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DAILY ENERGY NEWS | 10/27/2022
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** If there is anywhere it should be easier for representatives to vote for pro-energy policies, you'd think it'd be Colorado.
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Colorado Biz Magazine ([link removed]) (10/26/22) column: "With ballots hitting millions of Colorado mailboxes last week, it can be tough to sift through the countless resources voters now have (or receive) when casting their votes. Perhaps too much information can be a bad thing. But with energy touching nearly every facet of every business, it’s arguable that energy is the most important indicator of a candidate’s alignment with business interests. How our elected leaders vote on energy and environmental issues, and the impact it has on our personal pocketbook and a business’s bottom line, says a lot. The American Energy Alliance (AEA), a not-for-profit organization, and its American Energy Scorecard is becoming a go-to source for understanding where our elected members of Congress stand. The website is simple and only requires a visitor to click on a state or type in a zip code to pull up scores. While
history indicates the party of the sitting incumbent president should lose seats in the House and Senate during the 2022 midterm election, as the leader of the Democratic party, President Joe Biden doesn’t carry the responsibility of how individual elected leaders vote in their respective chambers. To be honest, it doesn’t look too pretty for the Democratic party here in Colorado. While many members failed to achieve a perfect score for various reasons, the most concerning scores are from those representing districts or states where the energy industry is a major economic driver and job creator like Colorado. Colorado’s energy industry contributes billions to our state’s economy and supports hundreds of thousands of reliable, good jobs. Some of our elected leaders in Colorado scored 0%, putting them at the very bottom of the body."
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** "At this point in history, as Russia’s brutal war on Ukraine continues, and Europeans are facing a bleak, energy-starved winter, we need sobriety when talking about our energy and power systems. We need energy realism to make sure the United States doesn’t end up like Europe."
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– R ([link removed]) obert Bryce, Power Hungry Podcast ([link removed])
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Nothing says good governance quite like rushing a decade's worth of rules and regulations over a two-year period in order to prevent oversight.
** Wall Street Journal ([link removed])
(10/26/22) editorial: "Businesses have been warning that Securities and Exchange Commission Chair Gary Gensler’s fast-and-furious regulation could cause damage across the economy. Now agency officials and Democratic Senators are raising alarms too. The SEC Office of Inspector General this month issued a withering review of Mr. Gensler’s leadership that would probably get a CEO of a public company sacked. Agency division managers told the IG that his move-fast-and-break-things agenda is overwhelming staff and taking resources from investor protection. The number of rule-makings on the SEC agenda increased by nearly two-thirds between spring 2017 and 2022. In the first eight months of 2022, the SEC proposed 26 new rules, twice as many as in 2020 and 2021. Unlike predecessor Jay Clayton’s rules that focused on investor protection, Mr. Gensler is sprinting to impose new burdens on business in line with the progressive desire to achieve via regulation that Democrats can’t get through Congress.
Investor protection is an afterthought...Democrats in Congress must be hearing from constituents about Mr. Gensler’s drive-by regulation. A dozen Democratic Senators sent a letter last month asking him to 'provide a sufficient period for notice and comment' and 'adequate time to evaluate each individual rule as well as how those rules interact with existing and other proposed rules.' Mr. Gensler’s breakneck rule-making is no doubt intended to get ahead of GOP Congressional oversight in 2023, and especially from the risk of repeal under the Congressional Review Act if Republicans win the White House and Congress in 2024. But that’s no justification for slipshod management and rule-making that harms financial markets."
If an author put this in a book people would call it poor writing, but that's how absurd it's getting in Europe.
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Italy leads the way in smart thinking in an energy crisis.
** Reuters ([link removed])
(10/27/22) reports: "Italy plans to double its national gas production to 6 billion cubic meters (bcm) per year from the current 3 bcm, its industry minister said, in a further effort to cut the country’s dependence on Russian supplies. 'One of our goals is to develop a plan that will make us as quickly as possible less dependent and will then turn us into the energy hub of the Mediterranean', Industry Minister Adolfo Urso told Il Messaggero daily in an interview published on Thursday. The government will also authorise new offshore drilling in the Adriatic sea, he said, echoing the words of Italy’s new Prime Minister Giorgia Meloni, who said this week that Rome 'has a duty to fully exploit' its offshore gas reserves to diversify energy sources. Urso said that Italy would rely on both existing and new gas pipelines for its “energy hub” ambitions, noting the latter included Italy’s extension to the EastMed project, called Poseidon and owned by a joint venture between Greece’s gas grid
operator DEPA and energy group Edison. The other new project would be a potential pipeline running between Spain and Italy through the Western Mediterranean sea in case France decided not to connect its grid to the Spanish one, the minister added."
Energy Markets
WTI Crude Oil: ↑ $88.68
Natural Gas: ↑ $5.63
Gasoline: ↓ $3.76
Diesel: ↓ $5.30
Heating Oil: ↑ $417.75
Brent Crude Oil: ↑ $96.40
** US Rig Count ([link removed])
: ↓ 865
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