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DAILY ENERGY NEWS |5/4/22|
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** To shrug.
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Wall Street Journal ([link removed]) (5/4/22) reports: "Rising natural-gas prices are pushing up utility bills, threaten to make air conditioning very expensive this summer and are eating into manufacturing profits. 'Natural gas is used to power many of our plants, and, importantly, many of our suppliers’ plants, which puts pressure on their costs and timing,' Colgate-Palmolive Co. finance chief Stanley Sutula III told investors last week... At today’s prices there is plenty of money to be made drilling in shale fields, she said, though short supply of labor, supplies and equipment are hobbling efforts to quickly add much more production. 'You really couldn’t get the work crews in time to alleviate the problem that’s occurring right now for this summer and entering into next winter,' Ms. Chaturvedi said."
[link removed]


** "The federal, local, and state regulations that prevent us from producing more natural gas are just one example of a bigger problem: It is too hard to build things in America."
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– Adam Millsap, Stand Together ([link removed])

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Is this a 'race' worth winning?

** Bloomberg ([link removed])
(5/4/22) column: "The woes of the EV ecosystem have been compounded by a market imbalance and high raw material prices. That means it will only be harder to gather supplies and make affordable batteries. Chinese officials, though, have already started talking about more collaboration across their supply chain to ensure manufacturing isn’t hit. The U.S. isn’t quite there yet when it comes to addressing this big — and likely prolonged — barrier because it doesn’t even have a robust supply chain."

Automakers, take note.

** Washington Examiner ([link removed])
(4/27/22) column: "NEMA lobbied publicly and privately for the lightbulb law. 'NEMA views any lighting market transformation as a matter of national importance that must come about through a federal solution by setting technology-neutral performance-based standards that would eliminate today's inefficient general service lightbulbs from the market,' a NEMA official said. Upton regularly defended the ban by pointing to the industry’s support. U.S. Fed News reported in 2007, 'Upton and Harman worked very closely with industry and environmentalists to craft common sense legislation that seeks to clean up the environment, all the while protecting American jobs.' Yet it didn’t protect American jobs. The General Electric lightbulb factory in Winchester, Virginia, closed in 2010 due to the lightbulb law. The bulbs replacing the Winchester bulbs were made in Mexico and China. And now that Biden has dialed up the regs, NEMA says they are too strict. This is what happens when companies support
regulations that they think will enhance their profits — they get burned in the end because government is a faithless partner."

Oy!

** Manchester Evening News ([link removed])
(4/28/22) reports: "Over six million UK households owe money on energy bills as the cost of living crisis means nearly a quarter of customers face a battle to pay off rising energy bills. The average household that is in energy debt owes an average of £188 with the number of households in debt to their energy supplier rising by half in the last year, according to research by USwitch. It means six million bill-payers face higher prices and a debt to pay off, with more price hikes promised in November as the cost of living crisis hits households across the UK. Nearly two in five households (38%) are in credit with their supplier, a decrease of almost a fifth (18%) compared to last year and the total credit across the UK is £500 million lower than this time last year."

Energy Markets


WTI Crude Oil: ↑ $106.98
Natural Gas: ↑ $8.35
Gasoline: ↑ $4.23

Diesel: ↑ $5.43
Heating Oil: ↑ $418.69
Brent Crude Oil: ↑ $109.28
** US Rig Count ([link removed])
: 774



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