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DAILY ENERGY NEWS | 10/24/2022

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To Glick or not to Glick, that is the question.

National Journal (10/21/22) reports: "At a high-profile conference earlier this year, Sen. Joe Manchin delivered some scathing criticism of Federal Energy Regulatory Commission Chairman Richard Glick. 'Do your damn job,' Manchin, the moderate Democrat at the center of energy-policy fights in Washington, told the CERAWeek crowd in March in reference to Glick. \That remark came on the heels of Glick’s release of controversial new policies that would have forced FERC to put much greater priority on potential greenhouse-gas emissions when deciding whether to approve industry requests to build natural-gas infrastructure. Amid an onslaught of dissent from industry, Glick then withdrew the new policies—just two weeks after Manchin’s appearance at the conference...Biden tapped Glick for renomination in May and the chairman’s tenure at FERC formally expired in June. Congress needs to confirm him for another term by the end of the year or the agency will fall to a 2-2 split among Republican and Democratic appointees, a scenario that screams gridlock...Meanwhile, energy experts say natural-gas companies are concerned about the likely ascendance of Commissioner Allison Clements to the chairmanship if Glick departs. 'Glick’s either going to get in during lame-duck or he’s not. And if he doesn’t, then it complicates things because that potentially means a 2-2 split, or they have to figure out how to get someone else in,' Tom Pyle, president of the fossil-fuel-friendly American Energy Alliance, told National Journal. 'But I’m under no illusion that, with the makeup of this commission, they won’t restart their agenda as soon as they’re able to.' Prior to her confirmation in late 2020, Clements worked for the Natural Resources Defense Council, a prominent environmental group, and the clean-energy-advocacy group Energy Foundation. Pyle recently rebuked Clements for speaking privately to the Energy Foundation earlier this year. He’s also trying, through the Freedom of Information Act, to establish whether the White House instructed Glick to release the greenhouse-gas policies."

"Democrats in Sacramento seem incapable of political self-reflection. But it’s deeply ironic that their monomaniacal focus on cutting greenhouse gases emissions has resulted in more greenhouse gas emissions."

– Wall Street Journal Editorial Board

It's called energy security for a reason.

Daily Caller (10/24/22) op-ed: "We live in a dangerous world starved for energy. Americans are grappling with sky-high inflation and high energy prices and yet the Biden administration and the Democrats in Congress continue to spend money we don’t have, driving inflation higher and making us all poorer. Should the Republicans take over the Congress this November they have a tough, but straightforward task ahead of them. They need to improve our economy, our energy security and that of the whole world by limiting spending and promoting energy abundance. The new Congress can help rein in inflation by reducing federal spending. The first order of business should be to pass a federal budget on time and within our means. Congress has failed to do that for a number of years, including when Republicans were in charge of the House and Senate because of the political expediency of appropriating federal dollars for partisan priorities. Instead of tinkering with budget line items, it would be far better to pass a budget that reduces spending by ten percent across the board. Beyond cutting the budget, Congress needs to take back most of the insane amounts of money this Democrat led Congress has given the Biden administration to spend through the Infrastructure Investment and Jobs Act, the CHIPS and Science Act, and the misnamed Inflation Reduction Act."

Maybe instead of complaining Europe could start drilling...

Bloomberg (10/21/22) reports: "French President Emmanuel Macron slammed US trade and energy policies for creating 'a double standard' with Europe as resentment builds over the economic price the continent is paying over Russia’s war in Ukraine. 'The North American economy is making choices for the sake of attractiveness, which I respect, but they create a double standard' with lower energy prices domestically while selling natural gas to Europe at record prices, Macron said at a news conference in Brussels following a meeting of European Union leaders. 'In addition they allow state aid going to up to 80% on some sectors while it’s banned here -- you get a double standard,' he added. 'It comes down to the sincerity of transatlantic trade,' he added. The EU has been chafing over the US stimulus package known as the Inflation Reduction Act, which provides subsidies for electric cars made in North America and provides what European officials say is unfair support for green economy. The 44-year-old Macron will be hitting these points hard when he visit Washington D.C. for a state visit in early December. That’s a bit more than a year after the bilateral relationship suffered a major blow when Australia dropped a mega deal to buy French submarines in favor of nuclear-powered submarines from the US."

So they wouldn't need to rely on American generosity, or whatever you call this:

Imagine NYC with all the crime, but NO electricity.

Wall Street Journal (10/21/22) column: "The latest report from New York state’s grid operator is a master class in everything wrong with the Western world’s approach to climate change. That is: everything wrong with an approach that consists of throwing money at green business interests in defiance of any practical consideration. If you think something else is going on, such as abating climate change, think again. To meet a legislated goal of emissions-free electricity by 2040, New York will need up to 45 gigawatts of what it delicately calls DEFRs, or dispatchable emissions-free resources. Not only is that more than the state’s total current generating capacity of 37 gigawatts, these DEFRs, which are carbon-free like wind and solar yet not interruptible like wind and solar, don’t exist and have no prospect of existing in the next decade. Starting very much sooner than 2040, New York’s real choice will be Third World electricity reliability vs. paying fossil-fuel operators large fees to keep their plants up and running in a highly inefficient part-time fashion."

Energy Markets

WTI Crude Oil: ↓ $84.87
Natural Gas: ↑ $5.05
Gasoline: ↓ $3.79

Diesel: ↓ $5.32
Heating Oil: ↑ $390.97
Brent Crude Oil: ↓ $93.38
US Rig Count: ↑ 893

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