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DAILY ENERGY NEWS | 10/19/2022
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** If only the people of California understood how good things could be.
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Fox News ([link removed]) (10/1/22) reports: "Economists and oil market experts sharply criticized Gov. Gavin Newsom, D-Calif., for his recent rhetoric blaming 'greedy oil companies' for high gasoline prices in California.'Gas prices are up while oil companies rake in RECORD profits,' Newsom tweeted Monday. 'It. Does. Not. Add. Up. We cannot continue to allow greedy oil companies to rip us off at the pump.' Newsom has repeated the argument for weeks, adding that he would support a new windfall tax on oil companies to punish 'oil company extortion' in a video message posted by his office late last month. Such a tax code revision wouldn't be introduced by the state legislature for months. In California, the average price of gasoline remains above $6 a gallon, far higher than any other state, according to AAA data. The state with the next highest average pump price is Alaska where gas costs $5.40 per gallon.
While Newsom and other Democratic lawmakers have repeatedly blamed oil companies for profiteering, experts said the argument is a red herring. 'Some people may fall for it, but I think people are getting tired of this story,' David Kreutzer, the senior economist at the Institute for Energy Research, told FOX Business. 'It seems like they're always gouging in California. You have to say, "Well, what's California doing different today?" They have a bunch of idiotic policies.' 'You'd have to explain why [oil companies are] ripping people off 50% more in California than the rest of the world and why they only choose to do it now,' Kreutzer said. 'The big problem is we have policies in place, especially in California, that make it difficult to expand supply. When you have these rules and regulations that prevent markets from responding as robustly as they could, then prices are going to go up.'"
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** "There need not be an energy crisis. America has an abundance of energy there for the taking, if only our pie-in-the-sky politicians would get out of the way."
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– Katie Tubb, Heritage Foundation ([link removed])

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Are these the jobs Biden promised us?

** Offshore Magazine ([link removed][pull]=omeda|1106C8551289F9V&oly_enc_id=1106C8551289F9V)
(10/18/22) reports: " Saudi Aramco is collaborating with two international engineering groups to establish two offshore fabrication yards in Saudi Arabia. These should increase the Kingdom’s fabrication capacity by more than 200%. Both are under construction in Ras Al Khair in cooperation with National Petroleum Construction Co. (NPCC) and McDermott International, and they will be used to build and assemble offshore platforms, jackets and structures for subsea pipelines. They will serve projects offshore Saudi Arabia, also targeting the GCC countries and wider markets. The location at Ras Al Khair also purposely supports localization of the Saudi maritime industry and the nearby King Salman International Complex for Maritime Industries and Services. Aramco expects the new facilities to start up in third-quarter 2023, with an initial combined production capacity of about 70,000 metric tons per year. That would lift the Kingdom’s annual offshore fabrication capacity to 100,000 metric tons.
When the sites are fully operational, they should create up to 7,000 direct and indirect jobs."
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Of course, with a billion, trillion new dollars coming "off the sidelines" jobs will soon follow.

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Not much to say here:

** Markets Insider ([link removed])
(10/19/22) reports: "The European Union has ramped up its purchases of Russian liquefied natural gas this year, while Moscow has slashed pipeline flows. The EU's imports of Russian LNG totaled 15 billion cubic meters through September of this year, up 50% from a year ago, Tim McPhie, the European Commission's spokesperson for climate action and energy, told reporters on Friday, according to Russian news outlet Kommersant. Still, Russia's share of total EU LNG imports dipped to 17% from 20% a year ago, as Europe has sharply increased its purchases from other parts of the world. The EU's overall LNG imports soared 66% to almost 88 billion cubic meters through the first nine months of the year. European countries have been snapping up LNG cargoes from the US and Qatar recently as they scramble to build up inventories ahead of winter while Russia slashes pipeline gas flows. Over the summer, Moscow began cutting deliveries via Nord Stream 1, then completely cut them off last month. Then earlier
this month, explosions underwater blew open leaks in the pipeline in a likely act of sabotage. Russia still supplies some pipeline natural gas to Europe via other pipelines, but not much: flows have been reduced from 350 million cubic meters at the start of the year to 70 million cubic meters, according to the most recent estimates from Kommersant. "

Energy Markets


WTI Crude Oil: ↑ $84.07
Natural Gas: ↓ $5.57
Gasoline: ↓ $3.85

Diesel: ↑ $5.32
Heating Oil: ↓ $390.60
Brent Crude Oil: ↑ $91.16
** US Rig Count ([link removed])
: ↑ 871



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