Your Daily Energy News
View this email in your browser ([link removed])
DAILY ENERGY NEWS | 08/11/2022
Subscribe Now ([link removed])
** Amazing how fast "inflation" fell out of the narrative once the "Inflation Reducation Act" was passed...
------------------------------------------------------------
American Family News ([link removed]) (8/10/22) reports: "The boondoggle of a bill, estimated to cost $720 billion, is now headed to the U.S. House after passing the Senate, where Vice President Kamala Harris cast a tie-breaking vote, The Associated Press reported earlier this week. In that same AP story, the wire service summarized the legislation: 'It includes the largest-ever federal effort on alleged climate change — close to $400 billion — caps out-of-pocket drug costs for seniors on Medicare to $2,000 a year and extends expiring subsidies that help 13 million people afford health insurance.' Missing from that summary is the word 'inflation' but the AP notes, farther down in its story, that 'nonpartisan analysts' have said the Inflation Reduction Act will have a 'minor effect on surging consumer prices. Those 'surging consumer prices' that are hitting records not seen in 40 years include milk
(16%), eggs (33%), and chicken (18%) you put in your grocery cart, and the summer electric bill in the Northeast (16%), and nearly everything sold on a store shelf or at a gas pump, but Senate Majority Leader Chuck Schumer said the bill will 'endure as one of the defining legislative feats of the 21^st Century.' Dan Kish of the Institute for Energy Research ([link removed]) says the bill reads like a newer version of the Green New Deal than addressing inflation reduction for energy. 'This bill raises taxes on coal and oil and gas fees – you name it,' he tells AFN, because the climate change activists are pushing the public to drive electric vehicles and to depend on wind and solar. 'That is precisely what the bill does, and it takes a huge amount of money to do so,' he complains. 'And as they roll out the provisions, it is going to be very harmful.'”
[link removed]
** "The bill seeks to spend close to $400 billion on Green New Deal-esque priorities like green energy subsidies and “climate justice.” This comes just as recent polling shows that a whopping two-thirds of Americans support lowering gas prices over lower carbon emissions. Unsurprisingly, this bill focuses only on the latter at the expense of the taxpayer."
------------------------------------------------------------
– Adam Brandon, FreedomWorks ([link removed])
============================================================
It's failing here, too, it's just the proponents aren't being forced to admit it yet.
** Breitbart ([link removed])
(8/11/22) reports: "Germany’s green energy transition efforts to see the country move from using fossil fuels and nuclear energy and toward green renewables have 'failed', the Prime Minister of German Federal state Saxony has declared, before demanding the country’s government to rethink its abandonment of nuclear to avert disaster. Having gotten itself addicted to Russian gas exports, Germany had for a long time held on to the belief that pushing its climate crazy green agenda harder would solve its energy problems, and that the country would be able to shut down all of its nuclear power stations without issue. According to a report by Handelsblatt, however, as the country faces the possibility of gas shortages and blackouts over the winter months, Saxony Prime Minister Michael Kretschmer has labeled the government’s green transition a failure, and is now demanding that the country’s remaining nuclear power stations stay online. 'The energy transition with gas as the base load has failed,'
he reportedly said, with the publication noting that — even before the current gas crisis — green energy struggled to supply sufficient power in the country last winter...In the context of the current plan to see Germany’s remaining nuclear plants shut down by January 2023, Kretschmer described the government’s decision to turn back on a coal power station as 'madness.'"
A great lesson in unintended consequences.
** ([link removed])
California is an oil-producing state. It isn't an island in the middle of nowhere. California has no business having higher gasoline prices than Hawaii.
** Bloomberg ([link removed])
(8/10/22) reports: "California has ended its reign as the US state with the most expensive gasoline, at least for now. That honor now goes to Hawaii, where the average pump price stands at $5.414 a gallon -- less than 2 pennies above California’s, according to data from auto club AAA. While the national average has fallen for 57 straight days after surging to a record in early June, the Golden State and Aloha State remain the only two places with prices above the $5 threshold."
Energy Markets
WTI Crude Oil: ↑ $93.34
Natural Gas: ↑ $8.42
Gasoline: ↓ $3.99
Diesel: ↓ $5.07
Heating Oil: ↑ $349.63
Brent Crude Oil: ↑ $98.75
** US Rig Count ([link removed])
: ↑ 832
** Donate ([link removed])
** Subscribe to The Unregulated Podcast ([link removed])
** Subscribe to The Unregulated Podcast ([link removed])
** Subscribe to The Plugged In Podcast ([link removed])
** Subscribe to The Plugged In Podcast ([link removed])
** Connect with us on Facebook ([link removed])
** Connect with us on Facebook ([link removed])
** Follow us on Twitter ([link removed])
** Follow us on Twitter ([link removed])
** Forward to a Friend ([link removed])
** Forward to a Friend ([link removed])
Our mailing address is:
** 1155 15th Street NW ([link removed])
** Suite 900 ([link removed])
** Washington, DC xxxxxx ([link removed])
Want to change how you receive these emails?
** update your preferences ([link removed])
** unsubscribe from this list ([link removed])
