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DAILY ENERGY NEWS | 11/23/2022
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** This year remember to be thankful we don't live under the European anti-energy regime...yet.
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Wall Street Journal ([link removed]) (11/21/22) editorial: "Europe is struggling to keep its lights and the heat on this winter, and fuel supply is only half of the energy crisis. The other half, now coming into view, is the ruinous fiscal cost associated with the failure of green-energy flights of fancy. European taxpayers will pay this bill for years to come. Governments across Europe have announced €674 billion ($696 billion) in handouts and subsidies to alleviate the burden of skyrocketing energy prices between September 2021 and October 2022, according to Bruegel, the Brussels-based think tank. The money includes €264 billion in Germany alone and the equivalent of €97 billion in the United Kingdom. This is on top of what households and businesses are paying in higher energy bills even after the subsidies. Some policies will help. Almost every European country has reduced excise taxes on fuel. This
is a rare instance of the energy crisis forcing a beneficial rethink of green fixations—in this case, Europe’s tendency to treat energy levies as a green “sin tax.” But for the most part the money is subsidizing households and businesses directly or indirectly. One common tactic is to impose a retail price cap, with taxpayers plugging the gap between the costs that utilities must pay for energy and what they’re allowed to charge consumers. A special dishonorable mention goes to countries such as France and Germany whose energy policies have dragged the government directly into the utility business. Paris has turned majority-state-owned utility EDF into a subsidy slush fund, using state control to limit retail prices today while apparently hoping taxpayers won’t notice plunging dividends or a big equity injection tomorrow. Berlin may nationalize Uniper and is offering tens of billions of euros in subsidized credit to other utilities."
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** "The decision to ban natural gas heating is emblematic of the state of climate policy in the United States. Policies are chosen based on the desire of politicians to appear righteous when addressing the 'climate crisis.' Whether those policies actually reduce emissions is ancillary, and the price for those ineffective and purely symbolic policies is paid by everyone."
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– Todd Myers, Washington Policy Center ([link removed])
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One bright side to Biden's war on energy is the imminent return of mile-long mule trains traversing the expanse of the continent just in time for Christmas.
** Forbes ([link removed])
(11/22/22) reports: "America already faces a potential diesel supply crisis, especially in the northeast, due to a variety of factors that have led to inadequate regional refining capacity to produce the most critical transportation fuel. Now, a potential strike of freight rail workers threatens to complicate the situation at the worst possible time. The two largest freight rail unions split their votes on the latest compromise offered by the Biden administration Monday, increasing the prospects for a nationwide strike just as winter sets in across the country. Such a strike could start as soon as December 5 unless a compromise is reached or steps are taken by federal officials to head such a work stoppage off. In the United States, diesel fuel is typically moved by pipelines from refineries to central distribution centers. From there, it is then moved by trucks, barges or rail to retailers or other market centers. A disruption of the significant rail transport portion of the equation would
create severe stress on the other modes of moving the fuel, and likely exacerbate shortages that are already looming in the northeast and other parts of the country...Dan Kish, Senior Fellow at the Institute for Energy Research, was even more blunt in an email to me: 'When you're running an all-of-government war on affordable energy as Biden is, higher prices are a feature of the policy,' Kish said. 'He could encourage the Virgin Islands refinery to start up, but instead his EPA forces it to apply for a New Source PSD permit. This started when he ordered his Secretary of Interior to revoke the goal of American Energy Independence. Everything he does makes it more expensive and harder to produce, transport, process and use energy. He flushes a cherry bomb down the toilet and then acts surprised when the explosion goes off.'"
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You know what would really stick it to Russia? America drilling the world to lower prices.
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Instead, Biden's doing all he can to fill their war coffers.
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You know, this wasn’t a concern when coal generated the largest share of our electricity.
** Bloomberg ([link removed])
(11/17/22) reports: "Large swaths of North America may face blackouts and other energy emergencies during bouts of extreme cold this winter as coal and natural gas supplies tighten, according to a US regulatory agency. The electric grids at most risk of supply shortfalls are in Texas, the central US system stretching from the Great Lakes to Louisiana, New England and the Carolinas, the North American Electric Reliability Council said in its seasonal assessment Thursday. Severe weather may stress grids by causing demand to soar while supplies of natural gas, coal and back-up fuel oil are all tight, leaving little room for error, according to the report. The trend is we see more areas at risk, we see more retirements of critical generation, fuel challenges and we are doing everything we can,' John Moura, NERC’s director of reliability assessment, said during a media briefing. 'These challenges don’t kind of appear out of nowhere.' NERC’s warning touches at least a quarter of Americans, who
are poised to see already high utility bills soar even more this winter. Electricity demand has rebounded faster than anyone anticipated after the Covid-19 pandemic shutdowns. Prices of gas, the No. 1 power-plant fuel in the US, are high because of below-average stockpiles and strong exports to Europe as Russia wages a war on Ukraine. A possible railroad strike also threatens to impact coal supplies."
Energy Markets
WTI Crude Oil: ↓ $78.72
Natural Gas: ↑ $7.52
Gasoline: ↓ $3.60
Diesel: ↓ $5.26
Heating Oil: ↓ $344.03
Brent Crude Oil: ↓ $85.78
** US Rig Count ([link removed])
: ↓ 852
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