All kidding aside

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DAILY ENERGY NEWS | 06/29/2022

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Thanks, Joe. I’m not kidding. Not a joke.

Fox Business (6/28/22) reports: "The Biden administration published its annual U.S. Energy and Employment Report (USEER) Tuesday, showing large fossil fuel industry job losses. The Department of Energy (DOE) report found that the fuels technology sector experienced job losses totaling 29,271 jobs in 2021, a 3.1% year-over-year decline, with the majority coming in the fossil fuel industry. Onshore and offshore petroleum companies shed 31,593 jobs, a 6.4% decline, the coal industry lost 7,125 jobs, down 11.8% year-over-year, and fossil fuel extraction jobs declined by 12%.The Department of Energy (DOE) report found that the fuels technology sector experienced job losses totaling 29,271 jobs in 2021, a 3.1% year-over-year decline, with the majority coming in the fossil fuel industry. Onshore and offshore petroleum companies shed 31,593 jobs, a 6.4% decline, the coal industry lost 7,125 jobs, down 11.8% year-over-year, and fossil fuel extraction jobs declined by 12%. 'The DOE jobs report is not only reflective of the broader pandemic slowdown, but also highlights an Administration that has worked overtime on restricting American natural gas and oil production,' Independent Petroleum Association of America spokesperson Jennifer Marsteller told Fox News Digital in an email. 'We are confident in our sector, and in the work oil and natural gas employees do to bring energy safely and reliably to our country and the world,' she continued. 'We urge President Biden to get on board with that same made-in-America pride in our workers.'"

"Nationally, the average price of EVs is currently more than $15,000 higher than the cost of gasoline-powered vehicles, and the gap is widening...Customers priced out of the market will keep their older, less-safe vehicles that have higher emissions and consume more fuel. Of course, the lack of new vehicles will likely intensify the shortage of used vehicles, which has led to soaring prices for used vehicles in recent months."

– Tim Benson,
The Heartland Institute

What do you mean carbon credits are a scam?

Bloomberg (6/27/22) reports: "In the coldest months of the year, thick fog blankets the mountain village of Coatitila in eastern Mexico, hiding the bulging, pine-covered hills that cradle it. At midday, the sun pulls back the fog to expose patches of blight where trees have been axed for logging or farm work. In 2019, Coatitila’s leaders thought they’d found a way to protect the dwindling forests and bring a serious change to a local economy where the average person earns only $6.40 a day when they can find work. One of the world’s most prestigious climate nonprofits, the World Resources Institute, was helping run a program that pays villages to reforest their communally owned woods and improve forestry management. Participation would bring in cash from oil giant BP Plc, which would ultimately purchase carbon credits that the villagers generated, along with further funding from a US government agency. After two years of work, the village got its first annual payment in late 2021. The pay, split among 133 members of the community, amounted to about $40 each, a fraction of what the village’s then-leader, Álvaro Tepetla, expected. He’d hoped they could earn as much as $44,000 in total per year, or at least match the $8,100 paid by a recently canceled government conservation program. The final sum was 30% lower and worth little more than a week’s work per person. xThe program is funded using carbon offsets, a financial tool that aims to fight climate change by turning carbon dioxide captured by protecting trees into a valuable commodity. Each offset should equal a ton of carbon absorbed thanks to changes driven by the promise of payment. BP, as the buyer of the credits, would be rewarding the community for its care for forests while acquiring an asset that could be held as an investment or sold to third parties and used to write off corporate carbon emissions. "

Breaking the law and the economy. All in a day's work for Secretary Granholm.

Fox News (6/28/22) reports: "The U.S. Office of Special Counsel (OSC) determined that Energy Secretary Jennifer Granholm violated the Hatch Act during a late 2021 interview. The OSC said Granholm explicitly endorsed Democratic Party candidates during an Oct. 6 interview in her official capacity with media outlet Marie Clare, according to a response letter sent to the Foundation for Accountability & Civic Trust (FACT) on June 9. FACT requested that the OSC investigate the matter shortly after the interview was published. During the interview, Granholm remarked that it was 'good news' voters gave Democrats majority control of the House and Senate in 2020...However, the OSC determined that disciplinary action wasn't necessary in response to Granholm's violation. Hamrick noted that Granholm hadn't received 'significant' training on the Hatch Act prior to the October interview, but that it would still send a warning letter to the energy secretary saying further violations could result in action."

How bad is Biden’s polling? Interior is going to hold an offshore lease sale.

Reuters (6/28/22) reports: "The U.S. Interior Department this week will hold its first onshore oil and gas auctions since President Joe Biden took office, a setback to his administration's early efforts to end federal drilling to fight climate change. The lease sales will run Wednesday to Thursday and will cover more than 140,000 acres (570 square kilometers) across eight Western states, posing a test of the drilling industry's demand for new prospects at a time of soaring global energy prices. Over 90% of the acreage will be in big oil producing state Wyoming, with the rest sprinkled across Colorado, Montana, Nevada, New Mexico, North Dakota, Oklahoma, and Utah. A federal judge last year effectively compelled the auctions by blocking the Biden administration's decision to suspend the federal oil and gas leasing program over its climate impacts. Biden had campaigned on a promise to end federal drilling to fight global warming, but has since urged oil producers to rapidly ramp up output to help consumers suffering from record prices at the pumps."

Energy Markets

WTI Crude Oil: ↑ $112.88
Natural Gas: ↑ $6.74
Gasoline: ↓ $4.86

Diesel: ~ $5.78
Heating Oil: ↑ $417.81
Brent Crude Oil: ↑ $119.26
US Rig Count: ↓ 800

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