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DAILY ENERGY NEWS | 10/31/2022
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** Dems are mad that American companies are producing fuel, but also mad they aren't producing *enough* fuel.
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Wall Street Journal ([link removed]) (10/30/22) editorial: "If Democrats lose next week’s election, one reason will be soaring energy prices. The lesson that an electoral defeat should drive home is that this is the result of their own policies. Consider President Biden’s outrage Friday over last week’s robust earnings reports for oil and gas companies. Six of the largest “made $70 billion in profit in one quarter,” he said at a fundraiser. These 'excess profits are going back to their shareholders and their executives instead of going to lower prices at the pump.' The President who has done everything in his power to limit U.S. oil investment is now furious that he succeeded. Mr. Biden doesn’t seem to believe oil companies should be allowed to make a profit or even cover marginal costs. “We need to keep
making progress by having energy companies bring down the cost of a gallon of gas to reflect what they pay for a barrel of oil,” he said. Anything more is 'excess' profit. Keep in mind that oil majors’ current profits follow steep losses in the pandemic. As oil prices plunged amid lockdowns, companies and OPEC nations pared investment and shut in wells. Demand for oil then bounced back much quicker than supply, which has driven up prices—and profits. That’s Econ 101. Mr. Biden is miffed in particular that companies are returning cash to shareholders rather than increasing supply. 'You should be using these record-breaking profits to increase production and refining,' he said this month. But the progressive climate lobby and his own Administration’s climate policies have been urging the opposite."
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** "Despite soaring energy costs, the administration refuses to rethink its agenda. This year’s Leasing Proposed Program puts forward a notion never before seriously contemplated by any president: an offshore oil and gas lease plan with zero lease sales."
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– Katie Tubb, Heritage Foundation ([link removed])

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They want to sacrifice your family on the alter of the Green New Deal, but can't expect theirs to go through a bit of discomfort this winter.

** Fox News ([link removed])
(10/25/22) reports: "The mayor of Ann Arbor, Michigan, installed a new gas line and gas-powered fireplace in his home despite his push for the city to phase out fossil fuel usage and boost electrification. City permits show Christopher Taylor, a Democrat who has served as mayor of the city since 2014, installed the gas line to hook up to his new fireplace earlier this year, MLive reported. Taylor has been a strong proponent of climate policies, including the so-called A2Zero carbon neutrality plan that calls on residents to buy electric vehicles, install solar panels and rely less on fossil fuels. 'Ann Arbor is not just a basic place. And so, it's our pleasure to. And our drive to focus on affordability and equity and, you know, a moral imperative to take community climate action and sustainability,' Taylor told local radio station WEMU in August...Ann Arbor's government adopted the A2Zero plan in June 2020. Among its provisions, the plan asks residents to voluntarily electrify their homes,
cutting off natural gas reliance.'The A2Zero Plan focuses on voluntary electrification,' a fact sheet of the plan states...'People like the mayor are asking everyone else to go full electric. Yet, he's protecting himself,' Jason Hayes, the director of environmental policy for the Michigan-based free market think tank Mackinac Center for Public Policy, told Fox News Digital in an interview. 'There is this two-tiered system. The rest of us are the ones — the peons and the average people that sit out in flyover country — we're the ones that worry about those power outages.'"

👻 Boo 👻

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Last year, Sri Lanka wanted to get rid of coal and go net zero. Let’s check in on how they are doing. (hint: it’s bad, it’s really, really bad).

** The Guardian ([link removed])
(10/28/22) reports: "Over the past few months, at a state school in the center of Colombo, Sri Lanka, it has become common for children to faint in the middle of class. Students, coming from homes in the capital where parents can barely afford a meal a day, have been arriving at school quietly starving, as the country continues to grapple with the worst economic crisis since the great depression. 'Parents can’t afford the meat, eggs and milk that children need,' says Sandarenu Amarasiri, a teacher, adding that many were also missing school because financial hardship meant they could not afford transport, uniforms and shoes. This month, in an attempt to tackle the rampant hunger, the school began a program giving basic lunch to students. 'Even we teachers try to give a meal to our students whenever we can,' she says. 'But it is not easy with the prices of food.' Since the beginning of the year, the once-thriving Sri Lanka has been brought to its knees. As a result of a series of disastrous
economic decisions, compounded by corruption, the pandemic and the Ukraine war, the country found itself without any foreign currency reserves to import essential items, including food, fuel and medicines. Food shortages, blackouts and school closures have become the norm for the island’s 22 million people."

Energy Markets


WTI Crude Oil: ↓ $87.07
Natural Gas: ↑ $6.35
Gasoline: ↑ $3.76

Diesel: ↓ $5.30
Heating Oil: ↓ $435.29
Brent Crude Oil: ↓ $94.99
** US Rig Count ([link removed])
: ↓ 887



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