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DAILY ENERGY NEWS | 05/16/2022
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** Biden's answer to high gas prices: Cut off American supplies, then blame oil and gas workers for not producing more.
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Wall Street Journal ([link removed]) (5/13/22) editorial: "Another week, another example of the Biden Administration’s energy incoherence. On Tuesday the President blamed record gasoline prices on Vladimir Putin. The next day the Interior Department announced the cancellation of three offshore oil and gas lease sales, setting up the possibility that there won’t be any during his Presidency. It’s been nearly a year since a federal judge blocked President Biden’s oil and gas leasing ban on federal lands. Yet the Administration has interpreted the injunction as merely hortatory. After dragging its feet, Interior last November held an offshore sale in the Gulf of Mexico under a five-year leasing plan finalized by the Obama Administration. A liberal federal judge vacated those sales in January, on the legal stretch that the government didn’t consider the greenhouse-gas emissions of the oil
that would be produced by the leases and consumed abroad. The Administration chose not to appeal, and it now blames the judge for its decision to cancel three auctions that were scheduled this year under the Obama five-year plan...Liberals say offshore sales won’t immediately increase oil production or reduce gasoline prices. But the cancellation creates more uncertainty and sends another signal that the Administration wants to keep U.S. oil and gas investment in the ground."
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** "Policymakers should reject the false choice posed by the Biden Administration to date—renewables or conventional energy—and make policy changes in pursuit of energy abundance. Americans and the rest of the world stand to benefit greatly, as the only way to dilute the power of those who weaponize energy for political ends is to provide the world with affordable, reliable energy of all kinds."
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– Katie Tubb, Heritage Foundation ([link removed])
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Apparently Biden likes to shut mines down in the U.S., but open them in other countries. Sound familiar?
** Reuters (http:// The U.S. Department of Defense has asked Congress to let it fund facilities in the United Kingdom and Australia that process strategic minerals used to make electric vehicles and weapons, calling the proposal crucial to national defense.)
(5/11/22) reports: "The U.S. Department of Defense has asked Congress to let it fund facilities in the United Kingdom and Australia that process strategic minerals used to make electric vehicles and weapons, calling the proposal crucial to national defense. The request to alter the Cold War-era Defense Production Act (DPA) came as part of the Pentagon's recommendations to Congress for how to write the upcoming U.S. military funding bill, known as the National Defense Authorization Act. Congress may reject or accept the proposed changes when it finalizes the bill later this year. Washington is trying harder to reduce America's dependence on China for lithium, rare earths and other minerals used to make a range of technologies. Existing law bars DPA funds from being used to dig new mines, but they can be used for processing equipment, feasibility studies and upgrades to existing facilities. Currently, only facilities in the United States and Canada are eligible for DPA funding. Adding
Australia and the United Kingdom, the Pentagon said in the request to Congress, would 'allow the U.S. government to leverage the resources of its closest allies to enrich U.S. manufacturing and industrial base capabilities and increase the nation's advantage in an environment of great competition.'"
Close only counts in horseshoes and hand grenades.
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These kinds of 'investments' only make sense if your end goal is a feel-good press release, not the material improvement of human lives.
** Daily Caller ([link removed])
(5/15/22) reports: "Eco-activist group Greenpeace brought solar power to Dharnai, India, in 2014, constructing a green micro-grid it said would make the tiny village “energy independent” and a model for the rest of the country to follow. Eight years later, reports indicate the solar micro-grid is not only defunct, but being used as a cattle shed. The Dharnai venture is only one of many failed attempts by environmental groups, like Greenpeace, to 'green' the developing world, according to one of its co-founders. 'It’s the same thing that’s happened a lot across Africa: goody two-shoes comes in and builds them a small solar facility,' CO2 Coalition Director Patrick Moore, who co-founded Greenpeace in the 1970s, told The Daily Caller News Foundation. 'Then, pretty soon the battery wears out and it just doesn’t get repaired and they don’t know what to do because they don’t have any expertise,' said Moore, who departed Greenpeace in the 1980s after he said the group lost touch with its original
purpose. 'There’s plenty of those stories.' In July 2014, Greenpeace celebrated the project, claiming that it made Dharnai the first village in the state of Bihar to run on entirely on solar energy. The project quickly collapsed, though, as batteries became overused, causing the entire grid to fall into disrepair, environment-focused news outlet Mongabay-India reported in December."
Energy Markets
WTI Crude Oil: ↑ $110.99
Natural Gas: ↑ $8.02
Gasoline: ↑ $4.48
Diesel: ~ $5.56
Heating Oil: ↓ $388.04
Brent Crude Oil: ↑ $111.63
** US Rig Count ([link removed])
: ↑ 809
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