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DAILY ENERGY NEWS | 11/01/2022
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** Is it worse to think that Team Biden actually thinks this will help, or that they know the consequences and are pursuing this course anyway?
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Wall Street Journal ([link removed]) (10/31/22) reports: "Mr. Biden’s approval ratings have been hampered by high prices for energy, among other things, ahead of the midterms. U.S. gasoline prices hit a record national average of about $5 a gallon in early June, then slid lower for months. In recent weeks, prices have stopped their rapid descent, with the U.S. average at $3.76 a gallon, according to AAA. The White House has for months been weighing endorsing a proposal to tax what the president and his advisers call the windfall profits of oil and gas companies, according to administration officials. A group of progressive Democrats introduced legislation earlier this year that would impose a per-barrel tax equivalent to 50% of the difference between the current price of crude oil and the average price between 2015 and 2019, the lawmakers said in a statement summarizing the bill. The American Petroleum Institute, an oil and natural gas industry trade group,
criticized the president’s remarks. 'Oil companies do not set prices—global commodities markets do. Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed,' said Mike Sommers, the group’s president. Mr. Biden’s comments Monday marked his latest rhetorical attack on the oil- and-gas industry."
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** "Biden tells oil industry to lower prices and increase volume, or else he’s going to raise prices and decrease volume… by increasing taxes and imposing restrictions. In what universe does his threat make sense or help Americans?"
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– Rep. Thomas Massie (KY-R) ([link removed])
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As it turns out, "NOPEC" is about the nickel Biden refuses to let Minnesota mine.
** The Register ([link removed])
(10/31/22) reports: "Indonesia is looking to use its position as the nickel capital of the world to set up a cartel with other like-minded mining empires, similar to the way OPEC joins forces to control the global crude oil market. This is at a time when demand for nickel surges and the world struggles to move from fossil fuel-based autos to electric vehicles, not to mention at the moment Europe's energy crisis builds. 'I do see the merit of creating OPEC to manage the governance of oil trade to ensure predictability for potential investors and consumers,' Indonesian Investment Minister Bahlil Lahadalia told the FT in an interview today. 'Indonesia is studying the possibility to form a similar governance structure with regard to the minerals we have, including nickel, cobalt and manganese.' Indonesia is known for following through on its trade threats. In 2020, it banned exports of nickel ore in the hopes of boosting processing and finishing on its own shores, creating jobs and attracting
foreign investment, something hotly disputed by its trading partners in the EU who wanted the raw product for their stainless steel production. Member states went on to smack the archipelago with a World Trade Organization complaint in 2021."
Maybe "Special" Envoy Kerry has the stamina for one last job. The world needs him!
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Greta isn't going to Cop27 because of "greenwashing"? What? I'm shocked.
** MSN ([link removed])
(10/31/22) reports: "Swedish climate activist Greta Thunberg has declined her invitation to the biggest climate conference in the world, calling it a forum for 'greenwashing.' Speaking at a Q&A for the launch of her new book, Thunberg announced she would be skipping the 2022 United Nations Climate Change Conference, otherwise known as COP27, held in Egypt next week, as it has become a platform for attention-grabbing politicians. 'I’m not going to COP27 for many reasons, but the space for civil society this year is extremely limited,' Thunberg said. 'COPs are mainly used as an opportunity for leaders and people in power to get attention, using many different kinds of greenwashing.' Thunberg first attended the COP summit in 2019, when she was just 16 years old. After a 1-year hiatus caused by the COVID-19 pandemic, she attended the COP26 in 2021 and became an outspoken critic of the conference calling the whole summit 'a failure.'"
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Energy Markets
WTI Crude Oil: ↑ $89.13
Natural Gas: ↓ $5.98
Gasoline: ↓ $3.75
Diesel: ↑ $5.31
Heating Oil: ↑ $369.51
Brent Crude Oil: ↑ $95.32
** US Rig Count ([link removed])
: ↓ 854
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