Silliest belief system to date

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DAILY ENERGY NEWS | 08/30/2022

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Just give more money to the renewable industry, outlaw gas-powered cars, and hire more bureaucrats. That's all it takes to change the weather. It's that simple!

CBS (8/27/22) reports: "In an effort to combat the devastating drought conditions hitting California, the Golden State will become the first in the nation to install solar panel canopies over canals. The $20 million pilot project funded by the state has been dubbed 'Project Nexus.' It will consist of an estimated 8,500 feet of solar panels installed over three sections of Turlock Irrigation District (TID) canals in Central California. It is expected to break ground in the fall, and be completed by 2023. The project was first announced back in February. According to TID, the project aims to use water and energy management hand-in-hand. The project is designed to increase renewable power generation, while reducing water evaporation and vegetative growth in canals...California has taken multiple steps to combat drought conditions and climate change impacting the state. On Friday, ait moved forward with a plan to ban the sale of new gas-powered vehicles by 2035. Last week, officials announced that California would receive $310 million in federal funding to address the drought."

"Since Inauguration Day, the Biden administration has sought to punish American oil and gas producers at every turn. Biden canceled the Keystone XL Pipeline, placed a moratorium on new oil and gas leases on federal lands, and slow-walked permits for major natural gas projects. Glick and FERC’s policy were an integral part of an overall strategy by Biden’s bureaucrats to slow or kill oil, coal, and natural gas production in the United States."

– Daniel Turner,
Power The Future

Is the EU President suggesting paying electricity producers something like the marginal costs of production? That sounds kind of anti-renewable.

Financial Times (8/30/22) reports: "The EU is preparing emergency measures to curb the price of electricity by separating it from the soaring cost of gas, as Shell warns the energy crisis could last for years, and utilities turn to the state for support. With member states stepping up pressure for action, European Commission president Ursula von der Leyen said Brussels was working on 'emergency intervention' as well as structural reforms to the power market — which could allow cheaper renewable energy to help set electricity prices. 'Currently, gas dominates the price of the electricity market . . . with these exorbitant prices, we’ll have to decouple,' von der Leyen said on Monday in Berlin. 'We’ll have to ensure renewable energies are generated at lower costs, that those costs are transferred to consumers and windfall profits used to help vulnerable households.' She added: 'We need an emergency instrument which would be triggered very quickly, in weeks perhaps.' As the crisis threatens to tip Europe into recession, Ben van Beurden, Shell chief executive, warned that the region might need to ration access to energy for several years. 'It may well be that we have a number of winters where we have to somehow find solutions through efficiency savings, through rationing and a very, very quick buildout of alternatives,' he said. 'That this is going to be somehow easy, or over, I think is a fantasy that we should put aside.'"

How do you like net zero plans now?

I guess not very much...

The Times (8/30/22) reports: "Liz Truss will approve a series of oil and gas drilling licenses in the North Sea in one of her first acts as prime minister as part of a long-term plan to ensure Britain’s energy security. Senior allies of the Tory leadership frontrunner have been putting together her response to the energy crisis, with average annual household bills due to rise to £3,549 from October. Liz Truss will approve a series of oil and gas drilling licenses in the North Sea in one of her first acts as prime minister as part of a long-term plan to ensure Britain’s energy security. Senior allies of the Tory leadership frontrunner have been putting together her response to the energy crisis, with average annual household bills due to rise to £3,549 from October."

Energy Markets

WTI Crude Oil: ↓ $92.63
Natural Gas: ↓ $8.98
Gasoline: ↓ $3.84

Diesel: ↑ $5.07
Heating Oil: ↓ $378.40
Brent Crude Oil: ↓ $100.40
US Rig Count: ↑ 858

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