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DAILY ENERGY NEWS | 05/26/2022
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** Dear Dutch PM: It's the bad policies that you and your buddies at Davos have hatched over the years that got us into this mess. I know y'all don't really care about the poors, but you actually can help everyone if you stopped meddling with energy markets.
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CNBC ([link removed]) (5/25/22) reports: "Dutch Prime Minister Mark Rutte on Wednesday said there is a “limit to what a government can do” to help people amid surging inflation. Speaking at the World Economic Forum in Davos, Switzerland, Rutte told CNBC’s Steve Sedgewick that the Dutch government would help people on lower and lower-middle class incomes with their rising energy bills. However, he added that 'you cannot help everyone so ... we in the West will be a bit poorer because of the high inflation, the high energy costs.' Inflation hit 9.6% in the Netherlands in April, according to the Dutch statistics body CBS. This was slightly lower than the 9.7% inflation recorded in March, though it remained historically high. The Dutch government in March announced support measures to help with the burden of rising prices. This included raising its one-off energy allowance to 800 euros ($852), for people with incomes around the country’s social assistance benefit
level."
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**

"There’s a Larry Fink surcharge, every time you fill up your tank, you can thank Larry for the massive and inappropriate ESG pressure."
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– Senator Ted Cruz (TX-R) ([link removed])

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Natural gas is up 300% in the last year. That's almost as much as the green energy minerals Joe Biden wants us to shift to but won't let us mine domestically. How's that transition going for you?

** Wall Street Journal ([link removed])
(5/26/22) reports: "Natural-gas prices are heating up ahead of air-conditioning season, adding pressure to household budgets and manufacturing costs. Futures for June delivery reached $9.399 per million British thermal units on Wednesday before ending at $8.971, up roughly 2% on the day and more than 20% this month. Prices have tripled over the past year and haven’t been so high since 2008, which was before frackers flooded the market with cheap shale gas. Natural gas has been a major driver of inflation, and lately prices have been accelerating. In addition to heating and cooling, gas prices factor into the cost of producing electricity, fertilizer, plastic, cement, steel and glass. Profits are being pinched at businesses ranging from beer-box makers and wallboard manufacturers to bitcoin miners, and higher costs are trickling down to prices for consumers and putting pressure on the Federal Reserve to raise interest rates. Fuel traders and analysts say prices could climb even higher if hot
weather arrives and air conditioners are cranked up before enough gas can be injected into storage facilities ahead of winter, when the fuel is burned for heat. "

** ([link removed])

Another domestic mine, another Biden veto. For a guy who says the future is electric, he sure has a funny way of showing it.

** New York Times ([link removed])
(5/25/22) reports: "The Biden administration on Wednesday took a major legal step toward protecting Bristol Bay in Alaska, one of the world’s most valuable sockeye salmon fisheries that also sits atop enormous copper and gold deposits long coveted by mining companies. Citing its authority under the 1972 Clean Water Act, the Environmental Protection Agency proposed a legal determination that would ban the disposal of mining waste in the Bristol Bay watershed. It’s a move that could deal a death blow to the proposed Pebble Mine, an intensely disputed project that would have extracted the metals but also irreparably harmed the ecosystem, scientists said...'This is a giant step backwards for the Biden administration’s climate change goals,' John Shively, chief executive of the Pebble Limited Partnership, said in a statement. He called it 'ironic' that President Biden has invoked the Defense Production Act to ramp up the mining and processing of minerals used in batteries for renewable energy
and electric vehicles while stopping Pebble Mine. Those so-called critical minerals typically include nickel, lithium, cobalt, graphite, and manganese. Copper, while a key component in wind turbines, solar panels and electric vehicles, has not been listed as a critical mineral in executive orders issued during the Biden or the Trump administrations. Mr. Shivley said his company was still appealing the Army Corps permit denial and called the new E.P.A. determination a 'political conclusion to attempt to block our ability to work through that established process.'"

BoJo is a terrible human being who wants to keep energy prices high. Or he's a moron. Either way, it's not going to end well for our friends across the pond.

** Bloomberg ([link removed])
(5/26/22) reports: "Boris Johnson’s government will impose a windfall tax on the profits of oil and gas companies, bowing to mounting pressure to support Britons facing a record squeeze on living standards. The 25% levy on energy firms will raise about £5 billion ($6.3 billion) to finance one-off grants of £650 to more than 8 million of the poorest households in the UK, Chancellor of the Exchequer Rishi Sunak said in the House of Commons on Thursday. Sunak did not rule out applying a similar levy to power generators, but said more work needs to be done on the idea. Around 8 million pensioners will receive payments of £300 while energy bills will also be subsidized by £400 for every household in the UK, replacing a previous plan for £200 loans. The package is worth £15 billion overall, Sunak said, bringing total aid introduced so far to £37 billion"

Javier's tweet speaks for itself.

** ([link removed])

Energy Markets


WTI Crude Oil: ↑ $113.65
Natural Gas: ↑ 9.12
Gasoline: ↑ $4.60

Diesel: ↓ $5.53
Heating Oil: ↑ $391.19
Brent Crude Oil: ↑ $116.58
** US Rig Count ([link removed])
: ↓ 788



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