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DAILY ENERGY NEWS | 11/28/2022
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** Dear Mary Barra, look at what’s happening in the UK—massive subsidies won’t save your overly aggressive EV plans.
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Bloomberg ([link removed]) (11/1/22) reports: "An automobile industry body in the UK on Friday slashed its full-year outlook for car registrations in the country by 2.2%, as supply chain issues, sky-high inflation and a cost of living crisis threaten to limit consumer spending. Car registrations for 2022 are on track to see its worst year in four decades, the Society of Motor Manufacturers and Traders (SMMT) said. 2022, the SMMT expects 1.566 million new car registrations, down roughly 5% from a year ago, when car registrations were still 28.7% below pre-pandemic levels. Britain's auto market, still reeling from the impact of chip shortages plaguing the globe, has been hit by the cost of living crisis, which has seen consumers limit big-ticket purchases. Still, for October, new car registrations were up 26.4% from a year ago, when registrations were hit due to the
fallout from the COVID-19 pandemic and supply chain disruptions. 'A strong October is hugely welcome, albeit in comparison with a weak 2021, but it is still not enough to offset the damage done by the pandemic and subsequent supply shortages,' SMMT Chief Executive Mike Hawes said. However, the industry body said it expects a market recovery to continue through 2023 and registrations for 2023 to be at about 1.8 million units. Deliveries of hybrid electric vehicles (HEVs), meanwhile, soared 81.7% to account for more than one in 10 new cars in October, the SMMT said."
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** "Despite the aspirational policies attempting to define a transition away from conventional fuels, actions speak louder than words. Countries are showing every day that they are more interested in affordable energy than in paying a green premium. That’s proving particularly true in light of the energy-price crisis, whether considering China’s interest in buying Russian oil, or climate warrior Germany’s decision to hold onto coal. "
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– Katie Tubb, The Heritage Foundation ([link removed])


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Hope you weren't looking for any Cyber-Monday leasing deals.

** Washington Examiner ([link removed])
(11/22/22) reports: "The Interior Department is beginning to implement new strictures on federal oil and gas leasing, a long-held priority of President Joe Biden 's, as it moves forward with lease sales in compliance with the new Democratic climate law. The Bureau of Land Management, a sub-agency within the Interior charged with overseeing resource development on federal lands, issued a series of instructional documents on Monday confirming the end of noncompetitive leasing on federal lands and making clear that all new lessees must pay higher rents and royalties than before. The guidelines reflect Biden's and the larger Democratic caucus's intent to reform the oil and gas leasing program and limit its expansion, which many in the party consider contrary to prudent climate and environmental policy. BLM's new "instructional memoranda" also established a clear policy that offices may not favor oil and gas development over other uses of federal lands when carrying out certain duties, taking
the recommendation directly from the Biden administration's review of the oil and gas leasing program released one year ago this Friday . Several of the new provisions, including higher royalty and rental rates, minimum bid requirement, and the noncompetitive leasing component, were changes in law codified in the Inflation Reduction Act, the green energy and healthcare spending bill Democrats narrowly passed in August."

I’m sorry UK, but it’s time to defeat the greens like Boris Johnson and others who crippled your energy supply and made you vulnerable to Russian blackmail.

** MSN ([link removed])
(11/25/22) reports:** ([link removed])
"Britain must cut energy usage by 15pc to defeat Vladimir Putin, Jeremy Hunt has said as the country scrambles to head off potential disruption this winter. The Chancellor urged households to “play your part” in reducing the UK's vulnerability to Russia and other despotic regimes. His plea will be part of a reported £25m public information campaign to help the public slash their bills. It came as the electricity operator EDF delayed the reopening of three French nuclear power stations, triggering concerns that Britain could struggle to import energy from across the Channel on days when domestic supply runs short. Speaking to MPs on the Treasury Select Committee, Mr Hunt repeated a reduction target included in last week's Autumn Statement and said he wanted the country to do better than the European Union, which is seeking to curb power usage by 13pc. A 15pc cut would save the typical family £500, he said."

If only there was some way for Germany to get natural gas without imports...

** EURACTIV ([link removed])
(11/21/22) reports: "The German government rented five floating terminals to import liquefied natural gas (LNG), so-called Floating Storage and Regasification Units (FSRU), much to the satisfaction of Vice-Chancellor Robert Habeck, who lauded their contribution to German energy security. Meanwhile, Spiegel reported that the whole exercise is currently budgeted at €6.56 billion, up from €3 billion in the 2022 budget, a figure confirmed by the ministry to Reuters. In 'extensive consultations with numerous stakeholders,' 'further costs have now been determined, and initially, forecast costs have been concretized,' the ministry is quoted as saying. This may concern operating costs and additional infrastructure measures on land.Two government-run terminals are set to operate in late December or early January, while a private enterprise is set to inaugurate its floating LNG terminal around the same time. Another three FSRUs will come online the year after.to increase the amount of LNG, the
country can By conservative estimates, the three floating LNG terminals would enable Germany to import 15 billion cubic metres of gas annually, equalling about one-third to increase the amount of LNG the country’s 2021 imports from Russia. 'In the short term, gas supply must be secured, but we must be careful not to create fossil overcapacity for the future in the process,' warned Sven Kindler, a green member of parliament in the budgetary committee."

Energy Markets


WTI Crude Oil: ↓ $74.82
Natural Gas: ↓ $6.67
Gasoline: ↓ $3.54

Diesel: ↓ $5.21
Heating Oil: ↓ $319.25
Brent Crude Oil: ↓ $81.73
** US Rig Count ([link removed])
: ↓ 873



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