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DAILY ENERGY NEWS | 08/23/2022
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** Gavin is doing a speed run of Biden's green dream. The results are telling.
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Real Clear Energy ([link removed]) (8/22/22) op-ed: "Thanks to poor policy decisions at the state and federal levels, energy production in California — and the rest of the country — is slowing down, hurting Americans’ wallets and leaving our nation vulnerable. As demand for energy continues to outpace supply, we need commonsense, practical policy solutions that enable the United States to pursue energy security and increase production here at home. Recently, a settlement was reached between Governor Newsom’s administration and the federal government to halt permitting for oil and gas drilling on federal lands in California, specifically in the oil and gas hub of Central Valley. This comes after Newsom declared he wants to end all oil and gas drilling in the state by 2045. Similarly, President Biden issued a leasing moratorium in 2020 that was later overturned
by a federal judge after energy-producing states cited irreparable economic harm. The order banned all new drilling on federal lands, which left many U.S. oil producers at the time with no other option but to curtail production and deplete their existing oil reserves. The actions of politicians like President Biden and Governor Newsom do nothing to address our nation’s current energy crisis nor take into account the role that the oil and gas industry plays in community development, economic contributions and energy security. We cannot simply just flip a switch and transition immediately to full renewables — or end the sale of gas-powered vehicles in the state by 2035, as the Governor has ordered – it will take planning, widespread coordination and most importantly, time. But the White House and its allies do not seem to understand that."
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** "It’s no surprise that as a result of the Biden Administration’s infatuation with climate change, Americans’ pain at the pump has largely led to phone calls by the President and diplomats seeking greater dependence on hostile foreign regimes like Russia, Iran and Venezuela."
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– Derrick Hollie, Inside Biden’s Basement ([link removed])

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They can't run on their accomplishments so they lie about what they've accomplished.

** Delaware Valley Journal ([link removed])
(8/22/22) reports: "Most Americans know the 'Inflation Reduction Act' President Joe Biden signed will have little impact on inflation. CBS News ran the headline, “One thing the Inflation Reduction Act may not do: Lower inflation” even before the bill had been signed. And a new Morning Consult poll found just 15 percent of independent voters believe the legislation will live up to its name. Which may explain why Democrats have suddenly shifted their language about the legislation to a “climate” bill, touting savings on energy costs it will bring American consumers. But will this new measure, with its $739 billion price tag, actually lower the cost of electricity, heating oil, or gas? Rep. Mary Gay Scanlon (D-Pa) agrees. The Inflation Reduction Act will 'lower energy costs, saving Pennsylvania families an average of $1000 per year on their energy bills.' (Interestingly, the same study Scanlon cites also says these savings won’t arrive until 2030, and just $16 to $125 of that $1,000 will come
from the new law.)...However, if they spend part of that money buying new energy-efficient washing machines or heat pumps, won’t that reduce demand and, over time, lower prices? Not according to Kenny Stein, policy director for the Institute for Energy Research, a free-market think tank. 'For the heat pump or appliance example, the alleged cost savings are based on modeling that says renewables make electricity cheaper, therefore a new heat pump will save money,' Stein says. 'But if renewables increase electricity prices (which they tend to do), then the modeled savings vanish.'"

Fun fact, at these electricity rates, EVs are more expensive to drive than diesel. Good times Europe!

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Can't afford gas? Just take out a loan for a new EV. Actually, that's the only thing you're allowed to get a loan for.

** CNBC ([link removed])
(8/21/22) reports: "An Australian bank plans to stop giving loans for new diesel and gasoline cars as the country tries to encourage the use of electric vehicles and catch up with other developed countries. In a statement Friday, Bank Australia said it would scrap loans for new fossil fuel vehicles from 2025. Sasha Courville, its chief impact officer, said that date had been picked 'because the change to electric vehicles needs to happen quickly.' The bank, Courville added, believed this could happen 'with the right supporting policies in place to bring a greater range of more affordable electric vehicles to Australia.' While there will be no more loans for new combustion engine vehicles — including hybrids — from 2025, Bank Australia will continue to provide them for used ones."

Energy Markets


WTI Crude Oil: ↑ $93.80
Natural Gas: ↑ $9.80
Gasoline: ↓ $3.89

Diesel: ↓ $4.97
Heating Oil: ↑ $379.80
Brent Crude Oil: ↑ $99.86
** US Rig Count ([link removed])
: ↓ 839



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