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DAILY ENERGY NEWS | 12/19/2022

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We got him.

"Because of the impracticability and cost of energy storage, building more and more wind and solar facilities cannot lead to any reduction, let alone elimination, of the fossil fuel infrastructure. You will inevitably end up with two fully redundant energy systems, both of which must be paid for even though each supplies only about half of the power to the grid."

– Francis Menton,
Manhattan Contraian

Biden finally jump-started a refinery!

The National (12/18/22) reports: "Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aene Leading crude oil exporter Saudi Aramco and China Petroleum and Chemical Corporation (Sinopec) have signed an initial agreement to build a refinery and a petrochemicals plant in China. The 320,000 barrels-per-day refinery and 1.5 million tonnes-per-year petrochemical cracker complex will be in operation by the end of 2025, Aramco said in a statement on Sunday. Aramco and Sinopec, along with Saudi Basic Industries Corporation (Sabic), have also signed a preliminary agreement to study the feasibility of developing a petrochemicals complex to be integrated with an existing refinery in Yanbu, Saudi Arabia. 'These projects represent an opportunity to contribute to a modern, efficient and integrated downstream sector in both China and Saudi Arabia,' Mohammed Al Qahtani, Aramco's senior vice president of downstream, said. 'They also underpin our long-term commitment to remain a reliable supplier of energy and chemicals to Asia’s largest economy.' The petrochemicals industry is expected to be a big driver of crude oil demand in the next few decades as consumers switch to electric vehicles."

So far this month, 65% of the installed capacity of Germany’s electricity generation (renewables) have only produced 23% of the power.

In the new year, maybe it's time to look for a new school...

National Review (12/18/22) column: "There is nothing wrong, in principle, with teaching schoolchildren the theory behind climate change, discussing the extent of climate change and the effect it may be having on the environment, the extent to which those changes are over or understated, what could or should be done (or not done) in response and so on. Somehow, I don’t think that’s what Connecticut has in mind. The Guardian: 'Starting next July, Connecticut will become one of the first states in America to mandate climate change studies across its public schools as part of its science curriculum. The new law passed earlier this year comes as part of the state’s attempts to address concerns over the short duration – and in some cases, absence – of climate change studies in classrooms. The requirement follows in the footsteps of New Jersey, which in 2020 became the first state to mandate K-12 climate change education across its school districts. Currently, nearly 90% of public schools across Connecticut include climate change studies in their curriculums. However, by mandating it as part of state law from grades five to 12, climate education will effectively become protected from budget cuts and climate-denying political views at a time when education in the US has become a serious culture war battleground.'...I wonder what sort of marks will be handed out to the student who comes out with a carefully reasoned argument suggesting that current climate orthodoxies (particularly, perhaps, those relating to policy options) are unsound."

Energy Markets

WTI Crude Oil: ↑ $75.68
Natural Gas: ↓ $6.04
Gasoline: ↓ $3.14

Diesel: ↓ $4.76
Heating Oil: ↓ $311.27
Brent Crude Oil: ↑ $80.41
US Rig Count: ↑ 869

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