Reaching the roof

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DAILY ENERGY NEWS | 01/13/2023

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Are we nearing peak EV? Find out on the latest episode of The Unregulated Podcast, now streaming on our website, or wherever you listen.

"While the subsidy package signed into law by President Biden was called the Inflation Reduction Act, it would be more aptly named the Inflation Production Act because the end result of the solar subsidies will be higher electricity prices for Mississippi families and businesses."

– Isaac Orr,
Center of the American Experiment

BP's Thunder Horse platform in the Gulf of Mexico is producing 200,000 barrels of oil equivalent a day. At $80 oil, that's $16 million a day. There is a reason the Biden administration doesn't want to allow more offshore drilling.

Yahoo News (1/12/23) reports: "Oil major BP on Thursday said it doubled crude output from its Thunder Horse project in the U.S. Gulf of Mexico. Production at the platform ramped up to more than 200,000 barrels of oil equivalent per day (boepd) for the first time in more than a year, the company said, from output of about 100,000 boepd in May. The Thunder Horse platform, about 150 miles southeast of New Orleans, can produce up to 250,000 barrels of oil a day and up to 200 million cubic feet of natural gas a day. The 15-year old platform is operated by BP, which has a 75% stake, while Exxon Mobil holds the remaining interest. The U.S. Gulf of Mexico, the country's primary offshore source of oil and gas, produced 1.7 million bpd of crude in 2021, mostly from deepwater fields, official data showed."

Second in line for the most powerful position in human history.

Somebody get Greta a shovel.

Mining.com (1/12/23) reports: "Swedish state-owned mining company LKAB said it had found Europe’s largest known deposit of rare earths close to Kiruna, the country’s northernmost town. The discovery could help the continent break away from China’s dominance in the sector. The nation produces about 98% of the group of 17 minerals used in electric vehicles (EVs), portable electronics, wind turbines and military equipment. The Per Geijer deposit, just north of the company’s largest iron ore mine in the Swedish Arctic, is estimated to contain more than 1 million tonnes of rare earths, LKAB said. Work is still in an exploratory phase, the miner noted, and the full extent of the deposit is not known. 'It will be at least 10 to 15 years before we can actually begin mining and deliver raw materials to the market,' chief executive officer Jan Mostrom said in the statement, citing a timeline derived from other permitting processes in the industry. LKAB plans an application for an exploration concession this year, before seeking permits."

If you oppose a carbon tax, take a stand and contact us.

Tom Pyle, American Energy Alliance

Myron Ebell, Competitive Enterprise Institute

Phil Kerpen, American Commitment

Andrew Quinlan, Center for Freedom and Prosperity

Grover Norquist, Americans for Tax Reform

George Landrith, Frontiers of Freedom

Thomas A. Schatz, Citizens Against Government Waste

Richard Manning, Americans for Limited Government

Adam Brandon, FreedomWorks

Craig Richardson, E&E Legal

Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Annette Thompson Meeks, Freedom Foundation of Minnesota
Isaac Orr, Center of the American Experiment
David T. Stevenson & Clint Laird, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Jack Ekstrom, PolicyWorks America

Energy Markets

WTI Crude Oil: ↑ $79.05
Natural Gas: ↓ $3.55
Gasoline: ↑ $3.28

Diesel: ↓ $4.61
Heating Oil: ↓ $321.71
Brent Crude Oil: ↑ $84.55
US Rig Count: ↑ 863

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