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DAILY ENERGY NEWS | 06/13/2022
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** If he has nothing to conceal, he has nothing to lose.
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Wall Street Journal ([link removed]) (6/12/22) editorial: "Federal Energy Regulatory Commission (FERC) Chairman Richard Glick denied taking orders from the White House when he rushed through regulations mandating climate reviews for new natural gas pipelines and liquefied natural gas terminals. Documents shared with us raise questions about that answer. The Institute for Energy Research obtained Mr. Glick’s meeting calendar from Nov. 8, 2020, through this past April 19 via a Freedom of Information Act request. Not surprisingly, it includes many meetings with utilities, energy providers and FERC staff. But starting last September, he began holding biweekly meetings with Deputy White House National Climate Advisor Ali Zaidi. This is notable because Louisiana Sen. Bill Cassidy asked Mr. Glick point-blank at a hearing on March 3: 'Has anyone higher up in the
Administration ever spoken to you in regards to somehow slow-walking or otherwise impeding or otherwise accentuating policy that would have the effect of impeding the development of natural gas pipelines?' Mr. Glick replied, 'Absolutely not.' Recall how Mr. Glick and his two fellow Democratic commissioners in February revised FERC’s long-standing policy for permitting new pipelines and LNG exports by mandating an analysis of the direct and potentially indirect greenhouse-gas emissions from upstream fuel production and downstream consumption...The meetings continued until at least early April. It’s impossible to know what Messrs. Glick and Zaidi were discussing, and the Institute for Energy Research tells us that its FOIA requests for the chairman’s correspondence with the White House and outside groups seem to be getting slow-rolled. But it’s hard to believe the two never talked about pipelines. Mr. Glick could help his confirmation chances by honestly telling Congress what he discussed
with Mr. Zaidi. If he has nothing to conceal, he has nothing to lose."
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** "Since the 1973 oil embargo, U.S. politicians have decried America's dependence on foreign oil. Now, in the name of climate change and the much-hyped "energy transition," the Biden administration is purposely ignoring the solar industry's near-total reliance on foreign supplies. More particularly, it is ignoring the industry's reliance on China and the U.S. government's own conclusions about slave labor and genocide."
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– Robert Bryce, Power Hungry Podcast ([link removed])

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Joe Biden and Ro Khanna complained about oil companies producing oil. Oil companies exercised drilling disciple. Now they complain that oil companies are making too much money. If left-wingers could only comprehend second-order effects, they would be a lot less annoying.

** Reuters ([link removed])
(6/13/22) reports: "U.S. oil producers profiting from sky-high prices are doling out billions to shareholders and building cash reserves, a strategy irking lawmakers and voters struggling with record fuel prices while winning over Wall Street. Soaring fuel prices have boosted inflation to a 40-year record and are expected to drive up U.S. gasoline by more than a dollar to $6 a gallon by August. That prospect has some officials arguing the industry's focus on returns is benefiting a few at the expense of consumers. The tradeoff between rising payouts for just a single quarter and more spending on production has deprived the market of nearly half a million barrels of new oil daily, based on Reuters' estimates of potential output if half of existing investor payouts flowed to new oil and gas drilling. Earnings from major U.S. shale, which accounts for two-thirds of U.S. oil output, could hit $90 billion this year, up from $37 billion in 2021, according to consultancy BTU Analytics, a FactSet
Company. Its estimate covers only 32 publicly traded oil and gas producers. Executives are facing calls in Washington for windfall levies, which could cut into energy profits. A group of more than 30 lawmakers recently urged a Congressional vote on a new oil tax."
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Shot:

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Chaser:

** Washington Post ([link removed])
(6/13/22) reports: "President Biden seemed upbeat when he visited an Iowa biofuels plant in April to talk about bringing down gas prices, standing before a large tractor as he declared that “biofuels have a role to play right now” and announced a plan to expand the use of ethanol over the summer. But privately, Biden dismissed the policy as ineffective and questioned the value of the trip, according to two people familiar with the conversations. After returning to the White House, he hauled his senior staff, including chief of staff Ron Klain, into the Oval Office, badgering them with questions about the purpose of the event. Biden had worried even before the announcement that it exaggerated ethanol’s ability to cut gas prices and could harm his climate goals, the people said, speaking on the condition of anonymity to discuss private conversations. But Agriculture Secretary Tom Vilsack and other officials urged Biden to go, arguing that it would at least help the Midwest — and the White
House, after all, was desperate for ways to lower gas prices."

Energy Markets


WTI Crude Oil: ↓ $119.15
Natural Gas: ↓ $8.78
Gasoline: ↑ $5.01

Diesel: ↑ $5.77
Heating Oil: ↓ $431.08
Brent Crude Oil: ↓ $120.63
** US Rig Count ([link removed])
: ↑ 813



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