Ups & downs

View this email in your browser

DAILY ENERGY NEWS | 10/18/2022

Subscribe Now

Biden's Build Back Better: Producing less energy, but more emissions!

Washington Times (10/17/22) reports: "U.S. greenhouse gas industrial emissions rose during the first year of the Biden administration after declining for more than a decade, reflecting the economic rebound from the COVID-19 shutdown. The Environmental Protection Agency released Monday the 2021 data from its Greenhouse Gas Reporting Program, which showed that emissions from large industrial sources increased by 4.1% over 2020. 'As the United States makes strides to reduce greenhouse gas emissions and address the climate crisis, good data are more important than ever,' said Joseph Goffman, EPA Office of Air and Radiation principal deputy assistant administrator. 'The Greenhouse Gas Reporting Program is supporting these efforts by providing high-quality, long-term data for the largest emitters, and contributing important insights into greenhouse gas emissions trends.' The 2021 increase measured by data collected from 8,100 industrial facilities, including power plants, refineries and chemical companies, represents the biggest uptick in emissions since the program was launched in 2011. Emissions from electricity plants rose by 6.3% from 2020 to 2021. Since 2011, however, such emissions have dropped by 28.5%, 'reflecting the long-term shifts in power sector fuel-stock from coal to natural gas,' the agency said."

"As you read about President Biden's decision to release an additional 10-15 mb from the SPR just about 15 working days from election day. Remember this: he and others want to sue OPEC members for 'price manipulation.'"

– Dr. Anas Alhajji,
Energy Outlook Advisors

CO2 emission reduction goals are so good for business that companies now don't want to tell people how they will achieve the goals.

Bloomberg (10/17/22) reports: "Companies are increasingly trying to keep their climate pledges away from public scrutiny. The phenomenon, known as green hushing, has become pervasive even as businesses set more ambitious internal targets, according to a survey by South Pole, a climate consultancy and carbon offsets developer. South Pole surveyed 1,200 large companies from 12 different countries, all of which have set net-zero targets and more than two-thirds of which identify as “heavy emitters.” It found that although a majority of companies have set science-based targets to help them deliver on their commitments, 23% 'don’t plan to publicize' them. The findings suggest that the stigma of so-called greenwashing, where a company exaggerates its green credentials, is so feared that executives will do anything to avoid being accused of it. Being labeled a greenwasher brings with it reputational harm, financial damage and, increasingly, the scrutiny of regulators. And once tainted by such allegations, companies can struggle to resurrect their reputations. But green hushing also comes at a cost, South Pole said. 'More than ever we need the companies making progress on sustainability to inspire their peers to make a start,' said Renat Heuberger, chief executive and co-founder of South Pole. 'This is impossible if progress is happening in silence.'"

All you need to know about the California education system.

Does the administration know the SPR isn’t limitless?

Reuters (10/17/22) reports: "The Biden administration has spoken with energy companies as it considers a plan to use the Strategic Petroleum Reserve to both push down oil prices for consumers and support longer-term demand for producers, two sources familiar with the matter said. The discussions, which involve combining new releases from the stockpile and setting the schedule for buying the oil back, reflect the White House’s desire to combat rising pump prices without hurting domestic drillers or refiners. Rising retail gasoline prices have helped boost inflation to the highest in decades, posing a risk to Biden and his fellow Democrats ahead of the Nov. 8 midterm elections, in which they are seeking to keep control of Congress. Biden said last week gasoline prices are too high and that he would have more to say about lowering the costs this week. David Turk, his deputy energy secretary, also said last week the administration can tap the SPR in coming weeks and months as necessary to stabilize oil. The administration has spoken with energy companies about buying back oil through 2025 to replenish the reserve, known as the SPR, the sources said, after Biden in March announced the biggest sale ever, 180 million barrels, from May to October. To stabilize oil prices, which rose before falling last week and steadying on Monday, it is also preparing to sell about an additional 40 million barrels of SPR oil, which could be announced soon, said a third source. The Energy Department still has about 14 million barrels of SPR oil left to sell from the 180 million barrel release, which was slowed in July by holidays and hot weather. In addition, the administration is mandated by a law Congress passed years ago to sell another 26 million barrels of SPR oil in fiscal year 2023, which started Oct. 1."

Energy Markets

WTI Crude Oil: ↓ $83.75
Natural Gas: ↓ $5.99
Gasoline: ↓ $3.87

Diesel: ↑ $5.30
Heating Oil: ↑ $409.17
Brent Crude Oil: ↓ $90.24
US Rig Count: ↓ 868

Donate

Subscribe to The Unregulated Podcast

Subscribe to The Plugged In Podcast

Connect with us on Facebook

Forward to a Friend

Our mailing address is:
1155 15th Street NW
Suite 900
Washington, DC xxxxxx

Want to change how you receive these emails?
update your preferences
unsubscribe from this list