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DAILY ENERGY NEWS | 08/01/2022
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** America can drill its way out of a global recession if the government would get out of the way.
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Inside Sources ([link removed]) (7/31/22) reports: "Progressive Democrats are demanding a ban on all U.S. oil exports, claiming it would drive down the price of gas at the pump. Nationalist Republicans are attacking the Biden administration for selling oil from the Strategic Petroleum Reserve on the open market, allowing millions of barrels to be bought by China. But new research shows allowing U.S. oil and gas exports abroad leads to more wealth and work for Americans here at home...While the news may come as a surprise to some people and politicians, organizations including the Institute for Energy Research (IER) say this is precisely what needs to be done. 'In a basic economic sense, increasing the market for a product is likely to lead to increased production of that product,' IER Director of Policy Kenny Stein tells Inside Sources. 'So, allowing U.S. oil to be sold to anyone at higher international prices naturally led
to increased domestic investment and production.' Additionally, a crucial problem with the crude oil export ban was U.S. refineries on the Gulf Coast were not designed to refine the types of light oil that were booming due to the hydraulic fracturing (aka 'fracking') revolution. If the light oil could not be exported and domestic demand was limited, Stein said there was little incentive to continue investing in increased production. 'Lifting the export ban allowed domestic production to truly take off, turning the U.S. into a net oil exporter for the first time in more than 50 years,' said Stein. 'Lifting the export ban should always have been considered a slam dunk policy move, all upside, and no downside, and this study shows that clearly.'"

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** “You don't say, ‘We're going to ban all iPhones. And then I promise to replace it with my renewable phone made of wood.’ Nobody would accept that. But we say, ‘Oh yeah, let's replace all fossil fuels with forms of energy that have not been proven whatsoever’”
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– Alex Epstein, Center for Industrial Progress ([link removed])

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The system works when the laws are enforced as written.

** Power Magazine ([link removed])
(8/1/22) op-ed: "On the final day of the Supreme Court’s term, the Court ruled in favor of West Virginia and other petitioners challenging the claimed regulatory authority that underlaid the Clean Power Plan (CPP)—the Obama administration rulemaking that would have required states to force generation shifting in the electricity industry. For the first time, the 6–3 decision explicitly invoked a 'major questions' doctrine, stating that for rulemakings of vast economic and political significance, Congress must give administrative agencies clear authority to regulate. The decision is an important development in administrative law, and potentially hugely significant depending on how the Court applies this doctrine going forward...Going forward, major questions is likely to be a serious brake on new federal energy and climate change regulation. Because these issues have become so partisan, new legislation passing Congress will be rare and limited in scope. Under major questions, attempts to mine
old statutes for novel authorities will be severely curtailed. Even where clear regulatory authority is granted, for example, Federal Energy Regulatory Commission (FERC) jurisdiction over natural gas pipelines, major questions should constrain novel applications of that authority, such as the recently proposed and then partly walked-back pipeline policy statements. An important area to watch for new developments will be how FERC attempts to use its siting authority for transmission. In the 2021 infrastructure legislation, Congress gave FERC clear authority to override state siting objections. This should generally insulate FERC from major questions issues on transmission. However, the more adventurous FERC chooses to be with that authority, the more it invites scrutiny from federal courts under the new major questions rubric."

Consider this the end of the Age of Enlightenment for England.

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Good thing renewables don't require transformers. Right, Secretary Granholm?

** Wall Street Journal ([link removed])
(8/1/22) reports: "Utilities across the country are facing a shortage of transformers heading into peak storm season, when the critical gear for delivering electricity is most at risk of destruction. Wait times for transformers, used to move electricity from higher to lower voltages, have quadrupled and are averaging well over a year, utilities say, raising the likelihood of prolonged power outages during hurricane season. Companies are trying to share limited inventories as they face increasingly strong storms, replace aging infrastructure and manage soaring demand for power. Their suppliers, beset by supply-chain challenges and a global scramble for raw materials related to electricity, haven’t been able to keep pace. 'The fundamental problem with transformers is they’re used in everything that is related to electricity,' said Ray Kowalik, chief executive of engineering, architecture and construction company Burns & McDonnell Inc. The move to electric vehicles as well as rising interest
in power-hungry cryptocurrencies and the development of solar and wind farms are a few factors pushing up demand for transformers of all sizes. Data center growth, increased residential construction and the replacement of old equipment also are contributing to the higher demand. Mr. Kowalik said some of his colleagues have started calling the lack of distribution transformers, recognizable as the can-shaped equipment mounted on neighborhood utility poles or the green boxes on concrete pads, 'the current toilet-paper shortage.'"

Energy Markets


WTI Crude Oil: ↓ $93.58
Natural Gas: ↓ $7.98
Gasoline: ↓ $4.21

Diesel: ↓ $5.27
Heating Oil: ↓ $347.08
Brent Crude Oil: ↓ $100.16
** US Rig Count ([link removed])
: ↑ 841



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