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DAILY ENERGY NEWS | 12/13/2022
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** Takeaways from the Dem's Big "Big Oil" investigation? There is nothing there. They found nothing. Chevron is skeptical of net zero? They aren't idiots.
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Energy In Depth ([link removed]) (12/9/22) reports: "After a year-long investigation and a report that was billed as 'explosive,' the anti-oil and natural gas charade from Democrats on the House Oversight Committee turned out to be a giant nothingburger right before they exit the majority. The committee’s report was dropped on a Friday afternoon without a press conference – a sure sign that even Democrats think it’s a dud, as Energy In Depth noted a few days ago. Even Rep. Ro Khanna (D-Calif.), a top Democrat leading the investigation, told E&E News that the report would not 'break through' with the public and the Center for Climate Integrity, an activist group pushing climate litigation, admitted the investigation hadn’t turned up any 'bombshells.' Here’s what you should know about the report: If the committee was looking for a 'gotcha' moment, the internal company documents they published merely highlighted the obvious fact that oil and natural gas companies
continue to invest in high producing basins because there is ongoing global demand for those resources. As E&E News put it: 'Unsurprisingly, the Committee found that oil and gas companies, for the most part, want to continue producing oil and gas.'...The committee’s report is yet another example of mixed messages towards the domestic energy industry. With Americans facing an historic energy crisis and gasoline hitting record highs, the committee built their investigation on vilifying the industry for producing oil and natural gas. During the October 2021 hearing with industry executives, Rep. Khanna called on the executives of oil and natural gas companies to commit to lowering production, even asking the CEOs if they were 'embarrassed' about producing oil. Just months later, Rep. Khanna reversed course and told Bloomberg that energy companies need to increase production to help bring down costs. When gas prices hit record highs over the summer, Rep. Khanna doubled down on the mixed
messages, demanding companies produce more oil while threatening tax hikes that would have the opposite effect."
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** "In sum, science shows that the earth’s warming over the last century is not dangerous in itself or catastrophic in its pace. Endangering the lives of people to address this modest change is the definition of irresponsible public policy, for which much of the media bear almost as much responsibility as the current administration."
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– Peter Wallison & Benjamin Zycher, American Enterprise Institute ([link removed])
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Biden's lapdogs continue to out themselves as liars, or ignorant beyond belief.
** Mackinac Center ([link removed])
(12/10/22) blog: "An associate recently sent me a news release published by the Center for Biological Diversity in January 2022. According to the release, the number of oil and gas drilling permits approved by the Biden administration in its first year 'stomps Trump’s by 34%.' My associate wondered how, or if, I had a response to the numbers quoted by the environmental group. The news release noted that there were 'thousands of permits OK’d despite [the] President’s authority to end drilling by 2035.' If accurate, this news release would seem to disprove the many reports claiming President Joe Biden is working to limit oil and gas industry activity across the nation...While the numbers cited in the release might be technically correct, they effectively tell a lie by omission. The numbers take on a starkly different meaning when the missing context is provided...They report large numbers of unused 'permits' and 'leases' in an attempt to paint the oil and gas industry as wastefully refusing
to make use of regulatory approvals...And the part about being 'unable to raise the capital needed to fund the drilling' is key, because the Biden administration has unilaterally imposed several policies that negatively impact the ability of oil and gas producers to raise the capital needed to fund exploration and drilling. See for example, number 44 in the ** American Energy Alliance ([link removed])
’s list of 125 ways the Biden administration has made it harder to produce oil and gas in the U.S. In this case, the Biden administration imposed a rule requiring fiduciaries to consider the effects of climate change and other environmental, social, and corporate governance measures when considering investing in retirement funds. That rule has the effect of pulling capital away from domestic oil and gas development."
*Curb Your Enthusiasm theme plays softly in the distance*
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Great idea! Why aren't Germany or Great Britain ramping up wind too?
** Reuters ([link removed])
(12/12/22) reports: "France on Monday avoided a strain on its power grids in the face of rising demand as Paris recorded sub-zero temperature, thanks to a ramp-up in supply in nuclear as well as hydro power and strong imports from neighbouring countries. Demand rose above 80 gigawatts (GW) during peak morning hours for the first time this winter, according to a spokesperson for RTE, the country's transmission system operator. France's nuclear availability was able to supply above 40 GW as its plants returned to levels last seen in early March over the weekend. That combined with more than 15 GW of hydropower accounted for over 75% of the total supply. Imports totalling 8.6 GW from Germany, Belgium, Switzerland, Italy and Spain also helped support peak demand at 0900 GMT, while France was able to export about 1.7 GW to Britain, RTE data showed. The French transmission system operator has pretty comfortable margins so far, Emeric de Vigan, vice president of power at data and analytics firm
Kpler, said in a tweet."
Energy Markets
WTI Crude Oil: ↑ $74.54
Natural Gas: ↑ $7.00
Gasoline: ↓ $3.24
Diesel: ↓ $4.89
Heating Oil: ↑ $304.60
Brent Crude Oil: ↑ $79.55
** US Rig Count ([link removed])
: ↑ 850
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