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DAILY ENERGY NEWS | 11/17/2022
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** These people are willing to put immense burdens on American producers for a single round of applause from the Green New Deal crowd at COP.
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VNF ([link removed]) (11/15/22) reports: "On Friday, November 11, 2022, at the international climate talks in Egypt, the Biden Administration rolled out proposed Environmental Protection Agency (EPA) regulations aimed at limiting emissions of methane and volatile organic compounds (VOCs) from the oil and gas sector. The proposal supplements an original proposed rule that the EPA issued in November 2021. The supplemental proposal is an exercise of the EPA’s authority under Section 111 of the Clean Air Act (CAA), which directs the agency to set emission performance standards for categories of major stationary sources. Section 111(b) directs the EPA to set standards for new, modified, and reconstructed sources. Section 111(d) addresses existing sources. Under Section 111(d), the agency first establishes presumptive standards (referred to as 'emission guidelines') for use by the states. Each state then submits,
for EPA approval, a plan for regulation of existing sources in the state. Subject to certain exceptions, a state plan must be at least as stringent as the emissions guideline. The supplemental proposal would strengthen Section 111(b) methane and VOC regulations that are currently in effect. It would also establish first-time Section 111(d) methane and VOC regulations. The EPA projects that, by 2030, the proposed regulations would reduce methane emissions from covered existing oil and gas facilities by 87 percent from 2005 levels. Comments on the supplemental proposal are due February 13, 2023. The EPA has pledged to finalize the regulations as early as possible in 2023."
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** "Current energy policies weaken rather than strengthen America. Through federal and state targets for renewable energy and battery-powered electric vehicles, America is becoming more dependent on China—a country that is not friendly to us."
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– Diana Furchtgott-Roth, The Heritage Foundation ([link removed])
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Biden's "Workin' Like The Devil" on high prices, and it shows!
** Energy Information Administration ([link removed])
(11/17/22) reports: "U.S. heating oil prices were 65% higher this October than they were in October of last year, according to our Heating Oil and Propane Update (HOPU). The winter heating season runs from October 1 through the end of March. Residential heating oil prices rose to an annual high of $5.90 per gallon (gal) on November 7, 2022, because of tight inventories, low imports, and limited production capacity. Prices fell to $5.79/gal on November 14. According to our Weekly Petroleum Status Report, as of November 11, Northeast distillate fuel inventories totaled 15.2 million barrels, 44% less than for the same week last year. From January through August 2022, East Coast distillate imports were 38% lower compared with the same period in 2021. Although East Coast refineries are running at close to full capacity, regional refining capacity has fallen in recent years. In 2019, the Philadelphia Energy Solutions refinery, the East Coast region’s largest refinery, was shut down permanently
following a fire. According to the U.S. Census Bureau’s 2021 American Community Survey, heating oil is the primary home heating fuel in 4.1% of U.S. homes. New England has the largest share of homes primarily heated by heating oil. On average, 33% of homes in New England use heating oil as the primary heating fuel."
The UK really, really, really wants to be dependent on foreign and not domestic natural gas production.
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The greens are working on perfecting skydiving, before the invention of the parachute.
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Energy Markets
WTI Crude Oil: ↓ $83.67
Natural Gas: ↑ $6.37
Gasoline: ↓ $3.72
Diesel: ↓ $5.34
Heating Oil: ↓ $354.80
Brent Crude Oil: ↓ $91.62
** US Rig Count ([link removed])
: ↓ 859
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