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DAILY ENERGY NEWS | 12/06/2022
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** Step 1: Enact policies that make producing gasoline really expensive.
Step 2: Blame the people who make the gasoline for the high prices.
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News Nation ([link removed]) (12/5/22) reports: "Paying under $5 a gallon for regular gas would feel like a bargain for Los Angeles drivers after some prices topped $8 in June. But what appears to be an issue for consumers has become opportunity for gas retailers as, according to the state, summer prices resulted in record refiner profits of $63 billion in just 90 days. 'We’ve seen the profits for the oil refiners in California double this year. The profits here are 30% greater profit than they make anywhere else,' Jamie Court, the president of Consumer Watchdog, said on NewsNation’s 'Rush Hour' Monday. At California’s capitol today, a special legislative session was convened by Gov. Gavin Newsom who hopes to pass a windfall profits tax. The industry is pushing back, pointing to issues such as limited supply, production costs and the nation’s highest gas taxes. 'When you look at those types of policies, that’s
at the root of all this and that’s where the governor really could make a difference if he wanted to look at these policies rather than add to them,' Kevin Slagle of the Western States Petroleum Association said during “Rush Hour” on Monday. 'You don’t help them by putting in price controls. That makes it less likely that these people will stay in business — that the petroleum producers will want to supply gasoline to California — so, down the road, it will be even worse,' David Kreutzer, a senior economist for the Institute For Energy Research, said. Anything to bring down prices is popular with consumers but the legislative fate of a so-called profits gauging penalty is uncertain, as California has already moved to ban the sales of all new gas-powered vehicles by 2035."
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** "The climate industrial complex has long vilified fossil fuels in the name of a presumed impending climate apocalypse. It deprived the oil, gas and coal sectors of capital investments and diverted trillions of dollars of public funds to subsidize wind, solar and electric vehicle industries...Yet it falls upon King Coal to continue serving the basic needs of over three-quarters of the planet’s population. "
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– Tilak Doshi, Forbes ([link removed])
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Once upon a time we never worried about keeping warm in the winter when the wind doesn't blow and the sun doesn't shine. Then those green people came and took away our coal...
** Bloomberg ([link removed])
(12/5/22) reports: "Temperatures are expected to plummet below freezing from Britain to the Nordics this week, boosting energy demand and testing the region’s ability to withstand a cold winter. A chilly Arctic maritime airmass is likely to drive temperatures to as low as -10 Celsius by the end of the week in the UK, potentially with some snow and wintry showers in the south, the Met Office said Monday. It also issued a yellow weather warning for snow on Wednesday in northern Scotland, with some roads and railways likely to be affected.Below average temperatures are also expected in continental Europe, with Stockholm at 7.5 Celsius below normal on Thursday, according to Maxar Technologies Inc. London is set for a minimum of -2.5 Celsius on Friday, as much as 7.4 degrees below the seasonal average. The first cold spell of the season will put pressure of the region’s fragile energy systems as households crank up the heating. Gas storage sites across Europe that were filled to the brim
following a milder-than-normal autumn could be depleted by a prolonged bout of chill."
You get the leadership you vote for. In this case, you get the end of Europe as an industrial power. But it's not too late to change course.
** ([link removed])
A novel approach to dealing with high energy prices from Team Biden. You won't pay high prices if there isn't any power to buy.
** Columbus Dispatch ([link removed])
(11/29/22) reports: "A recent U.S. EPA decision could mean the beginning of the end for Ohio’s largest coal-fired power plant. The agency announced that it has denied the James M. Gavin plant in Gallia County permission to keep dumping potentially toxic coal ash into an unlined pond. The EPA gave the facility on the banks of the Ohio River near Cheshire 135 days to find another way to dispose of the ash. If it can’t find one, the plant may eventually have to shutter. An EPA representative was not able to immediately answer questions about what consequences the Gavin plant would face if it does not comply with the ruling...'Friday’s decision by the USEPA to deny a renewal permit by the Gavin Plant’s operator for fly ash disposal is just another example of the Biden Administration crusade to close all coal-fired baseload generation,' Ohio Coal Association President Mike Cope said in an emailed statement that used an alternate term for coal ash...Cope said the U.S. EPA’s decision could disrupt
the power grid that energizes Ohio. 'There is no coordinated effort by the Biden Administration to be certain their agencies' actions do not disrupt the grid,' he said. 'We remain hopeful that the operators of Gavin will find a way to comply with the orders, that is if the U.S. EPA fairly considers alternatives, and I am not hopeful about that probability.' The Gavin plant is responsible for roughly 11% of the power generated in Ohio."
Energy Markets
WTI Crude Oil: ↓ $76.45
Natural Gas: ↓ $5.51
Gasoline: ↓ $3.38
Diesel: ↓ $5.05
Heating Oil: ↓ $299.12
Brent Crude Oil: ↓ $82.15
** US Rig Count ([link removed])
: ↓ 844
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