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DAILY ENERGY NEWS | 11/29/2022
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** Joe Biden has searched everywhere to find the root of high fuel prices. Except his own house.
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Hot Air ([link removed]) (11/28/22) reports: "During recent public appearances, President Joe Biden has continued to complain about energy prices as well as the potentially catastrophic shortage of diesel that has been forecast to hit the United States soon, particularly in the northeast. Of course, he never takes the blame for any of this himself. He instead tries to blame the “greedy” energy companies or, of course, Vladimir Putin. He has called for bans on oil and gas exports and even suggested a mandate that diesel stocks be maintained at a higher level. But a new report ([link removed]) from the Institute for Energy Research addresses the actual root of these problems. What we’re facing is a significant loss in refinery capacity in the United States and its various
territories. We’ve lost more than a million barrels per day in production capacity, but rather than working to rebuild that capacity, the White House is issuing new edicts that will result in diminishing it further. 'President Biden is complaining about diesel prices and production and his Administration is looking at banning petroleum exports or placing minimum requirements on diesel stocks, which they think will fix the problem. The real problem is that the United States lost one million barrels a day of refinery capacity due to reductions in demand from COVID lockdowns, refinery conversions to biofuels due to lucrative subsidies and onerous environmental regulations.' Banning petroleum exports (which are already at severely low levels) would only cut off markets, making the American oil and gas industry even less profitable, thereby disincentivizing any efforts to expand capacity. And as for an executive order directing a specific amount of diesel to be kept in stock, well… that’s simply
insane. You can’t order more diesel to magically appear with a few scribbles of a pen. Someone has to produce the required oil, move it to a refinery, and create the diesel."
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** "Considering which tree has the lowest impact on our rapidly warming planet has become a vital part of the holiday decision. Plus, choosing a planet-friendly tree will likely get you on Santa’s good list."
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– Rachel Ramirez, CNN ([link removed])
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The Germans spent over 7% of its GDP on energy subsidies over the past year. They call it Energiewende. Is there a German word for "you are free to try net zero, but you aren't free to choose the consequences of net zero"?
** Bloomberg ([link removed](Bloomberg)%20%2D%2D%20Europe's%20massive%20tab,the%20face%20of%20plummeting%20temperatures.)
(11/29/22) reports: "Europe’s massive tab for securing energy supplies and cushioning consumers from price spikes soared past €700 billion this month, with countries stepping up their interventions in the face of plummeting temperatures. Countries in the European Union have earmarked and allocated about €600 billion of support since September 2021 to shield consumers from soaring costs, according to the Brussels-based think tank Bruegel. That’s an increase of €50 billion from last month’s calculation. Measures in the UK and Norway add €105 billion to that total as the region continues grappling with the fallout from Russia’s invasion of Ukraine. The latest figures are bound to raise pressure on the EU to agree on a price cap for gas before Christmas. The discussions come as temperatures are set to be 'unseasonably cold' across the northern part of the continent next week, according to forecaster Maxar. The spend is almost equivalent to the EU’s landmark joint bond issuance program, launched
to help cushion the region’s economy from the coronavirus pandemic. Bruegel called for the EU to set up a energy crisis fund to help combat the crisis and equalize the potential toll on nations’ bottom lines."
The geniuses in UK's Labour Party want to double the amount of wind by 2030. Add math to the list of things they have trouble understanding.
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Somehow, I don't think Joe is sending his best.
** Fox News ([link removed])
(11/28/22) reports: "Sam Brinton, a senior Energy Department (DOE) official, was charged with stealing a traveler's luggage in the Minneapolis airport in September, shortly before quietly taking a leave of absence. Brinton — who serves as the DOE's deputy assistant secretary for spent fuel and waste disposition — allegedly took a Vera Bradley suitcase worth $2,325 from the luggage carousel at the Minneapolis St. Paul Airport (MSP) on Sept. 16, according to a criminal complaint filed on Oct. 26 in Minnesota state court and obtained by Fox News Digital. Brinton had traveled from Washington, D.C., to MSP that day. After the suitcase's owner alerted police, officers reviewed video surveillance of the carousel and identified Brinton taking the luggage before removing its tag identifying the owner, the court filings stated. Law enforcement observed Brinton using the luggage during at least two other trips to Washington, D.C., on Sept. 18 and Oct. 9. Then, on Oct. 9, Brinton denied stealing
anything when a police officer called to discuss the incident. Brinton confirmed still possessing the suitcase...Brinton was ultimately charged with felony theft of a movable property without consent, a charge that could result in a five-year sentence, $10,000 fine or both...Brinton was placed on leave about a month ago and another official was named as a replacement in the interim earlier this month, according to the Exchange Monitor which tracks government hires. The DOE originally didn't explain why Brinton took leave at the time."
Energy Markets
WTI Crude Oil: ↑ $78.99
Natural Gas: ↑ $7.26
Gasoline: ↓ $3.52
Diesel: ↓ $5.19
Heating Oil: ↓ $329.70
Brent Crude Oil: ↑ $85.33
** US Rig Count ([link removed])
: ↓ 853
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