Taking the Country Back

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DAILY ENERGY NEWS | 10/21/2022

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Tom and Mike are joined by newly installed Heritage Foundation president Kevin Roberts as they plot their plan to restore American greatness. The latest episode of The Unregulated Podcast now streaming on our website, or wherever you listen to podcasts.

"Russia’s invasion of Ukraine has left thousands of civilians dead or injured and turned more than seven million Ukrainians into refugees. This week, the Russian military has been targeting civilians and purposely shelling the country’s electric grid as part of an effort to inflict as much suffering as it can on the people of Ukraine. And yet, Politico Europe concludes its piece on Putin by casting the war as positive because it will mean that the 'EU becomes greener, faster, than before Russian troops marched across the Ukrainian border.' This is shameful and repulsive. Politico Europe owes the public an immediate apology and a retraction."

– Robert Bryce,
Power Hungry Podcast

The numbers don't lie.

Washington Times (10/20/22) reports: "Democrats tanked in droves while 179 Republicans earned perfect scores on the American Energy Alliance’s annual congressional scorecard released Thursday based on their votes to promote 'affordable, abundant and reliable energy.' ...Alliance President Tom Pyle called the American Energy Scorecard “the most comprehensive look at the actual votes — not the rhetoric — to determine if a member deserves to be reelected in November. The House scorecard, which factored in seven votes, saw 177 Republicans notch 100% scores based on seven votes, while all but 13 Democrats earned 0%. Alliance President Tom Pyle called the American Energy Scorecard 'the most comprehensive look at the actual votes — not the rhetoric — to determine if a member deserves to be reelected in November.' 'With the failed energy policies in Europe and the war in Ukraine, it has become even clearer that access to affordable and reliable energy must be a top priority for American policymakers,' Mr. Pyle said. 'Voters deserve to know where their elected officials stand on matters related to the promotion of affordable, reliable, American energy.'”

"It's everyone's fault, except ours." -The Biden White House

NewsMax (10/20/22) reports: "President Joe Biden's plan to release 15 million more barrels of oil from the Strategic Petroleum Reserve is 'political strategy,' not an energy policy, former Federal Energy Regulatory Commission Chairman Neil Chatterjee tells Newsmax. 'He is trying to do anything he can to try and affect the price at the pump ahead of the midterms,' Chatterjee commented on Newsmax's 'Wake Up America.' 'By releasing these barrels from the Strategic Petroleum Reserve, he's compromising our security to shave maybe a penny of the price at the pump ahead of the midterms.' Biden on Wednesday, while announcing the release, called for U.S. oil companies to ramp up production and offered them a guaranteed price of $70 per barrel to sell oil back to the U.S. government to refill the reserves when demand falls and the price drops back down to below $70 per barrel. Chatterjee, though, said Biden is trying to 'scapegoat' not only oil companies because of the rising cost of fuel, but "anyone and everyone but his own policies.' 'He is caught between an economy that is suffering, and Americans who are feeling the pain at the pump, in their grocery bills and their electricity bills, and his environmental agenda,' said Chatterjee. 'If he would focus on clean, American domestic energy production, not only would it help the economy, it would help the environment as well because we do it cleaner than anyone else.' Instead, he continued, 'he's pursuing policies that are sending the wrong signals to investors that are inhibiting what we need to do to ramp up domestic energy production.'”

The cost of bad energy policy is staggering.

Bloomberg (10/20/22) reports: "European Union governments have pledged more than 550 billion euros ($536 billion) to protect citizens and businesses from soaring energy costs over the past year, highlighting the enormous fiscal burden the bloc’s leaders face as they jostle over how to pay for it. That figure climbs to 710 billion euros when support for utilities via loans, bailouts and nationalizations are taken into account, according to the think tank Bruegel. That’s just 90 billion euros shy of the EU’s landmark borrowing program to help the region recover from the two-year Covid pandemic. The figures will add to concerns of a financial arms race as countries rush to protect their own citizens from soaring energy costs, exposing fiscal inequalities within the 27-member bloc. Germany makes up the bulk of support committed, according to Bruegel, with its 200 billion-euro package, of which just less than half has already been allocated. 'These numbers confirm what we all know -- countries with larger fiscal spaces can provide more support to their families and businesses,' said Simone Tagliapietra, co-author of the report. 'This becomes a European problem, as different fiscal capacities might distort the level playing field with serious economic and political consequences.' Who picks up the tab for the myriad of domestic and bloc-wide measures was one of the key issues leaders discussed at a summit in Brussels this week."

Energy Markets

WTI Crude Oil: ↑ $84.84
Natural Gas: ↓ $4.95
Gasoline: ↓ $3.82

Diesel: ↑ $5.34
Heating Oil: ↓ $372.97
Brent Crude Oil: ↑ $93.05
US Rig Count: ↓ 847

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