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DAILY ENERGY NEWS | 09/20/2022
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** A truth bomb from our fearless leader.
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Washington Times ([link removed]) (19/19/22) reports: "Not everyone was impressed by Patagonia founder Yvon Chouinard’s decision to transfer his ownership of the company to a climate change group. After Mr. Chouinard received glowing reviews for his philanthropy, led by a New York Times exclusive headlined 'Patagonia Founder Gives Away the Company to Fight Climate Change,' those crunching the numbers pointed out that the move offers considerable tax advantages. 'Patagonia founder Yvon Chouinard has described his decision to give away the company as his last-ditch effort to do all he could to protect the planet, however, it’s also helping him skirt around $700 million of tax bills. Funny that!' tweeted Net Zero Watch. Declaring that 'Earth is now our only shareholder,' the billionaire moved 100% of his nonvoting shares to the Holdfast Collective, a newly formed nonprofit dedicated to fighting the 'climate
crisis,' and all of his family’s voting shares to the Patagonia Purpose Trust, which his family and its advisers control...As a 501©4 nonprofit, Holdfast can make unlimited political donations, although contributions to the group are not tax-deductible. Tom Pyle, president of the American Energy Alliance, called the climate narrative disingenuous. 'I’m all for paying as little taxes as possible, but let’s not pretend that this complex business arrangement is about saving the planet,' Mr. Pyle said. 'It’s really about fueling Mr. Chouinard’s political causes while still retaining control of the company, and creating a tax shelter for his heirs in the process.' He added that it was 'also ironic because Patagonia products wouldn’t exist without oil and natural gas, which will most certainly be the target of this newly created political organization.'"


** And another from Mike McKenna.
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Real Clear Energy ([link removed]) (9/19/22) column: "There has been a fair amount of back and forth about the best way to build the high voltage transmission that would be needed to instantiate any imagined version of an energy transition. In one camp are those who believe that reliance on competition is the most likely way to accelerate the needed building of transmission. In the other, are those who believe that promises associated with competition have largely failed in the immediate past and are likely to fail in the future. The scale of the challenge is, as has been noted elsewhere, significant. Estimates range from needing to double the size of our current system to “only” requiring about 60% more transmission than we currently have in the next 35 years. Under all circumstances, we will, of course, need to replace all or essentially all of our current system as well. A
few weeks ago, the folks over at Concentric Energy Advisors added some content and texture to the discussion by taking a look at Order 1000 and its effect on the building of transmission. Way back in 2011, FERC sought to increase transmission investment by issuing Order 1000, which sought to open transmission to competitive bidding, under the assumption that it would encourage innovation and cost savings. Since then, proponents have argued that significant cost savings can be achieved through competitive bidding processes. Unfortunately, there has been very little real-world data on completed projects to validate these assertions."
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** "Youngkin’s decision to remove Virginia from RGGI is part of a real plan to reduce energy costs, make our energy economy competitive, bring new investment into the state and conserve our commonwealth’s treasured natural resources. And, importantly, it will put Virginians back in charge of our energy future."
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–Travis Voyles, Virginia Department of Natural and Historic Resources ([link removed]) . ([link removed])

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Energy is the lifeblood of modern society. Don't be surprised when society unravels after decades of attacks on reliable energy.

** Reuters ([link removed])
(9/19/22) reports: "German producer prices rose in August at their strongest rate since records began both in annual and monthly terms, driven mainly by soaring energy prices, raising the chances that headline inflation will surge even higher. Producer prices of industrial products increased by 45.8% on the same month last year, the Federal Statistical Office reported on Tuesday. Compared to July 2022, prices rose 7.9%, it added. The surge was considerably stronger than expected, with analysts having forecast a 37.1% year-on-year rise and a 1.6% monthly rise, according to a Reuters poll. In July, the year-on-year increase had been 37.2% and in June 32.7%. Energy prices in August on average were over double the same period last year, up 139%, and 20.4% higher than the previous month, the office reported. Inflation in Europe's largest economy is running at 8.8%, as a dearth in Russian fossil fuel deliveries following the invasion of Ukraine and imposition of Western sanctions has led to
skyrocketing energy prices. Now, surging costs are seen in not only oil and gas but also electricity, said LBBW economist Jens-Oliver Niklasch. Producer prices for electricity rose 174.9% compared with August 2021 and by 26.4% compared with the previous month. Excluding energy, the year-on-year rise in producer prices came in at 14% in August. Producer prices for intermediate goods also rose significantly, up 17.5% on the year, driven mainly by a 19.9% surge in metals prices."

What did Germans use to heat their water before candles?

Environmental justice?

** Fox News ([link removed])
(9/20/22) reports: "The Biden administration is expected to soon finalize a rule banning oil and gas leasing near a Native American historical site despite heavy opposition from local Indigenous leaders, who say the administration's rule would prevent them from collecting royalties on their land. The rule, which the Department of Interior (DOI) announced in November 2021, would implement a 20-year moratorium on federal oil and gas leasing within a 10-mile radius of the Chaco Culture National Historical Park located in northwest New Mexico. Interior Secretary Deb Haaland said the rule, which would amount to a withdrawal of 336,000 acres of public lands from mineral leasing, would protect the environment and 'rich cultural legacy' of the region. 'We're not destroying anything — we are Native Americans ourselves. Nobody is destroying the park,' Delora Hesuse, a Navajo Nation citizen who owns allotted land in the Greater Chaco region, told Fox News Digital in an interview. 'The oil companies
sure aren't destroying the park. And they have new technology.' 'It just seems like they are listening more to the environmentalist people,' she continued. Hesuse represents a group of Navajo citizens who own land that has been allotted to them by the federal government for generations and which is often leased to oil and gas drilling and exploration companies. The group opposes the Biden administration rule, saying it would prevent them from collecting much-needed royalties on the land they've held for decades."

Energy Markets


WTI Crude Oil: ↓ $84.36
Natural Gas: ↓ $7.75
Gasoline: ↓ $3.67

Diesel: ↓ $4.93
Heating Oil: ↓ $330.39
Brent Crude Oil: ↓ $90.66
** US Rig Count ([link removed])
: ↓ 838



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