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DAILY ENERGY NEWS | 08/02/2022

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It wasn't just Biden, but almost everything that wasn't from him directly was a result of his presidency.

Frontiers of Freedom (8/2/22) article: "If you, unlike Michigan Democratic senator Debbie Stabenow, have bought gasoline lately, there’s a good chance that you’ve seen a sticker on the gas pump with a picture of President Biden saying, 'I did that.' Typically, those stickers are placed by customers, not gas station owners, and for that reason, I’m against them: they violate the owners’ property rights. But I’m more interested here in the substantive question: did Joe Biden 'do that'? My answer is 'somewhat.' It wasn’t Biden alone. The Federal Reserve had some role, and the recovery from the pandemic had a large role. But the many actions Biden took before Vladimir Putin’s invasion of Ukraine and some of his actions afterwards have certainly caused the price of oil and gasoline to rise...Longer term, Biden will contribute to higher oil prices regardless of what happens with Russia and Ukraine. The reason is that he has signaled in many ways his hostility to US production of oil and natural gas. The American Energy Alliance has listed '100 Ways Biden and the Democrats Have Made It Harder to Produce Oil and Gas.' As with most such lists, some of the items seem minor. But the shocking thing is how many appear to be substantial. They include an executive order imposing a moratorium on new oil and gas leases on government lands and a proposed rule by the Securities and Exchange Commission that would require public companies to disclose their greenhouse gas emissions. No oil company decision maker could miss the overall negative tenor of the list. I recommend a quick perusal of the list of 100."

"Instead of playing politics, corporations should revert back to their original mission of creating value in business. If they truly care about starving inflation and not passing costs down to consumers, they must immediately reassess stakeholder capitalism and reverse course."

– Gabriella Hoffman,
Independent Women's Forum

71% more people dining at the dollar store, and Manchin wants to make it worse.

Wall Street Journal (8/1/22) reports: "More Americans are embracing frugality as they face rising prices at every turn. With energy costs up 41.6% and groceries 12.2% more expensive than they were last year, according to June’s Consumer Price Index, many families say that skipping vacations and restaurant meals is no longer enough. They are now finding ways to cut costs on essentials as inflation remains high. One way they are doing so is by relying more on dollar and discount stores for groceries. Average spending on grocery products at discount chains increased 71% from October 2021 to June 2022, according to analytics firm InMarket. Over that time period, spending on the same items in grocery stores decreased by 5%. Many large consumer brands—including Walmart and Unilever—attest that their prices aren’t going down anytime soon...Roughly 2,300 Dollar Generals across the country currently stock fresh produce, out of more than 18,000 total locations, according to a Dollar General spokeswoman. 'While Dollar General isn’t a full-service grocer, we consider ourselves today’s general store by providing nearby and affordable access to daily household essentials, including the components of a nutritious meal,' she says. The company plans to expand fresh produce to a total of more than 10,000 stores in the next several years."

Does deliberately destroying American energy security constitute an impeachable offense?

Explains why they elected Mazie Hirono...

Zero Hedge (7/31/22) reports: "Hawaii is receiving its final shipment of coal this week, which Gov. David Ige called a huge step forward in the state’s transition to clean energy. What he meant was that local are about to pay a lot more for basic essentials. A law put in place a couple of years ago will finally shut down the island’s last coal burning power plant. And since coal is the dirtiest * but cheapest - source of power for Oahu, it means that all else equal, power prices are about to skyrocket. 'In its time, coal was an important resource for Hawai‘i and I’d like to thank the workers who have run our last remaining coal plant,' Ige said in a statement. 'Renewable energy projects to replace coal are coming online with more on the way.' 'Even as we face challenges in making this transition, it’s the right move for our communities and planet. Most importantly, it will leave Hawaiʻi a better place for our children and grandchildren.' So noble, Scandinavian teenagers would approve: there is just one problem: as KHON2’s Always Investigating reports, replacement power projects are behind schedule due to unexpected global events with supply chain issues, so Oahu residents should prepare to pay even more for electricity this fall. In other words, Europe's catastrophic experience with the 'Green transition' where an entire continent moved to 'energy alternatives' some 30 years before it was ready to replace fossil fuels, is coming to at least one American state. In the meantime, consumers can either cut back on power, try solar and batteries, or pay more for oil-generated power — which costs as much as five times more than coal."

Energy Markets

WTI Crude Oil: ↑ $94.42
Natural Gas: ↑ $7.73
Gasoline: ↓ $4.18

Diesel: ↓ $5.25
Heating Oil: ↓ $337.88
Brent Crude Oil: ↑ 100.25
US Rig Count: ↑ 841

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