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DAILY ENERGY NEWS | 06/16/2022
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** Either the Democrats know absolutely nothing about the oil and gas industry or they are flat out lying to you. Either way, they aren't working to lower gas prices.
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E&E News ([link removed]) (6/16/22) reports: "Democrats are ramping up their rhetoric on gas prices, accusing oil companies of failing to increase production amid surging demand. President Joe Biden yesterday called on seven oil companies to bolster refining capacity while threatening emergency powers. At the same time, congressional Democrats urged passage of a so-called windfall tax on oil companies’ record profits. Biden also met yesterday with Senate Majority Leader Chuck Schumer (D-N.Y.) and House Speaker Nancy Pelosi (D-Calif.) to discuss energy prices, inflation, deficit reduction and prescription drug costs, four issues at play in a revived reconciliation package. The escalation on oil companies appears to be aimed at spurring production from the industry as the Biden administration and congressional Democrats struggle to find a silver-bullet solution for a problem with multiple, cascading causes...In letters to major oil companies yesterday, first reported
by Axios, Biden said he is considering using emergency powers to ramp up refinery output. He also called for a summit of the oil industry with Energy Secretary Jennifer Granholm to talk through ways to bolster production and reduce prices. Democrats largely backed the White House’s new approach to keep the pressure on the industry, especially as refining capacity has declined globally since the start of the Covid-19 pandemic."
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** "To recover from the current economic catastrophe that Democrats and President Biden have steered us into, we need permanent policies that encourage active participation by U.S. investors to drive economic progress, rather than a divisive policy like assigning ESG scores that would put American families last and far-left special interest groups first."
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– Rep. Ron Estes (KS-R) ([link removed])

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Which Biden Administration are we going to get today?

** Wall Street Journal ([link removed])
(6/15/22) editorial: "What do you know? President Biden has suddenly discovered that a refinery shortage is driving up fuel prices. Naturally, he’s blaming refiners, even as his Administration doubles down on the policies that created the shortage. In a remarkable and threatening letter to oil and gas CEOs this week, Mr. Biden seems stunned to learn that prices rise when supply doesn’t meet demand. He’s aghast that gas prices are still rising above $5 a gallon even as oil prices have stabilized at $120 a barrel. Ergo, he says, the problem must be greedy oil companies making too much money. At least he’s finally noticed the dearth of refining capacity to process crude, which some of us have warned about for years. The U.S. has lost about one million barrels a day of refining capacity in the pandemic. Some new refineries have opened in Asia, but the International Energy Agency recently reported that global capacity last year fell by 730,000 barrels a day...Chevron CEO Mike Wirth said recently
that refineries are shutting down or being repurposed for renewable fuels because 'the stated policy of the U.S. government is to reduce demand for the products that refiners produce.' When companies are told that demand for their product will become obsolete, it’s no surprise that they don’t invest in supply. Mr. Biden demands that refiners propose 'concrete ideas' to immediately increase capacity. How about his Administration stop trying to put them out of business? "
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From "No ability for the oil industry to continue to drill. Period." to "do your patriotic duty"...

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Do you think we'll still get these cheery articles highlighting closed-down coal plants once the blackouts start?

** Pittsburg Post-Gazette ([link removed])
(6/13/22) reports: "The remnants of old coal power stations scattered across southwestern Pennsylvania will come crashing down over the next few years as remediations and redevelopments pick up steam. The Bruce Mansfield power station in Shippingport, Hatfield’s Ferry in Greene County, Cheswick in Allegheny County and Elrama in Washington County are headed for some kind of rebirth, with three out of four purchased by liability transfer companies. The latest deal involves Bruce Mansfield, once the largest operating coal plant in Pennsylvania. Its three units in Beaver County stopped producing power in 2019. Earlier this month, owner Energy Harbor sold the property to the Frontier Group of Companies, Buffalo-based redevelopment firm that has a soft spot for abandoned coal plants in Appalachia...In 2018, the DCED chose four shuttered coal plants to profile and promote, pulling together information on environmental liabilities, site infrastructure, local labor market and even suggesting good
uses for reclaimed site. Three of the four are being redeveloped...Mr. Meyers said removal of the power station will 'set the stage for the property to return to economic productivity. Level, vacant tracts of land with barge access along navigable rivers are a rarity in southwestern Pennsylvania.'"

Don't think they were supposed to print this one for public consumption.

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Energy Markets


WTI Crude Oil: ↓ $114.66
Natural Gas: ↑ $7.94
Gasoline: ↓ $5.00

Diesel: ~ $5.78
Heating Oil: ↓ $447.35
Brent Crude Oil: ↓ $117.94
** US Rig Count ([link removed])
: ~ 817



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