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DAILY ENERGY NEWS | 06/30/2022

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California learns to ❤️ fossil fuels.

LA Times (6/28/22) reports: "A controversial plan from Gov. Gavin Newsom would reshape how business is done on the California power grid, potentially helping to extend the life of beachfront gas plants and the Diablo Canyon nuclear plant, making it easier for solar and wind farm developers to sidestep local government opposition, and limiting environmental reviews for all kinds of energy projects. State lawmakers could vote as early as Wednesday night on the polarizing legislation, whose text was revealed late Sunday. The bill would give the Department of Water Resources unprecedented authority to build or buy energy from any facility that can help keep the lights on during the next few summers — including polluting diesel generators and four gas-fired power plants along the Southern California coast that were originally supposed to close in 2020 but were rescued by state officials. Those decisions would be exempt from the normal public input process under the California Environmental Quality Act — and from approval by agencies such as the California Coastal Commission and local air quality management districts. Newsom responded last month by asking lawmakers to approve a $5.2-billion 'strategic electricity reliability reserve' that would pay for emergency power supplies over the next few years. But he surprised many observers with Sunday's proposal to let the Department of Water Resources secure those supplies through a special review process at the California Energy Commission, which critics say could limit opportunities for public input and lead to more pollution in low-income communities of color."

"Not only have higher energy prices created hardships for millions of individuals who struggle to afford to heat their homes; but raising the costs of producing virtually every good and service supplied to businesses and consumers exacerbates the effects of the current inflation caused by the expansionist monetary policies and supply-chain constraints."

– Jonathan A. Lesser,
The Manhattan Institute

Much like Humpty Dumpty, America's marketplace is going to be nearly impossible to recreate if the ESG crowd can destroy it.

Washington Times (5/29/22) column: "Hester Peirce’s day job is being one of five commissioners at the Securities and Exchange Commission. It is a pretty powerful job. In reality, however, she’s an evangelist for transparent, free, deep, apolitical and unpoliticized capital markets. Ms. Peirce understands that the capital markets are essential for those who are trying to grow companies, for those who have the cash to invest in growing companies, and just generally for all Americans who care about our economy and nation. In a conversation a few weeks ago, she shared a few thoughts. 'When I thought about coming back to the SEC, one of the reasons I wanted to come back is because I care so much about our capital markets. They’re a national treasure. Our capital markets in the U.S. are better than capital markets anywhere else in the world.'...She continued. 'What I’m seeing now is … an attempt to push the capital markets into being political and to deciding based on political bases, who gets funded and who doesn’t, what companies are doing, what they aren’t.' 'That can do real damage to the economy because it ends up making resource allocation decisions, not based on who can put those resources to the best use, but based on who can convince people that it satisfies someone else’s political agenda.' The odd thing is that states like Texas and Florida have yet to do the one thing that would be most effective — withdraw their investments from the problem funds. "

Dear President Biden, what do you have against American oil production? Why do you keep begging dictators and autocrats instead of the citizens of your own country?

More action inspired by the China First administration.

Daily Caller (6/28/22) reports: "Ironically, one of the wokest American corporations is also selling out Americans to none other than the Chinese Communist Party. BlackRock and its CEO Larry Fink have been using the massive amount of investment funds at its disposal to praise and advocate for the interests of Beijing for several years now. BlackRock, which regularly pressures American companies to invest more in 'climate change' priorities or promote 'racial equity,' has a history of cozying up to America’s most powerful adversary on the global stage. Just last week, the Biden State Department tapped former BlackRock chairman Tom Donilon for the administration’s Foreign Affairs Policy Board which will, among other things, manage the U.S.’s 'strategic competition' with China. While Donilon was chairman of the company, BlackRock massively increased their investment levels in Chinese companies. BlackRock and Fink are on record encouraging their clients to invest more in Chinese equities. 'We stand by our strategic preference for Chinese assets,' the firm, which manages $10 trillion in assets, said in 2021, shortly after the Chinese Communist Party (CCP) issued a massive crackdown on business in the country."

Energy Markets

WTI Crude Oil: ↓ $108.20
Natural Gas: ↑ $6.50
Gasoline: ↓ $4.85

Diesel: ↓ $5.77
Heating Oil: ↓ $397.32
Brent Crude Oil: ↓ $115.01
US Rig Count: ↑ 816

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