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DAILY ENERGY NEWS | 12/01/2022
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** With global demand about to pick back up we can all be glad America is sitting on a nice strategic reserve in case things get tight...
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Reuters ([link removed]) (12/1/22) reports: "China is set to announce an easing of its COVID-19 quarantine protocols in the coming days and a reduction in mass testing, sources told Reuters, a marked shift in policy after anger over the world's toughest curbs fuelled widespread protests. Cases nationwide remain near record highs but the changes come as some cities have been lifting their lockdowns in recent days, and a top official said the ability of the virus to cause disease was weakening. Health authorities announcing the easing in their areas have not mentioned the protests - the biggest show of civil disobedience in China for years - which ranged from candle-lit vigils in Beijing to street clashes with police in Guangzhou...Less than 24 hours after violent protests in Guangzhou on Tuesday, authorities in at least seven districts of the sprawling manufacturing hub, said they were lifting temporary
lockdowns. One district said it would allow schools, restaurants and businesses including cinemas to reopen. Cities including Chongqing and Zhengzhou also announced easings. The sense of official momentum towards a landmark shift built on Thursday as Vice Premier Sun Chunlan, who oversees COVID efforts, told a meeting of frontline experts that the Omicron variant was weakening in its ability to cause disease, allowing China to improve prevention efforts."
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** "At some point, market signals are likely to crowd out virtue-signaling. There are even investment funds emerging that intentionally avoid any association with ESG or similar agendas, and instead explicitly prioritize shareholder value."
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– Samuel Gregg, American Institute for Economic Research ([link removed])

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Baby baby baby, you just ain't seen n-n-n-nothin' yet.

** Shale Magazine ([link removed])
(12/1/22) op-ed: "American oil and gas companies have been at the forefront of pushing innovation over the past 20 years. Yet strangely, outside of a few small think tanks and industry groups in Washington, we hear very little that is positive about this American success story and the benefits it has provided American energy consumers. The Shale Revolution has been underappreciated by Washington policymakers, to say the least. The Shale Revolution has probably been the single most innovative development in the American economy over the past 20 years. The combination of hydraulic fracturing and horizontal drilling, along with a policy environment that enabled the development of such technologies, led to an increase in U.S. oil production from 4.9 million bpd in 2007 to 12.9 million barrels per day in 2019. Additionally, the Shale Revolution promoted national security and allowed the U.S. to turn the tables on OPEC. On top of that, economic studies of the Shale Revolution show that there were
considerable benefits from shale development, including lower energy prices, increased royalty payments, and higher employment. Yet, just about every week there is a congressional hearing in Washington D.C. devoted to promoting “the energy transition” or towards spurring innovation in the energy sector. ..According to the energy transition narrative, so-called “green” and “renewable” energy will continue to make enormous strides in lowering costs. Over time, these technologies will replace the energy sources that we have traditionally relied upon, namely oil and natural gas. One of the assumptions built into this that often goes overlooked in Washington policy circles is the fact that this narrative assumes that the oil and gas industry is no longer capable of innovating in similar ways. But anyone who is remotely familiar with the recent history of the energy industry should immediately be able to identify why this is such a mistake. Although we tend to talk about the Shale Revolution as
something that took place in the recent past, the Shale Revolution isn’t over yet."
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ESG talking points must be a real blessing for script writers in need of comedy relief.

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Progressive politics isn't about ideology or climate concerns, it all boils down to rewarding your allies (narco-communist dictators) and punishing your enemies (domestic energy workers).

** Daily Caller ([link removed])
(11/30/22) reports: "The Biden administration on Sunday gave Chevron a new license to produce oil in Venezuela after the nation agreed to grant concessions to its people. However, President Joe Biden shut down the Keystone XL oil pipeline in January 2021, cutting off U.S. access to cleaner and more reliable Canadian fuel, experts told the Daily Caller News Foundation. The Treasury Department gave Chevron a six-month license to pump oil alongside state-owned oil company Petróleos de Venezuela (PDVSA) after Venezuelan President Nicolás Maduro agreed to negotiate talks with his opposition to hold 'free and fair elections.' However, just hours into his presidency, Biden revoked the permitting for the Keystone XL project to mitigate the 'climate crisis,' even though the U.S. could have received at least 630,000 more barrels per day of cleaner Canadian oil via the canceled pipeline, experts told the DCNF. 'In terms of the overall carbon footprint from well to wheels, Venezuelan oil is much more
carbon-intensive than Canadian oil which comes from bitumen sands,' Institute For Energy Research Senior Vice President Dan Kish told the DCNF. Although Venezuela produces a type of 'heavy sour' crude that is similar to Canadian oil, Venezuelan crude is more polluting than Canadian oil, according to a 2018 Stanford University study. Venezuelan crude produces about 20 grams of carbon dioxide (CO2) equivalent per megajoule while Canadian oil produces roughly 18 grams of CO2 per megajoule...The Keystone XL pipeline could have transported 830,000 barrels of Canadian oil into the U.S. each day, according to the government of Alberta."

Energy Markets


WTI Crude Oil: ↑ $82.98
Natural Gas: ↑ $7.07
Gasoline: ↓ $3.47

Diesel: ↓ $5.15
Heating Oil: ↑ $338.58
Brent Crude Oil: ↑ 88.96
** US Rig Count ([link removed])
: ↑ 861



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