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DAILY ENERGY NEWS | 04/25/2022
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** The simplest way to explain the behavior of any bureaucratic organization is to assume that it is controlled by a cabal of its enemies.
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The Daily Caller ([link removed]) (4/22/22) reports: "Two groups representing major corporations inched closer this week to backing a carbon tax policy critics argue would raise energy prices for consumers. The American Petroleum Institute (API) privately drafted a proposal that would include a tax of $35-50 per ton of carbon dioxide emitted by fossil fuels, The Wall Street Journal reported Thursday evening. On Tuesday, meanwhile, the Business Roundtable (BR) — of which Amazon, Google, Apple, JPMorgan Chase and many other corporations are members — released an energy policy roadmap that endorsed carbon pricing, which forces emitters to choose between higher costs and transitioning to renewables, that they said incentivizes the 'deployment of technologies to lower emissions.'...The group, which represents almost 600 oil and gas companies, confirmed the proposal but said it was part of its broader analysis of a 'variety of
approaches, policies and continuous innovation.' The proposal, which hasn’t been finalized or approved by its board, represents a departure from the group’s 'Climate Action Framework' released last year that backed a carbon pricing system. A carbon tax of $35 per ton would raise gasoline costs by about 28 cents a gallon while a $50-per-ton tax would increase pump prices by 41 cents a gallon"
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** "With GM reporting $14.3 billion in net profits last year, taxpayers should be scratching their heads, wondering why this payment is necessary. And responsible policymakers should recognize that the money could be better spent on projects that benefit the people of Michigan, or even better, left in their wallets."
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– Michael D. Farren, Mercatus Center Jason Hayes, Mackinac Center for Public Policy. ([link removed])

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The cost of wind turbines is now the highest in 7 years--reversing years of price declines.

** Bloomberg ([link removed])
(4/25/22) reports: "Optimism abounds about the future of wind power, with a clean-energy boom powering robust growth in an industry that businesses and governments agree is key to slowing climate change. But a nagging problem could keep the sector from fulfilling that promise: Turbine makers are still struggling to translate soaring demand into profit. Wind power heavyweights Vestas Wind Systems A/S, General Electric Co. and Siemens Gamesa Renewable Energy SA are reeling from high raw material and logistics costs, changes in key clean-power subsidies, years of pressure on turbine prices and an expensive arms race to build ever-bigger machines. 'What I’m seeing is a colossal market failure,' said Ben Backwell, chief executive officer of trade group Global Wind Energy Council, noting a mismatch between government targets for new wind power and what’s happening on the ground. 'The risk is we’re not on track for net zero [emissions] -- and the other risk is the supply chain contracts, instead
of expanding.'"

One thing is for sure, the ESG crowd isn't destroying modern civilization out of the goodness of their hearts.

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Remind me why leftists love Europe so much?

** The Hill ([link removed])
(4/23/22) reports: "The European Union (EU) on Thursday released a series of steps and actions citizens can take to reduce energy usage as part of an effort to support to support Ukraine amid the Russian invasion. The International Energy Agency (IEA) and the European Commission, a branch of the EU, outlined several steps for the average citizen, including walking or biking instead of driving, reducing speeds on highways, working from home and using less air conditioning. 'Using less energy is not only an immediate way for EU citizens to reduce their bills, but it also supports Ukraine by reducing the need for Russian oil and gas, thereby helping to reduce the revenue streams funding the invasion,' the commission said...Jørgensen said in a statement that energy efficiency 'has the potential to be the most important policy initiative for reducing our dependence on Russian imports.' The European Commission and IEA said the simple steps Europeans can take will have a big effect. For example,
the agencies said turning the thermostat just 1 degree Celsius would save 7 percent of the energy used for heating."

Energy Markets


WTI Crude Oil: ↓ $96.19
Natural Gas: ↓ $6.64
Gasoline: ↑ $4.12

Diesel: ↑ $5.07
Heating Oil: ↓ $392.64
Brent Crude Oil: ↓ $100.76
** US Rig Count ([link removed])
: ↑ 778



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