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DAILY ENERGY NEWS | 05/18/2022
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** In a serious country, the person who laid the groundwork for this mess wouldn't be tapped to replicate it nationwide.
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Michigan Radio ([link removed]) (5/16/22) reports: "MISO, the operator of the electric grid that includes Michigan, is warning there may not be enough electricity to go around this summer, which is forecast to be warmer than usual. That could mean controlled outages as an emergency measure. MISO says the summer peak forecast is 124 Gigawatts, with only 119 GW of regularly available generation. The group's seasonal assessment indicates 'capacity shortfalls in both the north and central regions of MISO and leaving those areas at increased risk of temporary, controlled outages to preserve the integrity of the bulk electric system, according to JT Smith, executive director – market operations at MISO. MISO said it has never taken the step of implementing controlled outages in Michigan before. DTE said it has extensive preparedness
plans in place in the event of a 'regional MISO issue.' The utility said it will be bringing its new 1,150 MW gas plant online in June, and said it has a large number of customers on voluntary interruptible rates whose service can be curtailed, if necessary, to maintain system reliability."
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** "In three short weeks following her visit to The Great Land, Secretary Haaland has driven a stake into two significant opportunities to advance Alaska’s economy, sustain a crucial industry, drive jobs and enhance domestic energy security and supply. Haaland may have enjoyed seeing Alaska’s beauty, but she has shown little to no levels of friendship to Alaska in her role as Secretary."
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– Rick Whitbeck, Power The Future ([link removed])

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You don't need a crystal ball to see where the regime's energy policies are taking us. California provides a glimpse of where we're headed.

** CNBC ([link removed])
(5/17/22) reports: "California’s state average for a gallon of gas has surged above $6, making fuel in the Golden State the most expensive across the U.S. The average price at the pump in California hit a record $6.021 per gallon on Tuesday, according to AAA. Prices are up 31 cents per gallon over the last month, and $1.89 higher than a year ago. While California’s prices are the highest in the country, the national average of $4.523 is also a record, with every state now averaging more than $4, according to AAA...A lack of refining capacity is also pushing up prices. Refiners turn oil into petroleum products like gasoline and demand for such products is surging as economic activity returns. But refining capacity is lower than pre-pandemic levels, which contributes to their rapid price rise."

Shot:

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Chaser:

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$8 billion investment in Brazil oil development. Thanks, Joe Biden.

** Seeking Alpha ([link removed])
(5/17/22) reports: "Equinor (NYSE:EQNR) and partner Exxon Mobil (NYSE:XOM) have taken the first steps to expand the $8B Bacalhau oilfield off Brazil's coast, Reuters reported on Tuesday. The companies want to boost future production from Bacalhau, Equinor's (EQNR) largest project outside of Norway, and are considering a second drilling rig and a second floating production platform for the next phase along with a 100-mile-long gas pipeline, according to the report. Equinor (EQNR) told Reuters it plans to drill a new appraisal well in the north of the Bacalhau field next year "to better understand the reserves base for the Phase 2 development," and the partners are assessing awarding a contract for a second drilling rig. For Exxon (XOM), Bacalhau could provide its first barrel of oil from offshore Brazil and a new supply of oil from lower carbon operations. 'Equinor's stock has been in a positive bubble since June 2021, and is likely to continue on an upward trajectory,' Gavin Barwell writes
in a bullish analysis newly published on Seeking Alpha."

Energy Markets


WTI Crude Oil: ↑ $112.81
Natural Gas: ↑ $8.38
Gasoline: ↑ $4.56

Diesel: ↑ $5.57
Heating Oil: ↓ $378.05
Brent Crude Oil: ↓ $111.81
** US Rig Count ([link removed])
: ↓ 784



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