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DAILY ENERGY NEWS | 10/04/2022
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** If at first, you don’t succeed, spend, spend again.
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New Scientist ([link removed]) (9/1/22) reports: "Several of the world’s biggest projects capturing and storing carbon dioxide are significantly underperforming, according to an analysis showing some are capturing only half as much CO2 as promised. Carbon capture and storage (CCS) is seen as a vital tool for tackling climate change by authorities such as the International Energy Agency and the Intergovernmental Panel on Climate Change. The technology stands to receive generous support in the US government’s new climate bill, and other countries are incentivising take-up, including Norway and the UK. A report published today analysed the performance of 13 flagship existing CCS schemes worldwide, which together represent 55 percent of captured CO2, using figures published by the companies. Most have captured much less CO2 than expected, the report found. Across its lifetime, the report says
ExxonMobil’s LaBarge facility at Shute Creek in Wyoming has underperformed by around 36 percent in terms of capacity. The world’s only large power station with CCS, Boundary Dam in Saskatchewan, Canada, has captured about 50 percent less than planned, according to the report, and the capacity of Chevron’s Gorgon gas scheme in Western Australia has been about 50 percent lower than planned in its first five years. Two projects included in the report failed, including the Kemper coal CCS project in Mississippi, which was long delayed and construction was eventually abandoned in 2017."
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** "Mexico is constructing a $12 billion refinery, due to start producing gasoline next year. Perhaps President Biden’s next foreign trip should be to Mexico City."
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– Rupert Darwall, RealClearFoundation ([link removed])

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Trump wanted to buy oil when it was $24. Democrats stopped him, Schumer called it a "bailout for big oil."

** Wall Street Journal ([link removed])
(10/3/22) editorial: "Oil prices rose Monday on news that the Organization of the Petroleum Exporting Countries (OPEC) and its allies may agree on Wednesday to cut production. The Saudis and Russia are underscoring the folly of President Biden’s limits on oil and gas production, and his non-emergency release of oil from the national petroleum stockpile. A couple of months ago Mr. Biden sojourned to Saudi Arabia to beg the Crown Prince for help containing surging U.S. gasoline prices. Now it looks like the meeting was worse than unproductive. Reports say OPEC and its allies including Russia will consider slashing their production targets by a million barrels a day when they meet this week. Analysts estimate this would lift crude prices to about $100 a barrel from the $80 to $90 range of the last month. OPEC countries may be seeking to boost their budgets to cope with rising food prices and the strong dollar. But the timing couldn’t be worse for Mr. Biden and Democrats in Congress. The
Administration has released 200 million barrels or so from the Strategic Petroleum Reserve over the past year and about one million barrels a day in recent months. These drawdowns were scheduled to end this month, but the Administration recently extended the releases into November, no doubt worried that a taper would increase gasoline prices before the midterm election.."

Anyone discussing the benefits of the 25th Amendment should be aware of it's consequences...

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China has built 14 overseas coal plants since vowing no new ones!

** Bloomberg ([link removed])
** ([link removed])
(9/22/22) reports: "A year after President Xi Jinping promised China would stop building coal power plants overseas, the country has completed 14 such facilities beyond its borders and will finish another 27 soon, according to a new report. Most of the projects that were in progress when Xi made the announcement are in limbo, but the recently or soon-to-be completed plants will emit about 140 million tons of CO2 a year in total, the Center for Research on Energy and Clean Air and People of Asia for Climate Solutions said in the report. That’s more than the national emissions of the Philippines. Xi committed to stop building coal power plants in other countries and support green energy in a video speech to the United Nations General Assembly last year. He didn’t specify what would happen to projects already underway. Since then, China has pushed to boost coal production and sped up the permitting process for domestic power plants, part of a campaign to end a series of economy-crippling power
crunches. Since the announcement, 26 projects have been officially canceled, the researchers said. Another 33 could be canceled because they don’t have permits or secure financing. Sixteen more have to be built to satisfy contractual agreements, but because construction hasn’t started, the report’s authors suggest they could be converted to clean energy. "

Energy Markets


WTI Crude Oil: ↑ $96.51
Natural Gas: ↑ $6.70
Gasoline: ↑ $3.80

Diesel: ↓ $4.86
Heating Oil: ↑ $351.36
Brent Crude Oil: ↑ $91.97
** US Rig Count ([link removed])
: ↓ 859

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