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DAILY ENERGY NEWS | 06/08/2022
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** Another one bites the dust.
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Daily Caller ([link removed]) (7/7/22) reports: "A key Texas petroleum refinery that produces more than 200,000 barrels of fuel per day is facing a premature shutdown that could increase pressure on domestic fuel supplies. The Houston, Texas, facility — which is operated by LyondellBasell Industries, spans 700 acres and was built in 1918 — is scheduled to permanently close by the end of 2023, but could shut down earlier if a “major equipment failure” spreads to major units, two people familiar with the issues told Reuters. The refinery processes 268,000 barrels per day (bpd) of oil and produces 92,600 bpd of diesel fuel, 89,000 bpd of gasoline and 44,500 bpd of jet fuel...The refinery is among the top 25 largest-capacity facilities in the U.S., according to the Energy Information Administration. Overall, operating U.S. refineries had a capacity of about 17.7 million bpd of oil and produced about 9.5 million bpd of
gasoline, 4.7 million bpd of diesel fuel and 1.3 million bpd of jet fuel in 2021. Meanwhile, six refineries with a capacity of about 801,000 bpd of oil have shuttered over the last two years amid the pandemic, federal data showed. In addition, five refineries with a capacity of 408,100 bpd of oil are idle, the largest number of idle refineries since 2012."
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** "[The Biden Admin:] Yesterday: we're critically short of solar panels, so we have to waive our laws to get them from the Chinese government.

Today: let's 'become more dependent on the wind and the sun that are not subject to geopolitical influences'"
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– James Coleman, American Enterprise Institute ([link removed])

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Making a basic understanding of recent history a prerequisite to serve in Congress would prevent this kind of nonsense.

** Washington Times ([link removed])
(7/8/22) op-ed: "Five-dollar-per-gallon gasoline is not very popular. Some on Capitol Hill think the solution is price controls and a windfall profits tax. Been there. Done that. These inane responses to high gasoline prices are enough to make you think Bashing Big Oil 101 is a standard seminar in candidate training school. If so, economics is not a prerequisite. It may not matter if enough voters do not understand the economics either. That must be the hope of the 217 House Democrats who voted to give the Federal Trade Commission the authorization to cap gasoline prices . With supply constrained by continual bad policies out of D.C. plus Russian adventurism, and with demand rebounding from pandemic-induced doldrums, the prices of petroleum and petroleum products have skyrocketed. The remedy for high prices is more production. This is basic supply and demand from Econ 101. With a respite only during the Trump administration, Washington policy has been anti-oil for decades. Those policies
are not helping right now. Instead of saying 'oops,' maybe the pipeline and lease cancellations we loved so much last year weren’t actually good ideas, the anti-energy forces in Washington pulled out the old greed-and-profits playbook."

Can't afford $5 gas? Just go out and buy a $60,000 EV, if you can find one...

** ([link removed])

Whether or not environmental groups are 100% funded by Putin would their actions be any different?

** Irish Times ([link removed])
(6/7/22) reports: "Campaigning groups have launched legal action to challenge a decision by the European Union’s executive arm to include 30 gas projects in a list of operations considered as beneficial to the 27-nation bloc’s energy market. The campaigners said on Tuesday that the European Commission has given 'these climate-destructive projects VIP status, in contradiction of its legal obligations.' They said the projects are worth 13 billion euros and will lock the region into dependency on the fossil fuel that EU institutions say that they want to get rid of. The projects, which include the Baltic Pipe Project designed to bring Norwegian gas to Poland and the development of gas infrastructure in Cyprus, are part of the so-called list of Projects of Common Interest. They are eligible for funding from a programme designed to boost energy, transport and digital infrastructure. The fund for the 2021-2027 period allocates a budget of 5.8 billion euros to the energy sector. 'Billions of euros
are bound to be wasted on 30 major pieces of gas infrastructure,” campaigners said, highlighting the EastMed pipeline — a project to create a 1,180-mile pipeline to connect Eastern Mediterranean offshore gas fields to Greece and Italy. Supporters of the gas projects argue that they would improve Europe’s energy security, particularly in the context of energy sanctions taken against Russia for its war in Ukraine."

Energy Markets


WTI Crude Oil: ↑ $120.08
Natural Gas: ↑ $9.44
Gasoline: ↑ $4.95

Diesel: ↑ $5.71
Heating Oil: ↓ $430.47
Brent Crude Oil: ↑ $121.55
** US Rig Count ([link removed])
: ↑ 811



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