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DAILY ENERGY NEWS | 06/28/2022
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** Godspeed to anyone traveling this weekend.
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American Family News ([link removed]) (6/27/22) reports: "America runs on diesel. Trucks, trains, boats, and barges need it, and so do buses and farm and construction equipment. But as refineries continued to shut down in response to the Biden administration's war on fossil fuels, the supply is drying up. Shameek Konar of Pilot Flying J travel centers, the nation's leading retailer of diesel, warned about that recently when he testified before the Surface Transportation Board. 'Union Pacific's restrictions will prevent Pilot from keeping minimarkets adequately supplied with [diesel exhaust fluid], likely causing shortages that will sideline trucks and reduce trucking capacity,' he told the federal agency...And considering the fact that home heating and electricity are also produced using diesel, Dan Kish of the Institute for Energy Research ([link removed]) says things are not
looking good at all. 'Predictions are that wholesale electricity prices will be doubling to tripling this summer,' he relays. Kish believes the Biden administration is taking the exact wrong approach to preventing the looming crisis. 'We've closed nuclear power plants; we've closed refineries; we've closed just about everything, which may please The New York Times' front page but doesn't please the customers who have to pay more for the things that they get,' he says, adding that that will continue until something changes in Washington. But as President Biden continues to blame the situation on Putin invading Ukraine, Kish says the current political leaders seem more interested in passing the buck than solving the problem."
[link removed]


** "We urge the Biden Administration to acknowledge the essential role of oil and natural gas for decades to come and focus on serious policy solutions that increase supply and help bring down energy prices. American families deserve more than the illusion of action when it comes to energy."
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– Anne Bradbury, CEO of AXPC ([link removed])

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The cars of "tomorrow" can't even keep the prices of yesterday.

** Bloomberg ([link removed])
(6/28/22) reports: "Americans are paying $54,000 on average for an electric vehicle (EV), a surge of 22% in a year, figures show. Meanwhile, Americans are paying $44,400 on average for fossil fuel-powered vehicles, representing a gain of 14% in the year to May, research by JD Power, cited by the The Wall Street Journal, found. Automakers are hiking prices to offset the soaring cost of raw materials. Long-running supply chain challenges, exacerbated by the war in Ukraine, has caused the cost of materials like nickel, cobalt, and lithium — all of which are essential ingredients for EV batteries — to surge. In March 2020, it cost on average $3,381 to gather the raw materials needed for a single EV, but that cost is now $8,255, up 140%, according to Alix Partners. The EV price spike is causing a headache for motorists who want to ditch fossil fuel-powered cars to avoid record gas prices. The average cost of regular gas was last put at $4.90 a gallon by the American Automobile Association, down
from above $5 earlier in June but well up from $3.10 a year earlier."

While Biden begs tyrannical leaders for more oil Macron begs the "the big guy."

** ([link removed])

But, if Biden stops them from getting it from us, they'll shop elsewhere.

Reuters (6/27/22) reports: "The international community should explore all options to alleviate a Russian squeeze of energy supplies that has spiked prices, including talks with producing nations like Iran and Venezuela, a French presidency official said on Monday. Venezuela has been under U.S. oil sanctions since 2019, and could reroute crude if those restrictions were lifted. Indirect talks between Iran and the United States to revive a nuclear deal that could see sanctions on Tehran lifted and its oil exports resume have been on hold since March, but are due to resume in Doha soon. 'There are resources elsewhere that need to be explored,' a French official said on the sidelines of a G7 summit in Germany, when asked about how to alleviate high oil prices. The outstanding issue between Iran and the United States was no longer linked to the nuclear dossier but to U.S. terrorism sanctions, he said. 'So there is a knot that needs to be untied if applicable... to get Iranian oil back on the
market,' the official told reporters, speaking on condition of anonymity. 'We have Venezuelan oil that also needs to come back to the market.'"

Energy Markets


WTI Crude Oil: ↓ $110.50
Natural Gas: ↑ $6.68
Gasoline: ↓ $4.88

Diesel: ↓ $5.78
Heating Oil: ↓ $413.65
Brent Crude Oil: ↑ $116.47
** US Rig Count ([link removed])
: ↑ 830



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