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DAILY ENERGY NEWS | 11/30/2022
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** We know they are lying, they know they are lying, they know we know they are lying, we know they know we know they are lying, but they are still lying.
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** "The concept of climate reparations is fundamentally flawed. The West should not prevent developing countries from using modern sources of energy in order to attain the benefits of industrialization and economic growth for their desired 21st Century lifestyles."
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– Diana Furchtgott-Roth, The Heritage Foundation ([link removed])

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Biden must want all our transport dependent on Asia...First EVs, now refining!

** Bloomberg ([link removed](Bloomberg)%20%2D%2D%20The%20war%20in,crucial%20to%20the%20global%20economy)
(11/27/22) reports: "The war in Ukraine is strengthening the role of Asia and the Middle East as the world’s main providers of fuels like diesel and gasoline that are crucial to the global economy. As Europe and the US seek to cut off their dependence on Russian petroleum products, they are facing a shortage of supplies at home. That’s opening opportunities for mega-refineries in places like China and Kuwait to flood the market with fuel. 'By turning their back on Russian oil products, Europe and the US are increasing their dependence on long-haul barrels from the Middle East and Asia,' said Eugene Lindell, head of refined products at industry consultant FGE, based in London. Russia’s invasion is creating a greater disparity between the two regions after Western nations significantly cut refining capacity in recent years, while the other side of the world has been expanding. Western markets including the Americas and Europe shut down a net 2.4 million barrels a day of refining capacity in
the last three years, while the Middle East and Asia added 2.5 million barrels, according to FGE. That gap is expected to widen. About 8 million barrels a day of new refining capacity is set to come online in the next three years, with Asia adding the most and Europe the least, according to estimates by Rystad Energy. 'We will see Asia and the Middle East increasingly becoming the fuel suppliers of the world,' said Mukesh Sahdev, head of downstream practice for Rystad. East-West flows of refinery products 'will become more structural,' he added."

And then one day, for no particular reason...

Working America has to pay more for EV owners to preen.

** Fox Business ([link removed])
** ([link removed])
(10/1/22) reports: "One of the biggest roadblocks to the mass adoption of electric vehicles is the troubled business model for the commercial chargers that power them. The government is pouring billions of dollars into developing a national highway charging network. But businesses aren’t sure how they will make money, and the nascent industry looks messy. Utility companies and gas stations are at war with each other over who will own and operate EV chargers. Rural states say some charging stations could operate at a loss for a decade or more. New companies that provide charging gear and services are contending with the equipment’s spotty reliability. The network’s build-out has a chicken-or-egg quality: EV advocates say many drivers will only be comfortable purchasing vehicles if rapid charging is as easy as using a pump at a gas station. Yet businesses interested in offering charging say they can’t make money until more EVs are on the road...The Biden administration and Congress want to
speed the transition to electricity-as-fuel. This year’s climate and tax law, known as the Inflation Reduction Act, offers expanded federal tax credits to persuade more businesses to add chargers. Budget estimators expect around $1.7 billion in tax credits for chargers or other alternative-fuel equipment to be claimed over a 10-year period. States also are set to distribute $7.5 billion over several years from last year’s infrastructure law to increase the availability of chargers...Tension has erupted between businesses such as gas stations, convenience stores and truck stops and utility companies over who gets to sell electricity to drivers and who foots the bill for the costly infrastructure to do so. Many monopoly utilities want to own and operate chargers, extending the way electricity sales into a new market. They have a competitive edge because, with the approval of state utility regulators, they can pass on the cost of infrastructure and power to all rate payers, as they do for
wires or new power generation."

Energy Markets


WTI Crude Oil: ↑ $80.85
Natural Gas: ↓ $7.18
Gasoline: ↓ $3.49

Diesel: ↓ $5.17
Heating Oil: ↑ $336.70
Brent Crude Oil: ↑ $85.50
** US Rig Count ([link removed])
: ↑ 860



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