The tweet that defined a presidency

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DAILY ENERGY NEWS | 07/05/2022

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Seriously, who is writing this stuff?

It's getting so bad that the Chinese Communist party is jumping on board.

And we’ll gladly accept a donation (from Jeff, and everyone else who wants) to fight back against this dangerous rhetoric.

“The whole world is like a junkie that is addicted to fossil fuels. Now that the Russians have turned it off, instead of weaning themselves off it, they are trying to find it elsewhere. We are going backward rather than forward.”

– Raj Shah,
The Rockefeller Foundation

Apparently, Americans aren't paying enough for gas, so Biden punts on more OCS sales.

The Hill (7/1/22) reports: "The Biden administration is punting a decision on whether to open up more lease sales for offshore drilling. In a statement issued Friday, the administration said it is still working on a plan, and that when issued it could include as many as 11 specific lease sales for offshore oil and gas drilling or as few as zero. Department official said equal consideration is being given to scenarios with zero sales, some sales or all 11 sales. The statement and department’s proposal for the program’s future was issued one day after a previous five-year offshore drilling plan expired. That plan had been finalized by the Obama administration. The sales under consideration include an area in the Cook Inlet near Alaska, and as many as 10 sales in the Gulf of Mexico, where much of the country’s offshore drilling currently happens. Earlier this year, the department canceled a planned lease sale in Cook Inlet, citing lack of industry interest. The move comes as the administration grapples with the politics of high gasoline prices, which recently reached as high as $5 per gallon nationally. It also follows a major Supreme Court decision curbing the Environmental Protection Agency’s powers to regulate the climate contributions of power plants. "

China is sad the Biden administration can't use climate as a weapon against the American people without Congressional authorization.

Reuters (7/1/22) reports: "The United States must meet its international obligations on climate change and do more than 'shout slogans,' China's foreign ministry spokesman Zhao Lijian said on Friday following a U.S. Supreme Court ruling limiting Washington's ability to cut power sector emissions. The Supreme Court voted to constrain the authority of the U.S.'s Environmental Protection Agency to regulate greenhouse gas emissions from existing coal- and gas-fired power plants under the Clean Air Act, sparking dismay among environmentalists. Zhao told reporters at a regular briefing that the ruling had been criticised by the international community, adding that 'it is not enough to just shout slogans to tackle climate change.' 'We urge developed countries, including the United States, to... face up to their historical responsibilities and show greater ambition and action,' he added. Environmentalists in China said the decision could further undermine the broader climate relationship between Beijing and Washington, which has played a crucial role in securing global agreements to curb climate warming greenhouse gas. 'The ruling carries profound implications and will significantly weaken the conditions for future U.S.-China climate talks,' said Li Shuo, senior adviser with Greenpeace."

Australia and Europe are losing their minds and their electricity. Biden wants us to be next!

Wall Street Journal (7/1/22) editorial: "Australia’s new Labor Prime Minister Anthony Albanese has promised to ramp up green energy, but a national electricity crisis is showing that fossil fuels are hard to drop. Oz’s power crunch offers a warning for America’s political class, if it’s willing to listen. Australia’s grid operator in June suspended the national spot market for power to prevent looming blackouts. Regulators ordered power generators using fossil fuels when they could run while also fixing prices. The grid operator last week lifted market controls but warned they could be reimposed if prices spike. Australia’s climate left blamed the mess on fossil-fuel companies manipulating markets. Sound familiar? Some accused coal generators of deliberately withholding power to drive up electricity prices to boost profits before they are forced to close by climate regulation. As usual, the real culprit is bad energy policy. Australia has plentiful gas reserves, but it lacks the pipeline capacity to transport the fuel to metropolitan areas in the nation’s south. Coal still generates about 60% of Australia’s power, and renewables make up a third. The latter is about as much as in California, which is experiencing similar power shortfalls."

Energy Markets

WTI Crude Oil: ↓ $103.27
Natural Gas: ↓ $5.64
Gasoline: ↓ $4.80

Diesel: ↓ $5.72
Heating Oil: ↓ $378.70
Brent Crude Oil: ↓ $107.24
US Rig Count: ↑ 831

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