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DAILY ENERGY NEWS | 12/07/2022
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** There is still work to be done in the Keystone state regardless of who is sitting in the Governor's mansion.
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Real Clear Energy ([link removed]) (12/6/22) reports: "While they were in the majority, Pennsylvania House Republicans spent their political capital to advance American energy independence, free speech rights, and scientific integrity. Unlike too many their counterparts in Washington D.C., they were not cowed by hostile press coverage or well-funded pressure groups that have a stake in undermining sound science. Most recently, for instance, the House Environmental Resources and Energy Committee held a hearing this fall exploring the benefits of fossil fuels and pitfalls of 'emergency declarations' advanced in the name of climate change. Since Gov. Tom Wolf, the state’s outgoing Democratic governor, first announced back in October 2019 that he was taking executive action to combat climate change, Republican leaders have held a series of hearings calling attention to scientific
data that debunks climate alarmism. They have also worked in partnership with Pennsylvania Democrats representing the energy sector to prevent Wolf from circumventing the state legislature along the way toward imposing carbon taxes...Josh Shapiro, the incoming Democratic governor, expressed misgivings about Wolf’s approach toward RGGI while on the campaign trail. Since being elected, he hasn’t made any firm commitments about the state’s future participation. A constitutional amendment offers him a way out. With his party poised to take a slim majority in the House next year, Shapiro will still need to contend with labor constituents and House Democrats residing in energy producing regions who are opposed to RGGI. Meanwhile, the scientific and economic rationale for the climate change initiative continues to unravel. Gregory Wrightstone, a geologist, and executive director of the Co2 Coalition, has repeatedly informed Pennsylvania House members that Co2 is a 'miracle molecule' that greatly
benefits humanity and deserves greater appreciation."
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** "Four materials rank highest on the scale of necessity, forming what I have called the four pillars of modern civilization: cement, steel, plastics, and ammonia are needed in larger quantities than are other essential inputs...Fossil fuels remain indispensable for producing all of these materials."
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– Vaclav Smil, The University of Manitoba ([link removed])

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A trip that will live in infamy...

** Bloomberg ([link removed])
(12/6/22) reports: "Two months after snubbing US President Joe Biden’s pleas for oil, Saudi Arabia is rolling out the red carpet for his Chinese counterpart, Xi Jinping. Xi will visit Saudi Arabia for several days starting Wednesday, during which he will take part in a regional summit with Saudi Crown Prince Mohammed bin Salman and other Arab leaders, the kingdom’s SPA state news agency said Tuesday, promising agreements worth some $30 billion. Energy and infrastructure deals will top the agenda, according to two people briefed on the plans. China confirmed the trip on Wednesday morning, a day after Xi led the nation in mourning the death of former leader Jiang Zemin on the heels of recent protests against his Covid Zero policy. The summit will give both Xi and Prince Mohammed a chance to showcase the Gulf’s deepening ties with Beijing, underlining just how far US-Saudi relations have sunk. 'This visit is the culmination or crowning of a deep strengthening in relations over the last few
years,' said Ali Shihabi, a Saudi commentator and advisory board member for the kingdom’s Neom megaproject. 'The US is concerned about this but cannot slow this already strong relationship down.' A low point in US-Saudi ties came in October when Biden accused Riyadh of allying with Russia on oil production cuts, and vowed 'consequences.' However, relations have been fraying for some time as the US shifts its global focus to the competition with China."

How could we expect the Kerry class to abide public transit?

** ([link removed])

It's amazing that Gavin Newsom can be even more dishonest than President Biden on energy policy.

** Rig Zone ([link removed])
** ([link removed])
(12/6/22) reports: "California Governor Gavin Newsom proposed to limit the profits of oil companies operating in the state by curbing their gross refining margins, following a year in which gasoline prices there have soared record levels. The proposal leaves out specific acceptable margin rates for oil refiners and the penalties they would pay on amounts over that margin, using the term penalty, not tax. The margin would be adjusted annually. 'Either Big Oil reins in the profits and prices, or they’ll pay a penalty,' Newsom said Monday in a statement. Newsom began a crusade against oil companies during his reelection campaign as fuel prices in the state skyrocketed. As suppliers reported record third-quarter profits in October, Newsom’s campaign issued a series of statements excoriating each major refiner by name for 'ripping off' California consumers. Democratic state Senator Nancy Skinner said she introduced the governor’s proposal in a bill on the first day of a special legislative
session called by Newsom to begin public debate, providing more detail to Newsom’s previously announced plans to pursue the idea. The bill would expand the State Energy Resources Conservation and Development Commission’s authority to investigate the gasoline industry, including seeking information about pricing, supply contracts and refinery maintenance schedules."

Energy Markets


WTI Crude Oil: ↑ $74.28
Natural Gas: ↑ $5.67
Gasoline: ↓ $3.35

Diesel: ↓ $5.03
Heating Oil: ↓ $292.01
Brent Crude Oil: ↓ $79.24
** US Rig Count ([link removed])
: ↓ 844



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