Tell me lies, tell me sweet little lies...

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DAILY ENERGY NEWS | 07/21/2022

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Steve Moore always does his (Institute for Energy) research.

The Hill (7/20/22) op-ed: "Every modern president has stretched the truth now and then, and the media loved to torch Trump nearly every other day for lying. But Biden’s routine misstatements about money and the economy seem to go unchallenged. In recent months, as the economy has slipped into a soft recession and with inflation at 9.1 percent the Biden whoppers keep coming fast and furious. Here are six of the most economically consequential deceptions of the Biden administration. 1. Nobody making under four hundred thousand bucks will have their taxes raised. Period. This one was reminiscent of the infamous George H.W. Bush claim in 1988 'read my lips: no new taxes.' Biden didn’t say he wouldn’t raise taxes on the middle class once or twice, but routinely throughout the campaign — and he even STILL says it. Except that inflation is a tax that hits the middle class and the poor hardest...6. I’m doing everything I can to lower gas prices. We wonder if ANYONE actually believes this claim. The folks at Institute for Energy Research have identified 100 separate Biden executive orders, regulations, and laws that have impeded oil and gas production and raised prices at the pump. These range from killing pipelines, to expanding EPA regulations on oil and gas drilling and refining, to taking hundreds of thousands of acres of prime oil and gas lands on public lands and in areas like the Gulf of Mexico off-limits for drilling. Economist Casey Mulligan of the University of Chicago estimates that these policies have reduced oil and gas drilling by 2 to 3 million barrels a day. That increased production would bring gas prices down at the pump."

"Biden has no strategy and achieved nothing from his visit [to Saudi Arabia] other than projecting weakness. MBS didn’t agree to increase production, and, even if he had, it’s unlikely he could do much to pull Biden out of the inflation fire. We import only 5 percent of our oil from Saudi Arabia. "

– John Hart, C3

If these policies are so mainstream, why can't Congress pass ANY of them?

Bloomberg (7/20/22) opinion: "When President Joe Biden visits the decommissioned coal-fired Brayton Point power plant in Somerset, Massachusetts, on Wednesday afternoon to lay out his planned executive actions on climate, his allies will be looking for bold initiatives. As Oregon’s Senator Jeff Merkley put it to the Washington Post, the impasse in the Senate created by Senator Joe Manchin’s blocking of his environmental agenda 'unchains the president from waiting for Congress to act.' But here’s one bold move that Biden is unlikely to make, despite the real dent it would put in the emission of heat-trapping carbon dioxide that is causing such havoc with the weather: Stop the fall in gasoline prices. As any economist will tell him, the most efficient way to reduce fossil fuel consumption is to raise its price relative to alternatives, encouraging people and businesses to switch to cleaner sources and use less energy altogether. President Obama’s cap-and-trade proposal for CO2 emissions, which failed to pass the Senate in 2010 (and which then-Senate candidate Manchin also disliked) aimed at a similar target: It put a ceiling on overall carbon pollution and created a market for businesses to trade permits to emit CO2, setting a price which would rise as the number of permits was reduced to zero over time. Increasing the price of gas is not the same as increasing the price of the CO2 it releases into the atmosphere when burnt, but it’s close enough."

Now if you'll excuse me, I'm running late for my flight home to Boston for the weekend...

Dear Joe: Even Macron told you the Saudis don't have any spare capacity. How about you make a diplomatic visit to Texas and beg for more oil production and then head to Wall Street to tell Larry Fink and his fellow ESG'rs to finance more drilling.

Oil Price (7/18/22) reports: "Saudi Arabia, the world’s top crude oil exporter, will not have additional capacity to increase production above the 13 million barrels per day (bpd) it has pledged to have by 2027, Saudi Crown Prince Mohammed bin Salman told the leaders of the United States, the Gulf Cooperation Council (GCC) states, Jordan, Egypt, and Iraq at a summit this weekend. 'We also stress the importance of continuing to inject and encourage investments in fossil energy and its clean technologies over the next two decades to meet the growing global demand, with the importance of assuring investors that the policies adopted do not pose a threat to their investments to avoid their reluctance to invest and to ensure that no shortage of energy supply would affect the international economy,' Crown Prince Mohammed bin Salman said in his address. 'The Kingdom will do its part in this regard, as it announced an increase in its production capacity to 13 million barrels per day, after which the Kingdom will not have any additional capacity to increase production,' he added, as carried by the Saudi Press Agency. Last year, Saudi Arabia said it expects to have boosted its oil production capacity to 13 million bpd by 2027 from 12 million bpd now."

Energy Markets

WTI Crude Oil: ↓ $95.39
Natural Gas: ↓ $7.80
Gasoline: ↓ $4.40

Diesel: ↓ $5.47
Heating Oil: ↓ $346.11
Brent Crude Oil: ↓ $102.95
US Rig Count: ↑ 819

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