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DAILY ENERGY NEWS | 09/12/2022
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** Back to nature! (Let us know how that turns out...)
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Wall Street Journal ([link removed]) (9/11/22) reports: "European industry thrived for decades on a steady supply of cheap Russian gas, which flowed uninterrupted throughout the Cold War and other times of tension between Moscow and the West. Since invading Ukraine, Russian President Vladimir Putin has weaponized the country’s vast stores of energy to undermine support for Kyiv. He turned off the taps to the biggest natural-gas pipeline, Nord Stream, completely this month. The impact has pushed Europe to the brink of recession and threatens to inflict lasting harm on its manufacturing businesses. Unlike the U.S., Europe leaned on manufacturing and heavy industry to keep its economy chugging in recent decades. A bigger chunk of its economy comes from the likes of steelmakers, chemicals producers and car makers. Europe’s energy crisis has left few businesses untouched,
from steel and aluminum to cars, glass, ceramics, sugar and toilet-paper makers. Some industries, such as the energy-intensive metals sector, are shutting factories that analysts and executives say might never reopen, imperiling thousands of jobs. The question is whether the current pain is temporary, or marks the start of a new era of deindustrialization in Europe...In the city of Žiar nad Hronom, Slovakia, built around a 70-year-old aluminum factory that supplies car-part makers across the continent, some fear for their financial future. 'This is probably the end of metal production in Europe,' said Milan Veselý, who has worked at Slovalco, majority owned by Norway’s Norsk Hydro ASA, all his adult life, following in his parents."
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** "Given the existential threat posed by climate change, it is imperative that we address it. Our plan – powered by the Inflation Reduction Act – represents the largest investment in fighting climate change in our country’s history. It will put us well on our way toward a future where we depend on the wind, sun, and other clean sources for our energy. We will rid ourselves from our current dependence on fossil fuels."
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– Secretary of the Treasury Janet L. Yellen ([link removed])
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"Electricity rationing? Wow, we've got some catching up to do!" -Joe Biden
** Inside Sources ([link removed])
(9/11/22) reports: "In Great Britain, residents are facing energy bills soaring by more the 100 percent, costs so high the new prime minister is considering a freeze on energy prices. French Prime Minister Elisabeth Borne has warned her nation’s businesses about the risk of energy 'rationing' this winter. In California, residents are facing the potential of rolling blackouts and orders not to charge their EVs due to an overloaded energy grid. And what is the Biden administration doing? According to a recent report from The Wall Street Journal (WSJ), President Joe Biden has restricted energy production more than any president in history...Advocates of American consumers, as well as advocates of the West’s resistance to Russia’s invasion of Ukraine, say the Biden policy is a disaster. 'The data is in and confirms what we have thought for a long time,' said Dan Kish, senior fellow with the Institute for Energy Research. 'President Biden is doing more damage to American energy security than any
president in history. It is simply cruel to withhold energy supplies from American families but that is exactly what the Biden administration is doing.'"
"The hurricane scale used to be 1-5 and now they’re adding a 6. The fingerprint of man-made global warming is all over these storms and extreme weather events." -Climate Grandfather Al Gore
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Coal: When you absolutely, positively need to keep the lights on.
** Reuters ([link removed])
(9/12/22) reports: "India may need up to 28 gigawatts of new coal-fired power plants by 2032 to meet power demand that is expected to more than double from the current 404.1 GW, a government advisory body said, signalling more increases in coal use by the world's third-largest greenhouse gas emitter. 'It is seen that apart from under-construction coal-based capacity of 25 GW, the additional coal-based capacity required till 2031-32 may vary from 17 GW to around 28 GW,' the Central Electricity Authority, an advisory body to the federal power ministry, said in a draft plan released last week. India's annual electricity demand could grow by an average of 7.2% over the five years to March 2027, nearly double the rate of increase in the fiscal years from 2017 to 2022, the plan said. The share of coal in India's total power generation, however, is likely to fall below 60% by 2027, with India targeting the addition of 500 GW in non-fossil based installed capacity by 2030, according to the plan.
Although India is a major greenhouse gas producer, its per capita power demand and emissions are much lower than most developed countries, while it accounts for the lion's share of the world's additional renewable energy output, along with China. A draft electricity policy report issued last year indicated India may build new coal-fired plants due to their lower cost, although it gave no estimates of how much capacity might be built."
Energy Markets
WTI Crude Oil: ↑ $1.64
Natural Gas: ↑ $8.36
Gasoline: ↓ $3.71
Diesel: ↓ $5.01
Heating Oil: ↑ $369.20
Brent Crude Oil: ↑ $94.53
** US Rig Count ([link removed])
: ↓ 845
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