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DAILY ENERGY NEWS | 06/15/2022
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** A federal judge ordered Biden to follow the law and lease federal lands. A year later, he's still welching on his obligations. But he is headed to Saudi Arabia to beg for their oil. So we've got that going for us.
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New York Times ([link removed]) (6/15/21) reported: "A federal judge in Louisiana has blocked the Biden administration’s suspension of new oil and gas leases on federal lands and waters, in the first major legal roadblock for President Biden’s quest to cut fossil fuel pollution and conserve public lands. Judge Terry A. Doughty of the United States District Court for the Western District of Louisiana granted a preliminary injunction Tuesday against the administration, saying that the power to pause offshore oil and gas leases “lies solely with Congress” because it was the legislative branch that originally made federal lands and waters available for leasing. Judge Doughty also ruled that 13 states that are suing the administration over its temporary halt to new leases 'have made a showing that there is a substantial likelihood that President Biden exceeded his powers.'...Judge Doughty ruled that Interior Secretary Deb Haaland and
her agency “are hereby enjoined and restrained from implementing the pause of new oil and natural gas leases on public lands or in offshore waters.” until the states’ legal case against the administration is decided. He wrote that the pause on new leasing should end nationwide and noted that such sweeping preliminary injunctions against federal actions were exceedingly rare.”
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** "The energy discourse is so weird right now. Senate Democrats have spent the past 16 months negotiating a deflationary energy-reform bill. Now an energy-driven inflation crisis is crashing the economy. Maybe y’all should, you know, hurry up with that bill?"
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– Robinson Meyer, The Atlantic ([link removed])
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They could have just been talking about the weather...every other week for a half a year.
** Marcellus Drilling News ([link removed])
(6/14/22) reports: "Last month MDN brought you the news that Joe Biden is renominating Richard “Dick” Glick to serve yet another undistinguished term at the Federal Energy Regulatory Commission. Glick, a Democrat and former wind lobbyist who is an extreme anti-pipeline radical, was first appointed under Donald Trump. Glick is currently the Chairman of the Commission. He needs all 50 Democrat Senators to vote in favor of reappointing him. There is a serious effort underway to convince Sen. Joe Manchin from West Virginia to vote against Glick, which would likely block his reappointment. Here’s some more fuel for the fire to deny Glick another term: The Wall Street Journal is reporting Glick has held secret biweekly meetings at the White House for some time, indicating he receives marching orders from the Bidenistas on the kinds of policies they want implemented–including no new pipelines."
🤔
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Old man yells at oil companies to get off his porch. Oil companies get off his porch. Old man yells at oil companies for getting off his porch.
** Reuters ([link removed])
(6/15/22) reports: "U.S. President Joe Biden on Wednesday demanded oil companies explain why they aren't putting more gasoline on the market, sharply escalating his rhetoric against industry as he faces pressure over rising prices. Biden wrote to executives from Marathon Petroleum Corp, Valero Energy Corp, and Exxon Mobil Corp (XOM.N) and complained they had cut back on oil refining to pad their profits, according to a copy of the letter seen by Reuters. 'At a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable,' Biden wrote, adding the lack of refining was driving gas prices up faster than oil prices. The letter is also being sent to Phillips 66, Chevron Corp, BP and Shell, a White House official, who declined to be identified, told Reuters...Biden has been intensifying attacks against oil companies in recent days as U.S. gas prices raced to record highs above $5 per gallon this past weekend and as the summer driving season
gets under way. But in recent days, Biden has taken the fight to major oil companies, which are riding rising energy prices to record earnings. The president, who came into office vowing to reduce U.S. dependence on fossil fuels, now wants to speed up oil production, which is expected to hit record highs in the United States next year."
Energy Markets
WTI Crude Oil: ↓ $118.25
Natural Gas: ↑ $7.58
Gasoline: ~ $5.01
Diesel: ↑ $5.78
Heating Oil: ↑ $446.63
Brent Crude Oil: ↓ $120.66
** US Rig Count ([link removed])
: ↑ 817
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