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DAILY ENERGY NEWS  | 11/07/2022
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In case you missed it over the weekend, the President had a brief moment of clarity...

Before returning to la la land...

But he didn't actually mean what he said...

But he really is doing everything possible to bring down energy prices!

"If only we could understand the energy crisis... Like so many other issues, they aren't naive; they're inflicting these catastrophic policies on purpose. The only way they will change course is by force of law and that requires different people in positions of power." 

 

– Rep. Warren Davidson, (OH-R)

No More Drillin' Joe reaps his fall harvest.


Wall Street Journal (11/7/22) reports: "Elevated fuel prices and shortages remain a concern for U.S. consumers ahead of Tuesday’s midterm elections, in which energy costs have become a crucial campaign issue. After a steady decline this fall, the average price of unleaded regular gasoline has been ticking up again, reaching $3.80 a gallon on Sunday, according to AAA, a far cry from the $5 gasoline that stung drivers in June, but still 38 cents higher compared with the same period last year. It is also $1.40 higher than when President Biden took office. The average price of diesel, meanwhile, hasn’t slipped under $5 a gallon for close to a month, and stockpiles of the fuel counted weekly haven’t been this low since 2005, according to AAA and federal data. More than half of Americans participating in a Quinnipiac University national poll released Wednesday said the price of gas and consumer goods was the economic issue they are most worried about right now, compared with 25% who cited the cost of housing and rent. Mr. Biden has made alleviating fuel pains a regular talking point, tweeting precise updates on declining gas prices and urging oil-and-gas companies to produce more fuel. On Friday, he said on Twitter that gas prices had declined by 24% over the past 20 weeks."

Why is it so hard to understand? Kerry/Biden do not want oil and gas from free countries. They prefer OPEC, Venezuela, etc.


Independent (11/6/22) reports: "Joe Biden’s climate envoy has questioned the UK’s plans to expand North Sea oil and gas production dramatically, warning it will not solve the energy crisis. John Kerry also attacked fossil fuel chiefs for exploiting the Ukraine war to convince governments they must slow down the shift to renewable energy, saying: 'It’s just not true.' The former US vice-president said he did not know the full details of the UK’s controversial plans which are set to award more than 100 licences to extract oil and gas in the North Sea. But he said: “The truth is, and this is indisputable, that wind power and solar power are cheaper energy than fossil fuel energy today. 'If you’re planning a new facility, and you’re planning new drilling, it isn’t going to make the difference today, or tomorrow, or in the next month – because it’s just not going to be available over that period of time. 'It takes a number of years to do that. So hopefully it’s not a long-term projection.' The move, announced last month, has already triggered the threat of a legal challenge on the grounds it is incompatible with the UK’s legal commitment to achieve net zero carbon emissions by 2050."

Energy Markets

 
WTI Crude Oil: ↓ $92.21
Natural Gas: ↑ $7.02
Gasoline: ↑ $3.80
Diesel: ↑ $5.33
Heating Oil: ↓ $385.35
Brent Crude Oil: ↓ $98.09
US Rig Count: ↑ 887

 
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