Double Standard

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DAILY ENERGY NEWS | 07/14/2022

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Biden finally supports Canadian pipelines...as long as they transport Russian gas.

Daily Caller (7/12/22) reports: "President Joe Biden’s administration is supporting Canadian Prime Minister Justin Trudeau’s decision to ship natural gas pipeline equipment to Germany, which will lead to the European economic hub importing more Russian natural gas. State Department spokesman Ned Price expressed Washington’s support for the move in a statement Monday. Trudeau’s government plans to ship the equipment for the Nord Stream 1 pipeline back to Germany after it had been kept in Montreal due to sanctions on Russian gas, according to Bloomberg. The decision is aimed at preventing serious economic turmoil in Germany due to high energy prices. 'We support the Canadian government’s decision to return a natural-gas turbine to Germany for use in the Nord Stream 1 pipeline,' Price said, adding that the move 'will allow Germany and other European countries to replenish their gas reserves, increasing their energy security and resiliency and countering Russia’s efforts to weaponize energy.'...Despite supporting the continued use of Russia’s Nord Stream 1 pipeline, Biden has opposed constructing new pipelines in the U.S., and he put a stop to the completion of the Keystone XL pipeline."

"The fear that Bitcoin is using more energy resources than the global energy production system can keep up with is one that history has proven to be unwarranted. Bitcoin’s addition to the cumulative energy demand will only serve to spur more resource creativity and technological deployment."

– Jordan McGillis,
Formerly with IER, now with The Manhattan Institute

Cost of the EIA's Green New Deal - trillions of dollars in subsidies, soaring energy prices, unchecked inflation.

Blaming Putin for a problem that you helped create - priceless.

Bloomberg (7/11/22) reports: "A global squeeze on energy supply that’s triggered crippling shortages and sent power and fuel prices surging may get worse, according to the head of the International Energy Agency. 'The world has never witnessed such a major energy crisis in terms of its depth and its complexity,' IEA Executive Director Fatih Birol said Tuesday at a global energy forum in Sydney. 'We might not have seen the worst of it yet -- this is affecting the entire world.' The whole energy system is in turmoil following the February invasion of Ukraine by Russia, at the time the biggest oil and natural gas exporter and a major player in commodities, Birol said. Soaring prices are lifting the cost of filling gas tanks, heating homes and powering industry across the globe, adding to inflationary pressures and leading to deadly protests from Africa to Sri Lanka. 'This winter in Europe will be very, very difficult,' Birol said. 'This is a major concern, and this may have serious implications for the global economy.' The fallout for the global energy sector as the US and allies challenge President Vladimir Putin over the war in Ukraine and seek alternatives to Russian exports have highlighted the need to reduce dependence on fossil fuels, US Energy Secretary Jennifer Granholm told the same forum."

I hope FLOTUS encourages Governor Gavin to run. It's going really well for the last guy she endorsed...

It doesn't get much greener then subsidizing the elimination of old growth forests across the world.

AIER (3/1/22) blog: "Industrial wind turbines and solar panels get the lion’s share of attention as “green” alternatives to fossil fuels. But biomass is in the mix, and like the other two, it presents stark tradeoffs that complicate government and NGO efforts to move the world off carbon-based energies. It is not easy being green, especially with a renewable that emits both carbon dioxide and significant pollutants. Biomass power plants use wood and wood products, trees and forestry residues, as well as mill residues such as bark and sawdust, in place of fossil fuels...The debate is even more significant because the United States, the UK, and the EU are subsidizing biomass power plants to the tune of billions of dollars every year...The UK and the EU have created a new special-interest group that has a vested interest in keeping subsidies flowing and favorable regulations in place. As Kevin D. Williamson once observed, when government does stupid, it does immortally stupid. Instead of subsidizing biomass plants and exempting them from carbon taxes, the UK and EU should consider creating a level playing field by eliminating all energy subsidies – both monetary and regulatory – as a first step toward fundamental policy reform. In the U.S., programs such as Biomass Crop Assistance Program, Bioenergy Program for Advanced Biofuels, Rural Energy for America, Biorefinery Assistance Program, Biomass Research & Development Initiative, and Community Wood Energy & Wood Innovation Program are candidates for cutbacks or elimination. Level field, no favor is a pro-consumer, taxpayer-neutral approach to energy policy. Voluntary transactions between consenting adults within a rule-of-law framework can be expected to arrive at efficient solutions."

Energy Markets

WTI Crude Oil: ↓ $94.01
Natural Gas: ↓ $6.78
Gasoline: ↑ $4.60

Diesel: ↓ $5.59
Heating Oil: ↓ $359.33
Brent Crude Oil: ↓ $97.58
US Rig Count: ↑ 826

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