It didn't have to be like this

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DAILY ENERGY NEWS | 11/02/2022

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The current unravelings aren't a fluke. Concious decisions by people who are in power lead us here.

Newsmax (11/1/22) reports: "Rep. Pat Fallon, R-Texas, chalks it up to 'utter incompetence' when asked how the Biden administration could allow this nation's Strategic Petroleum Reserve (SPR) to decrease by approximately 35% over the last 21 months, coinciding with President Joe Biden taking office. Back in January 2021, Forbes reports that SPR levels were at roughly 638 million barrels of oil. Fast forward to the present, that number barely clears 400 million barrels — at a time when tensions are running high among world leaders, and Russia and Ukraine have been mired in a war for eight-plus months. America's diesel fuel supply 'hasn't been this low since 2008 ... and now we're going into winter,' Fallon told Newsmax Tuesday afternoon, while appearing on "'the Chris Salcedo Show.' From Fallon's perspective, without a sufficient supply of diesel fuel, American truck drivers cannot transport products throughout the country, farmers cannot plant crops, and vital construction projects would either be halted or shelved altogether...Fallon, who recently introduced legislation to require an act of Congress to remove oil from the strategic reserves supply, says the Biden administration's woes with energy solutions were easy to predict, given how President Biden canceled the Keystone XL pipeline on Day 1 in the White House. According to the Institute for Energy Research, that same pipeline had been 'completed at the border, the greenhouse gas emissions from the pipeline's operation becoming carbon-free by 2023.'"

"On day one, Joe Biden canceled the Keystone Pipeline, but he wants you to believe oil companies are at fault."

– Senator Marsha Blackburn (TN-R)

Wind is dependent on oil and natural gas supply chain? Is that the point of this story?

E&E News (11/1/22) reports: "A Massachusetts offshore wind farm says it may not be viable without changes to a power contract with the state, citing escalating global energy costs and a supply chain crisis that could chill the fledgling market as it prepares to raise turbines in the U.S. Avangrid Renewables said its proposed Commonwealth Wind farm off the coast of Martha’s Vineyard 'would not be able to move forward' without changes to a power purchase agreement filed earlier this year that locks in how much Massachusetts’ utilities will pay the wind developer for the electricity it generates, a critical detail in securing financing for the wind farm. Now, it may want to renegotiate. In a filing with the Massachusetts Department of Public Utilities (DPU) on Oct. 21, the company asked for a one-month freeze on the state’s review of its previously filed power purchase agreement, citing 'unprecedented commodity price increases, interest rate hikes, and supply shortages” as factors affecting whether the wind farm “remains economic and whether it can be financed under current terms.' Avangrid’s warning — echoed in part days later by Mayflower Wind, the developer of the state’s other upcoming offshore wind project — is the strongest signal yet that a chilling trend on renewable energy projects may migrate into the offshore wind sector."

Terreffic video highlighting the important work Mark Mills is putting into the public conversation.

Thank you Greta for the timely reminder of what the environmental left’s goals are.

Unherd (10/31/22) column: "Last night, London’s Royal Festival Hall hosted a children’s crusade. The purpose? To “celebrate” the launch of The Climate Book, Greta Thunberg’s coffee-table manifesto which collects essays from climate scholars, interspersed with photography and doom data (the cover itself is a colour chart of global temperature, moving from halcyon blue to DEFCON red). London answered the call. Greta was in conversation with a beaming Samira Ahmed (“You’re the coolest 19-year-old I’ve ever met!”), who gently quizzed her about life as the world’s most famous climate activist. The crowd adored her. They lapped up her awkward ingenuousness. It was the perfect middle-class day out, like a trip to Glyndebourne or Blenheim. Some had even brought their young children, clearly hoping to inspire them into the same breed of activism. And, belying her reputation for aggressive sermonising, Greta was perfectly charming. The fury of 'How dare you!' Greta has given way to a likeable figure of exasperated passion. But this isn’t the only thing about the Swede that has changed...Interspersed among the usual directives about the need to pressure political leaders, her message was more radical and more militant than it has been in the past. There is no “back to normal”, she told us. “Normal” was the “system” which gave us the climate crisis, a system of “colonialism, imperialism, oppression, genocide”, of “racist, oppressive extractionism”. Climate justice is part of all justice; you can’t have one without the others. We can’t trust the elites produced by this system to confront its flaws — that’s why she, much like Rishi Sunak, won’t be bothering with the COP meeting this year. COP itself is little more than ' “scam' which facilitates 'greenwashing, lying and cheating.' Only overthrow of 'the whole capitalist system' will suffice."

Energy Markets

WTI Crude Oil: ↓ $88.11
Natural Gas: ↑ $6.14
Gasoline: ↑ $3.76

Diesel: ↓ $5.31
Heating Oil: ↓ $357.90
Brent Crude Oil: ↓ $94.40
US Rig Count: ↑ 873

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