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DAILY ENERGY NEWS | 07/06/2022

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A great strategic move for these other countries to buy American oil at a discounted price.

Reuters (7/5/22) reports: "More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs. The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden to lower record pump prices. Biden on Saturday renewed a call for gasoline suppliers to cut their prices, drawing criticism from Amazon founder Jeff Bezos. About 1 million barrels per day is being released from the Strategic Petroleum Reserve (SPR) through October. The flow is draining the SPR, which last month fell to the lowest since 1986. U.S. crude futures are above $100 per barrel and gasoline and diesel prices above $5 a gallon in one-fifth of the nation. The fourth-largest U.S. oil refiner, Phillips 66, shipped about 470,000 barrels of sour crude from the Big Hill SPR storage site in Texas to Trieste, Italy, according to U.S. Customs data. Trieste is home to a pipeline that sends oil to refineries in central Europe. Atlantic Trading & Marketing, an arm of French oil major TotalEnergies, exported 2 cargoes of 560,000 barrels each, the data showed."

"By quashing the already extinct Clean Power Plan, the Supreme Court chalked up a win for democracy over the administrative state. That is something to celebrate this weekend."

– Rupert Darwall,
RealClear Foundation

Let's check in on how things are going over at the "most transparent administration in history," oh...

Daily Signal (7/5/22) reports: "Climate activists are working in coordination with the Biden White House and Democrat-dominated congressional committees to silence political opponents under the guise of 'disinformation,' legal and energy policy analysts say. Under President Joe Biden, the White House Office of Science and Technology Policy has kept a tight lid on how the administration advances its climate agenda, Chris Horner, an attorney representing a government transparency group, told The Daily Signal. Horner said the White House science office refuses to respond forthrightly to related open records requests from his nonprofit group, Energy Policy Advocates. Such answers, he said, would enlighten Americans on the White House’s recruitment of outside activists and academics to discredit dissenters on climate change. 'It’s sort of like paying someone else to take your LSAT test,' Dan Kish, a senior fellow with the Washington-based nonprofit Institute for Energy Research, told The Daily Signal. Horner’s Energy Policy Advocates has filed a Freedom of Information Act lawsuit against the White House science office after it declined to release records detailing some of the correspondence of two of its staffers. The lawsuit, filed in May, cites a 'virtual roundtable' on climate change that the science office hosted Feb. 25 for the stated purpose of confronting “climate delayism.” A White House press release describing the roundtable identifies 17 outside participants, including communication strategists, professors, and researchers associated with universities across the country. "

What are the official inflation numbers coming from the White House these days?

Poland leads the way on clear thinking on the energy situation.

Notes From Poland (7/5/22) reports: "Quality standards for the burning of coal for home heating have been suspended in Poland by the government, which says that the move is necessary due to the 'current exceptional situation”'caused by Russia’s war in Ukraine, which has seen Russian coal imports banned and prices surge...'The current exceptional situation directly affects the energy markets, with the risk of citizens not being able to purchase heating coal, which may contribute to an increase in fuel poverty,' the climate ministry wrote in an explanatory memorandum to the regulation...'We have a difficult situation, not only in Poland but throughout Europe, in terms of elementary security when it comes to heating,' said government spokesman Piotr Muller. 'Therefore, in this situation, when one chooses between safety and certain pre-existing regulations, the latter have to be adjusted'...In an opinion piece published by the Financial Times yesterday, Prime Minister Mateusz Morawiecki argued that the EU should relax climate standards and reduce the costs of CO2 allowances in order to prevent a further rise in inflation that could send 'millions of citizens into fuel poverty'...'The green transition cannot come at the cost of basic security. And if the situation forces us to do so, then we must not hesitate to return temporarily to traditional sources of energy,' he added."

Energy Markets

WTI Crude Oil: ↓ $95.77
Natural Gas: ↓ $5.40
Gasoline: ↓ $4.77

Diesel: ↓ $5.71
Heating Oil: ↓ $345.43
Brent Crude Oil: ↓ $99.23
US Rig Count: ↓ 818

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