Mean green steel

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DAILY ENERGY NEWS | 06/24/2022

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The world can be saved if only everyone would get behind "green steel" and the other tough stuff we need to get the job done! The latest episode of The Unregulated Podcast now streaming on our website, or wherever you listen.

"Biden says he wants more domestic oil production while consumers and businesses are demanding lower energy prices. A revived windfall profits tax won’t get us there. Instead, it likely would raise prices, increase our reliance on imports, and do nothing to stimulate more domestic production. If the past is prologue, it will actually diminish America’s energy security."

– Bernard L. Weinstein,
University of North Texas

This has always been the price for their plan, they're just upset people are catching on.

Bloomberg (6/23/22) reports: "Facing the prospect of insufficient supply to meet demand, the national operator AEMO suspended the country’s spot power market. Volts kept flowing to customers and lights stayed on, but the market itself was broken. Bloomberg Opinion’s David Fickling described the event as 'an extraordinary failure.' I think of Australia like I think of California, as a postcard from the future that illustrates what deeply decarbonizing energy systems might look like in practice. The nation is making progress on deploying renewable power while remaining decidedly linked to global energy markets — despite not being physically connected to them (at least not yet). Australia is a major fossil-fuel exporter. Its domestic consumption of coal and gas has grown only 8% in two decades, while exports of coal have more than doubled and exports of gas have increased more than 10-fold...Deep decarbonization, even in the most hopeful scenarios, will take decades. It will also be volatile, which is easy enough for energy modelers to say but rather less easy for grids to plan for, and markets and people to react to. Hopefully Australia’s dislocating market failures lead to better planning, both there and elsewhere."

But Biden wants us to be like Germany! There's a word for people with ideas like that...

Wall Street Journal (6/23/22) editorial: "In Germany even the energy emergencies are well-organized. So it is that Berlin Thursday moved into the second of three phases in what is meant to be an orderly procedure for managing fuel shortages this winter. They hope. Economy and Climate Minister Robert Habeck raised the alert level amid a reduction in natural gas shipments from Russia. Moscow says a mechanical part is stranded in Canada due to Western sanctions imposed after Vladimir Putin’s Ukraine invasion, but everyone else knows better. Germany is vulnerable because for years it pursued energy policies that left the economy dependent on Russia for 55% of its natural-gas imports, 34% of its oil, and 26% of its coal before the Ukraine war. These three fuels combined account for more than 75% of Germany’s energy consumption, and Russian natural gas is by far the hardest to replace. Mr. Habeck is bringing coal-fired power plants back online so that natural gas can be diverted to industrial users and the winter stockpile. This is politically embarrassing for the minister, who hails from the environmentalist Green Party. It’s also only partly effective against Germany’s energy woes."

Any bets on what the next toothless PR stunt will be from the White House now that his own party won't even back him up on Biden's latest?

Oil Price (6/23/22) reports: "President Biden asked Congress on Wednesday to lift the federal fuel tax for three months in a bid to reduce excessively high prices at the pump, but resistance in Congress—even from the President's own party—could stymie the idea altogether. In a four-point plan, Biden said told legislators to consider suspending the $0.24 federal tax per gallon of diesel and the $0.18 per gallon tax on gasoline for 90 days and recommended that states also lift their state taxes on fuels...But Congress has expressed a lack of enthusiasm for any such gas tax holiday. 'We will see where the consensus lies on a path forward for the President's proposal in the House and the Senate,' House of Representatives Speaker Nancy Pelosi said in what was interpreted as a rare lack of endorsement for the President's proposal. Other Democratic lawmakers—including Speaker Pelosi—suggested that the gas tax savings could be pocketed by oil companies rather than the consumer. Yet another criticism of the gas tax holiday is that it would strip funds out of the Highway Trust Fund that is earmarked for maintaining roads, bridges, and other infrastructure."

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: ↑ $107.97
Natural Gas: ↑ $6.27
Gasoline: ↑ $4.92

Diesel: ↓ $5.80
Heating Oil: ↑ $438.38
Brent Crude Oil: ↑ $113.30
US Rig Count: ↓ 812

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