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DAILY ENERGY NEWS |4/28/22|

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We didn't need another report to know that oil and gas will be around a lot longer than some hope, but its another good reminder.

CBC News (4/26/22) reports: "Global ambitions to tackle climate change are being confronted by rising concerns about energy security, according to a new report by RBC, which is why oil and natural gas are going to be used for quite a while. The Russian invasion of Ukraine has sent energy prices soaring, as there are supply concerns for many commodities such as oil, natural gas and coal. As many countries grapple with energy security and affordability issues, there is less emphasis on climate change."

"Yet before net-zero is achieved—if it is ever achieved—both the EU and the US will need more fossil fuels, including coal. And this means that despite calls for more renewables from both governments and the renewable energy industry, despite the active demonization of the fossil fuel industry, investments in more oil, gas, and coal production are likely to rise—at least in the short term."

– I rina Slav, OilPrice.com

Hold on. Hold on. I keep being told that these things are supposed to get cheaper and cheaper. What gives?

Fox Business (4/25/22) reports: "The lithium shortage problem was highlighted at this year’s Austin Auto Show. Many of the electric vehicles on display, such as the Ford F-150, have thousands of orders already – despite not being out yet. In a recent interview, lithium and mining expert Joe Lowry told Bloomberg that a gap will continue to grow between supply and demand over the next two years. The price of lithium has surged more than 430% over the past year. Part of the reason for this is that extracting lithium is a cumbersome process."

Some sanity comes to Wall Street.

Financial Times (4/26/22) reports: "Investors refused to back resolutions demanding stricter fossil fuel financing policies at three major US banks on Tuesday, dealing a blow to environmentalists hoping to apply more pressure to lenders over climate issues. Proposals filed at Wells Fargo, Bank of America and Citi called on the banks to align their fossil fuel financing policies with achieving net zero emissions by 2050, and to ensure financing did not contribute to “new fossil fuel supplies”. But the resolutions were backed by only about 11 per cent of shareholders at Wells Fargo and Bank of America and fewer than 13 per cent at Citi."

Remember when the Dems and their buddies in the media laughed about this? Who's laughing now?

Ben Lefebvre tweets:

Energy Markets

WTI Crude Oil: ↑ 102.14
Natural Gas: ↓ $7.14
Gasoline: ↑ $4.14

Diesel: ↑ $5.12
Heating Oil: ↑ $472.88
Brent Crude Oil: ↓ $105.21
US Rig Count: ↑ 769

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