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DAILY ENERGY NEWS | 05/24/2022
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** Since Biden started releasing oil from the strategic petroleum reserve last November, oil is up 41% and diesel is up 52%. Maybe he should try to actually solve the problem through more production and refining capacity instead of ineffectual band-aids.
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CNN ([link removed]) (5/23/22) reports: "The White House is considering an emergency declaration that would enable President Joe Biden to release diesel from a rarely used stockpile in a bid to address a major supply crunch, a senior White House official told CNN. The deliberations about tapping the Northeast Home Heating Oil Reserve underscore the level of concern inside the White House about record-high prices for diesel. Diesel is a vital fuel for the US economy, powering not only farm and construction equipment but the trucks, trains and boats that move goods across the country. Skyrocketing diesel prices are likely to get passed along to families, contributing to America’s worst inflation crisis in four decades. Inventories of diesel in the Northeast have plunged to record lows in recent weeks because of a confluence of factors that include the war in Ukraine and surging demand. 'The system is definitely under strain,' the
senior White House official said."
[link removed]


** "If Biden really wants to cut inflation, he should begin by reversing his policies on domestic oil and natural gas production. Energy prices have risen by 30 percent over the past year; these prices are set by expectations of future production."
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–Diana Furchtgott-Roth, City Journal ([link removed])

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Are U-turns legal in Britain?

** The Times ([link removed])
(5/23/22) reports: "One in five households are already in fuel poverty and that rate could double in October when the energy price cap rises again, the head of one of Britain’s biggest energy companies has warned. Michael Lewis, the chief executive of E.On, said that high gas and electricity prices could persist for at least another year and a half, causing unprecedented hardship. Fuel poverty is defined as spending more than 10 percent of disposable income on energy bills to maintain an adequate standard of warmth. Today a senior government minister gave the clearest indication yet that Rishi Sunak, the chancellor, is looking at ways of imposing a temporary windfall levy on oil and gas companies to ease the cost-of-living crisis..."

Modern life is one heck of a drug, and it turns out, that most people don't care who is dealing.

** Breitbart ([link removed])
(5/22/22) reports: "Russian Deputy Prime Minister Novak has claimed that half of the 54 companies across Europe that buy natural gas from Gazprom have opened a 'k account' — a scheme that allows companies to get around Western sanctions and effectively pay for gas in rubles. 'Moscow will make them known and that of the 54 companies, including large, medium, and small, that have contracts with Gazprom about half of them have already opened accounts, one in foreign currency and one in rubles,' Novak said, promising to name the companies, Il Giornale reports. The banking scheme allows companies to deposit euros or dollars. Gazprombank then converts them into rubles and places the rubles in a separate account owned by the purchaser, which is used to buy Russian gas. The first payments for Russian gas in rubles were expected to take place on Friday, May 20th as it was the last day to honour contracts for the supplies that were received by companies last month. Following sanctions enacted by the
West against Russia after the invasion of Ukraine, Russia’s President Vladimir Putin announced in March that Russia would only accept payments for energy in rubles from 'unfriendly countries'."

No one will be able to pretend about the efficacy of "renewables" after this debacle.

** Forbes ([link removed])
** ([link removed])
(5/22/22) column: "I’m convinced that the silver lining in this horrific war is that Putin has awoken the West from its energy slumber. Even the most blind are beginning to see. I’ve seen too many good signs not to truly believe (err, hope) that. John Kerry publicly supporting natural gas (kinda, sorta), more U.S. LNG exports continually gaining bipartisan steam, Europe talking about drilling in the North Sea, California looking at keeping its Diablo Canyon nuclear plant online, FERC pulling back its incredibly inflated, ivory tower mumbo jumbo “social cost of carbon” estimates when considering pipeline approvals....the list goes on. Impressively and thankfully so because it’s never too late to do the smart thing. For many of us Energy Realists, you know, those of us that live here on planet Earth, we finally feel like we’re winning." Yet while the tide is indeed turning, the Energy Know-Nothings are still out there. Like Michael Myers’ constant stalk of Laurie Strode, the boogeyman is
always still out there. Waiting for us to go back to sleep, so he can once again push the unrealism that allowed Putin to pounce in the first place. We Energy Realists must constantly remain vigilant."

Energy Markets


WTI Crude Oil: ↑ $110.79
Natural Gas: ↓ $8.69
Gasoline: ↑ $4.59

Diesel: ↓ $5.54
Heating Oil: ↑ $382.16
Brent Crude Oil: ↑ $114.00
** US Rig Count ([link removed])
: ↓ 789



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