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DAILY ENERGY NEWS | 06/22/2022
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** Is it time to revisit the "independent" agency?
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Washington Times ([link removed]) (6/21/22) op-ed: "'All executive power shall be vested in the President of the United States of America.' With those 15 simple and unambiguous words, the framers of the Constitution — and those state legislatures that ratified them — made clear that they believed in and had created a unitary executive...Unfortunately, one of the “reforms” promoted by the Progressive Movement in the late 19th and early 20th centuries was an attempt to redirect and attenuate the unitary nature of the president. This ultimately led to the creation of independent agencies — 'independent' precisely because they stand outside the constitutional framework specified in Article II...The question of independent agencies is not academic. It is current and pressing.For instance, in February, the Federal Energy Regulatory Commission — which regulates wholesale electricity rates and the construction of
pipelines (among other things) issued two new draft policy statements that would have the practical effect of banning the construction of new natural gas pipelines in the U.S. These documents would expressly impose a basis for procedural and litigatory delays in permitting pipelines. In early March, FERC Chair Richard Glick testified before the Senate Energy and Natural Resources Committee. During the hearing, Sen. Bill Cassidy, Louisiana Republican, asked: '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 answered: 'Absolutely not.' Unfortunately, a series of requests to FERC under the Freedom of Information Act made by the Institute for Energy Research, indicate that Mr. Glick had met with a senior administration official — the deputy national climate adviser, Ali Zaidi — every other week for
months before the new policies were announced."
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** "Washington power‐brokers thus have a powerful tool to provide real relief at the pump—relief that’s also costless for everyone except the special interests that are currently enriched by Jones Act protectionism. We’re about to find out what scares politicians more: shipping lobbyists or irate drivers."
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– Colin Grabow, The Cato Institute ([link removed])
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Putin made them do it.
** Wall Street Journal ([link removed])
(6/21/22) column: "Every week it seems the White House has a new political gimmick intended to suggest opposition to high gasoline prices. But beneath the public relations, voters should observe the broad administrative campaign to make energy more expensive. As if Washington doesn’t already have enough environmental regulators, Biden appointees with no expertise on the subject and no authorization from Congress are attempting to enact climate rules that don’t even appear to be legal. That’s the warning from former leaders of the Securities and Exchange Commission, who must be wondering what on earth has become of the capital markets overseer they used to run. Last week this column noted the pushback from Senate Republicans to a pending SEC rule that would impose on companies of all kinds vast new reporting requirements on global-warming risks. This is the Biden whole-of-government approach to discouraging the use of fossil fuels, forcing companies to publish more data that may have no
impact on profitability but will be useful for climate activists seeking to attack business. Now in a new letter to the commission, former SEC chairmen Richard Breeden and Harvey Pitt and former SEC commissioners Philip Lochner, Richard Roberts and Paul Atkins explain how the pending rule would pollute company reports with politics...Higher costs and more resources devoted to unproductive activity. Sounds like the perfect slogan for the president’s re-election campaign."
Why would someone do this?
** ([link removed])
Another in a slew of empty gestures that won't do anything to lower the price of gasoline. But hey, you can't fault him for trying, right kiddo?
** Reuters ([link removed])
(6/22/22) reports: "U.S. President Joe Biden on Wednesday called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices and provide temporary relief for American families this summer. The president also urged states to temporarily suspend state fuel taxes, which are often higher than federal rates, the official said, and will challenge major oil companies to bring ideas on how to bring back idled refining capacity when they meet with his energy secretary later this week. June 22 (Reuters) - U.S. President Joe Biden on Wednesday called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices and provide temporary relief for American families this summer. The president also urged states to temporarily suspend state fuel taxes, which are often higher than federal rates, the official said, and will challenge major oil companies to bring ideas on how to bring back idled refining capacity when
they meet with his energy secretary later this week. Biden and his advisers have been discussing the issue for months amid increasing pressure to act as record-high gas prices weigh down the president's poll ratings and cast a dark cloud over Democrats' chances of retaining congressional power in November's elections. A suspension of the 18.4 cents per gallon federal gasoline tax and 24.4 cent diesel tax would require congressional approval, likely making Biden's pitch largely symbolic"
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Energy Markets
WTI Crude Oil: ↓ $102.65
Natural Gas: ↓ $6.73
Gasoline: ↓ $4.95
Diesel: ~ $5.81
Heating Oil: ↓ $422.00
Brent Crude Oil: ↓ $107.93
** US Rig Count ([link removed])
: ↑ 823
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