They said what?

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DAILY ENERGY NEWS | 06/17/2022

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These guys either know nothing about energy markets or they are lying to you. Either way, nothing they are doing will help lower the price of gas. Check out the latest episode of The Unregulated Podcast is now streaming on our website, or wherever you listen.

"Candidate Biden famously agreed in a presidential debate he would “close down” the oil companies. And just in case they didn’t get the message, his first executive order as president was to kill the Keystone XL pipeline. That was critical energy infrastructure to bring oil and gas to markets swiftly and safely. The Institute for Energy Research counts 100 other initiatives since then — from drilling moratoriums to environmental roadblocks — to stop American oil and gas development."

– Stephen Moore, FreedomWorks

Energy for me, but not for thee. Solar panels apparently don't cut it for Obama.

Fox News (6/16/22) reports: "Hypocrisy at its best! Instead of installing windmills and solar panels for someone so concerned about global warming, former President Barack Obama has ordered the installation of three massive propane gas tanks, two sized at 1,000 gallons and another one at 500 gallons, at his Martha’s Vineyard estate which sits along the 'rising' seashore. According to a report from The Martha’s Vineyard Times, the office of the select board of Edgartown, Massachusetts approved an application for a 2,500-gallon commercial propane tank for 79 Turkeyland Cove Road in Katama, a property owned by former President Barack Obama and Michelle Obama. These three propane tanks were to be installed above ground on the Obamas’ property, in contrast with the initial report that it will be buried."

Angry letters and executive decrees aren't changing the realities on the ground.

National Review (6/17/22) editorial: "Joe Biden isn’t mad. He’s just disappointed. You see, gas prices have risen during his presidency, and that’s making him unpopular with one of the most important voting blocs in America: people who purchase gasoline. Gasoline prices are largely out of Biden’s control, with prices determined on global markets and various industrial factors limiting supplies. In past attempts to seem like he’s doing something about the problem, Biden has ordered releases of oil from the Strategic Petroleum Reserve, pushed electric vehicles, and invoked the Defense Production Act to produce more renewable-energy components. As anyone could have predicted, gas prices were unaffected by those actions...By and large, energy companies don’t even try to build new refineries. An attempt in 2005 to build a refinery in a remote part of Arizona failed. And Biden isn’t helping. As the Institute for Energy Research finds in a recent article, 'New refineries are unlikely to be built in the United States due to daunting environmental standards and policies that the Biden administration has been implementing to reduce petroleum product consumption in the future.' Building a new refinery costs billions of dollars and takes years. For that investment to yield a decent return, domestic demand for gas and for diesel will have to be strong for quite some time to come, but unless there is something we have missed, that’s not the fossil future that Biden has in mind."

This isn't a new issue, those who have been paying attention have been warning of these results for years...

Reason Magazine (6/17/22) column: "Several factors contribute to soaring gasoline prices, but the greed of oil barons is an unlikely explanation no matter what President Joe Biden claims. It's not that energy companies don't want to make a buck; to the contrary, we count on their self-interest to drive the innovation and competition that puts fuel in our tanks. But it's not as if they've grown greedier in recent months. What has actually changed is that the world has become more chaotic even as overregulation and an ideological crusade against petroleum discourage investment and make it difficult for supply to catch up with demand...The specific effects of red tape on refining capacity are also not a new concern. 'The refining industry is one of the most highly regulated in the country and has been struggling for years to maintain minimal profit margins,' the Institute for Energy Research warned a full 10 years ago. 'In the face of even more regulations from the Environmental Protection Agency (EPA), who are, imposing carbon-emission regulations as well as proposing overly-strict ozone regulations and other regulations, more closures are likely.' A huge part of regulatory uncertainty is the push for ending reliance on carbon-based fuels in the future."

If you oppose a carbon tax, take a stand and contact us.

Tom Pyle, American Energy Alliance

Myron Ebell, Competitive Enterprise Institute

Phil Kerpen, American Commitment

Andrew Quinlan, Center for Freedom and Prosperity

Tim Phillips, Americans for Prosperity

Grover Norquist, Americans for Tax Reform

George Landrith, Frontiers of Freedom

Thomas A. Schatz, Citizens Against Government Waste

Richard Manning, Americans for Limited Government

Adam Brandon, FreedomWorks

Craig Richardson, E&E Legal

Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Annette Thompson Meeks, Freedom Foundation of Minnesota
Isaac Orr, Center of the American Experiment
David T. Stevenson & Clint Laird, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Jack Ekstrom, PolicyWorks America

Energy Markets

WTI Crude Oil: ↓ $115.88
Natural Gas: ↓ $7.38
Gasoline: ↓ $5.00

Diesel: ↑ $5.79
Heating Oil: ↓ $446.12
Brent Crude Oil: ↓ $118.44

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