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DAILY ENERGY NEWS | 08/22/2022

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$410 per barrel is the Green Dream in Europe. Biden wants it here.

Bay Street Commodities (8/22/22) reports: "Heatwaves this summer and expected natural gas shortages this winter are driving gas prices higher and higher. Europe's benchmark gas prices surged by 14% in just three days to a fresh record-high, continuing the upward trend from recent weeks, as gas demand for power generation is high amid heatwaves and Russian pipeline supply remains at low levels, while the EU scrambles to fill gas storage ahead of the winter that would see energy and gas rationing, industries shutting down production, and households paying sky-high prices for heating and electricity. Europe is in the most precarious position, but natural gas prices are rallying in the United States and Asia, too. Gas demand for power is high, and production is flat in America, while major Asian buyers are back on the LNG market to secure supplies for the winter. As LNG is now a global commodity, benchmark gas and spot LNG prices are soaring all over the world. And they could jump even higher when the heating season approaches. Europe's Gas Price Is Now Equivalent To $410 A Barrel Oil."

"In any other industry, if a billion-dollar company were pushing risks on consumers like this, the screams from Democrats in Washington would move enough air to power a wind turbine or two off Virginia Beach. Maybe they’re hypnotized by the spinning blades, but bill payers won’t be."

– Wall Street Journal Editorial Board

Will Bill Gates lobby the House Dems as hard as he lobbied Manchin? Can DC’s Super Lobbyist make it happen?

Washington Times (8/19/22) reports: "House Democrats are warning Sen. Joe Manchin III that they won’t honor the deal he made with party leaders to secure his vote on President Biden’s massive spending and tax law. They plan to break the promises Mr. Biden and Congress’ Democratic leaders made to Mr. Manchin, a conservative West Virginia Democrat, to cut bureaucratic red tape to speed up the permitting process for energy projects of all forms. That promise secured the crucial support from Mr. Manchin needed to pass a $773 billion law for climate change, health care and tax hikes. Now that Mr. Manchin held up his end of the deal, progressive Democrats in the House say they owe him nothing because they were shut out of the deal-making process, and streamlining energy projects would undercut their newly enacted climate spending law. 'We sure as hell don’t owe Joe Manchin anything now,' Rep. Rashida Tlaib, Michigan Democrat, told the left-leaning news outlet The American Prospect. Rep. Jared Huffman, California Democrat and leading climate advocate, told Politico he refuses to be 'steamrolled into a bunch of fossil fuel giveaways just because Manchin cut a deal in a closed room with Chuck Schumer.' 'Democrats don’t owe anybody anything in return for passing the bill,' House Natural Resources Committee Chair Raul M. Grijalva, Arizona Democrat, wrote in a Newsweek op-ed."

You can't afford your electricity bill today? Don't worry financing on going "green" is available with this handy coupon.

The Biden administration reminds Northeastern states that years of dumb policies will now result in fuel shortages. They have a great tip on what to do with your thermostat this winter...

Boston Globe (8/19/22) reports: "The US Department of Energy on Thursday night sent letters to each of the six New England governors urging them to begin shoring up their oil supplies in advance of the coming winter and the peak of hurricane season. As it stands, the region’s oil stockpile is low — not low enough to prompt emergency action — but at a level the US government believes could lead to disruptions during a New England winter storm or extreme weather in the Gulf of Mexico, where the region imports much of its oil and fuel from. Stockpiling now, the Energy Department says, will prevent strain on the system during extreme weather. In a letter to Governor Charlie Baker, Secretary of Energy Jennifer Granholm wrote: "I urge you to consider what additional steps you can take in the coming weeks to improve preparedness, including using any legislative or executive tools at your disposal, working with responsible state agencies to require increased storage levels, and encouraging industry to voluntarily prioritize increasing gasoline and distillate inventories at this pivotal period of heightened risk.' On the East Coast, gasoline inventories are at their lowest point in nearly a decade, Granholm said in the letter, and in New England, the diesel supply is roughly 63 percent below the five-year average, she added. Should an extended winter storm pummel the East Coast, New England, which relies on home heating oil more than any other part of the country, could find its energy supply chain disrupted."

Energy Markets

WTI Crude Oil: ↓ $87.40
Natural Gas: ↑ $9.69
Gasoline: ↓ $3.90

Diesel: ↓ $4.97
Heating Oil: ↑ $370.13
Brent Crude Oil: ↓ $93.17
US Rig Count: ↑ 847

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