone XL permit on his first day in office 'misguided' and 'unlawful.' 'We warned you then if your decision was not reversed, Americans would ‘suffer serious detrimental consequences,’ consumers would pay higher prices, and our allies would become further dependent on Russian and Middle Eastern oil,' the wrote, adding: 'We hate to say we told you so.' Mow, they said, the U.S. is beset by record-high gas prices, economy-wide inflation, and European countries are literally funding Vladimir Putin’s invasion of Ukraine because they cannot afford to rid their dependence on Russian oil without rising an economic recession. "

Energy Markets

WTI Crude Oil: ↑ $104.17
Natural Gas: ↑ $7.02
Gasoline: ↑ $4.12

Diesel: ↑ $5.06
Heating Oil: ↓ $388.17
Brent Crude Oil: ↑ $108.62
US Rig Count: ↑ 770

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