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DAILY ENERGY NEWS | 05/31/2022

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What's it called when you keep trying the same thing over and over while expecting different results?

Daily Caller (5/29/22) reports: "Oil and gasoline prices increased after each of President Joe Biden’s three Strategic Petroleum Reserve releases which were designed to curb consumer costs. Biden ordered a 50-million-barrel SPR release in November, a 30-million-barrel release on March 1 and a 180-million-barrel release on March 31, saying the “historic” actions would ease pressure felt by Americans at the pump. But marketplace and government data analyzed by The Daily Caller News Foundation paint a different picture.

Release 1: Nov. 23, 2021

Oil price: $76.75 a barrel.

Gasoline price: $3.40 per gallon.

Release 2: March 1, 2022

Oil price: $95.72 a barrel.

Gasoline price: $3.61 per gallon.

Release 3: March 31, 2022

Oil price: $107.82 a barrel.

Gasoline price: $4.23 per gallon.

'The action I’m calling for will make a real difference over time,' he said during remarks titled 'Actions to Lower Gas Prices at the Pump for American Families.' Biden then predicted gas prices would fall 10-35 cents a gallon. However, the price of oil declined substantially from $107.82 a barrel on March 30 to $100.28 per barrel on March 31. Oil prices remained near that level through April and early May before increasing again and hitting $114.20 per barrel on May 16. Gasoline prices followed a similar trajectory as oil prices, declining through April before skyrocketing in mid May and hitting multiple all-time highs."

"Amid near-hysterical reporting about the climate, the U.S., and much of the West, is embracing willy-nilly policies likely to weaken our economy and boost China’s ascendancy at the expense of democracy and market economies."

– Joel Kotkin, Urban Reform Institute

If only there was a major oil-producing member of the G7 that could increase production. 🤔

Oil Price (5/27/22) reports: "The energy ministers of the world’s leading industrial nations on Friday urged OPEC to increase oil supply amid high oil prices that are hitting consumers and threatening an economic slowdown. 'We call on oil and gas producing countries to act in a responsible manner and to respond to tightening international markets, noting that Opec has a key role to play,' the G7 energy ministers said in a communique, carried by the Financial Times, at the end of a two-day summit in Berlin. The energy ministers of Canada, France, Germany, Italy, Japan, the UK, and the U.S. also noted that the European Union needs to cut its heavy reliance on Russian natural gas as a matter of 'special urgency.' LNG supply will play an important role in mitigating potential supply disruptions of pipeline gas in Europe, the ministers added. The G7 group committed earlier this month to stop buying Russian oil following Russia’s invasion of Ukraine, although they did not specify how and when the halt of oil purchases from Moscow would happen."

If only the G7 could recognize the lunacy of begging OPEC to produce more oil because of high prices and calling for decarbonization by 2035 at the same time. 🤪

CNN (5/27/22) reports: "The G7, which represents the world’s biggest advanced economies, agreed on Friday to achieve 'predominantly decarbonized' electricity sectors by 2035, a goal that experts say is a major step in helping the world avert catastrophic climate change. G7 climate, energy and environment ministers made the new pledge in a 40-page communiqué at the conclusion of their meeting in Berlin, in which they also committed to an eventual phase-out of coal power generation, but gave no deadline for when they would do so. The decision on decarbonization does, however, leave countries open to continue using fossil fuels if their greenhouse gases are 'abated,' which means they emit less when burned, or 'captured.' Current technology cannot capture 100% of greenhouse gases emitted by the burning of fossil fuels. The communiqué also reaffirmed a previous commitment to stop international fossil fuel subsidies entirely by the end of the year."

I am now totally in favor of bumping the Iowa Caucus from the front of the line...

Politico (5/29/22) reports: "Kathy Stockdale is no climate activist. The corn and soybean grower and conservative Christian says God controls the weather — 'not the carbon dioxide.' Until now, Stockdale and her husband Ray couldn’t imagine linking arms with the Sierra Club, a critic of the corn ethanol industry and an environmental ally of President Joe Biden. But in this overwhelmingly Republican part of central Iowa, farmers who sell their crop to ethanol makers, like the Stockdales, have been thrust into Biden’s search for a climate policy that both slashes greenhouse gas emissions and satisfies crosscutting political interests. At the center of the drama are three proposed carbon dioxide pipelines — greenhouse gas superhighways that would traverse the nation’s breadbasket, carrying emissions from ethanol refineries to storage in underground rock formations in North Dakota and Illinois. Standing behind one $4.5 billion project is Iowa’s Republican kingmaker and agribusiness mogul Bruce Rastetter, who has made a pitch to farmers and to the Trump-era GOP. Capturing climate pollution from dozens of ethanol refineries across the Corn Belt is good for business, he says, and will help biofuels compete in a low-carbon economy...Conservative farmers are teaming up with the Sierra Club in open rebellion against the ethanol industry. They fear a pipeline running under their land could ruin their crop yield and potentially expose their families to a hazardous gas."

Energy Markets

WTI Crude Oil: ↑ $119.10
Natural Gas: ↓ $8.50
Gasoline: ↑ $4.62

Diesel: ↑ $5.52
Heating Oil: ↑ $424.00
Brent Crude Oil: ↑ $123.98
US Rig Count: ↑ 806

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