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DAILY ENERGY NEWS | 07/19/2022
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** America is experiencing the cost of Biden's fealty to the greens.
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Daily Caller ([link removed]) (7/18/22) op-ed: "President Joe Biden’s attempts to reduce the cause of high gas prices to the war in Ukraine initially, and corporate greed more recently, are disingenuous. On day one this president clearly stated his opposition to oil and gas production and development. The president’s words and even more so his actions, have serious impacts on the costs of commodities, including oil. For example, in January of 2021, the president signed an executive order announcing a moratorium on new oil and gas leases on public lands. They only began selling new leases again in April of 2022 after prices had begun to rise rapidly, and the public pressure to do something about it was intensifying. On March 28, 2021, the Treasury Department released its Green Book, proposing revenue measures to be implemented in 2022 for fiscal year 2023, including more than $150 billion in
tax increases that will affect oil and gas. On April 16, 2021, Biden directed Secretary of the Interior Deb Haaland to revoke 12 Trump-era policies promoting American energy. These include SO 3349 on 'American Energy Independence,' SO 3350 'America-First Offshore Energy Strategy' and importantly, SO 3355, 'Streamlining National Environmental Policy Reviews and Implementation of Executive Order 13807, ‘Establishing Discipline and Accountability in the Environmental Review and Permitting Process for Infrastructure Projects,’' which would have streamlined the NEPA review process in order to allow energy projects to be developed in a more consistent and logical manner without arbitrary and capricious barriers put in place through the review process."
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** "Temperatures in Texas climbed into the triple digits this week but this isn’t unusual. The problem is that wind power faltered, as it often does during hot spells...Temperatures in Texas climbed into the triple digits this week but this isn’t unusual. The problem is that wind power faltered, as it often does during hot spells."
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–Wall Street Journal, Editorial Board ([link removed])
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A few californians are finally starting to figure out what "green" the renewable energy industry is really interested in.
** LA Times ([link removed])
(7/14/22) reports: "California has been a pioneer in pushing for rooftop solar power, building up the largest solar market in the U.S. More than 20 years and 1.3 million rooftops later, the bill is coming due. Beginning in 2006, the state, focused on how to incentivize people to take up solar power, showered subsidies on homeowners who installed photovoltaic panels but had no comprehensive plan to dispose of them. Now, panels purchased under those programs are nearing the end of their typical 25-to-30-year life cycle. Many are already winding up in landfills, where in some cases, they could potentially contaminate groundwater with toxic heavy metals such as lead, selenium and cadmium. Sam Vanderhoof, a solar industry expert and chief executive of Recycle PV Solar, says that only 1 in 10 panels are actually recycled, according to estimates drawn from International Renewable Energy Agency data on decommissioned panels and from industry leaders. The looming challenge over how to handle
truckloads of waste, some of it contaminated, illustrates how cutting-edge environmental policy can create unforeseen problems down the road. 'The industry is supposed to be green,' Vanderhoof said. 'But in reality, it’s all about the money.' California came early to solar power. Small governmental rebates did little to bring down the price of solar panels or to encourage their adoption until 2006, when the California Public Utilities Commission formed the California Solar Initiative. That granted $3.3 billion in subsidies for installing solar panels on rooftops."
In case you're having trouble keeping up with the "Science™" crowd.
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Biden sold China 31,718,400,000 ounces of America's oil.
** Daily Caller ([link removed])
(7/17/22) reports: "The Biden administration sold nearly six million barrels of oil from its Strategic Petroleum Reserve (SPR) since July 2021 to a Chinese state-run energy firm, according to a Daily Caller News Foundation review of Department of Energy (DOE) data. From July 2021 until the end of June 2022, Biden’s energy department auctioned off 5.9 million barrels of strategic reserve oil to Unipec, the trading division of the Chinese state-owned Sinopec, in an effort to increase the supply of oil globally and drive down fuel costs in the U.S. that were exacerbated by the war in Ukraine and Biden’s climate policies. SPR oil is sold to the highest bidder, and some of the businesses entitled to make bids are American subsidiaries of foreign corporations like Unipec. The DOE sold four million barrels to Unipec in the fall of 2021, almost six months before Russia’s invasion of Ukraine, making over $252 million from the sale, according to the FY22 Emergency Drawdown No. 2 Successful Awards
Report. Each barrel was sold on average for roughly $63, or over eight dollars less than the average price of oil per barrel that month. 'I think it takes a bad policy and makes it worse,' Ben Lieberman, a senior fellow at the Competitive Enterprise Institute, told the Daily Caller News Foundation. 'The idea of tapping into the Strategic Petroleum Reserve rather than maxing out on American drilling was foolish from the start, it’s like taking out a loan instead of going out and earning more money,' he continued."
Energy Markets
WTI Crude Oil: ↓ $101.20
Natural Gas: ↓ $7.21
Gasoline: ↓ $4.49
Diesel: ↓ $5.51
Heating Oil: ↓ $360.53
Brent Crude Oil: ↓ $105.09
** US Rig Count ([link removed])
: ↓ 819
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