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DAILY ENERGY NEWS | 01/19/2023

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Why do I get the feeling I've seen this movie before?

Bloomberg (1/19/23) reports: "President Joe Biden’s administration will launch an effort to more accurately count the nation’s natural resources in official economic statistics, saying the data are needed to give a true picture of US output. Biden’s special envoy for climate, John Kerry, will announce the new initiative Thursday at the World Economic Forum in Davos, with the administration saying it will help track the value of land, air, water and other natural assets in relation to the economic activity they support, in the face of climate change risks. 'A strong economy depends on a stable climate, clean air and water, and all nature has to offer,' the strategy’s co-chairs wrote in a report obtained by Bloomberg News. 'We have taken it for granted, but we can no longer afford to do so.' The chairs include Commerce Secretary Gina Raimondo, Office of Management and Budget Director Shalanda Young and the director of the Office of Science and Technology Policy, Arati Prabhakar. The effort 'will provide data to guide the federal government and the economy through the transition we need for sustainable growth and development, a stable climate, and a healthy planet,' the trio wrote."

"I'm excited about electric school buses. I LOVE electric school buses. I just love them! For so many reasons. Maybe because I went to school on a school bus. Hey, raise your hand if you went to school on a school bus!"

– Vice President Kamala Harris

A fraudulent solution to a fraudulent crisis causes fraudulent surprise.

The Guardian (1/18/23) reports: "The forest carbon offsets approved by the world’s leading provider and used by Disney, Shell, Gucci and other big corporations are largely worthless and could make global heating worse, according to a new investigation. The research into Verra, the world’s leading carbon standard for the rapidly growing $2bn (£1.6bn) voluntary offsets market, has found that, based on analysis of a significant percentage of the projects, more than 90% of their rainforest offset credits – among the most commonly used by companies – are likely to be 'phantom credits' and do not represent genuine carbon reductions. The analysis raises questions over the credits bought by a number of internationally renowned companies – some of them have labelled their products 'carbon neutral,' or have told their consumers they can fly, buy new clothes or eat certain foods without making the climate crisis worse. But doubts have been raised repeatedly over whether they are really effective. The nine-month investigation has been undertaken by the Guardian, the German weekly Die Zeit and SourceMaterial, a non-profit investigative journalism organisation. It is based on new analysis of scientific studies of Verra’s rainforest schemes."

Wow, they really are bringing in the experts to Davos. If anyone can give pointers on disinformation it's Stelter.

The world’s largest developer of offshore wind installations is concerned that people only want electricity prices to go down. Maybe they're in the wrong line of work.

Bloomberg (1/19/23) reports: " The head of one of the world’s biggest developers of renewable energy, Denmark’s Orsted A/S, worries that the energy transition could see a slowdown as rising competition and interest rates squeeze returns and upend the case for investment. Orsted is the world’s largest developer of offshore wind farms, which it helped pioneer from a niche technology into one of the fastest-growing forms of renewable energy. Offshore projects can use much larger turbines — the size of skyscrapers — and are able to tap into stronger and more consistent winds off the coasts. Europe, China, and the US plan to rapidly increase their offshore wind fleets to reach their climate goals. But while governments all over the world are raising their ambitions to replace fossil fuels with clean electricity, the companies expected to deliver that shift are under financial pressure. Executives are starting to sound the alarm: Growing the industry enough to avoid catastrophic climate change will require trillions of dollars of additional investment, and the ability for wind-power companies to make healthy returns. At the moment, that path to viability is complicated by the rising cost of borrowing money to build clean power plants, plus increased competition; in the future, it could be further complicated by European windfall taxes on renewable power producers. "

Energy Markets

WTI Crude Oil: ↑ $79.86
Natural Gas: ↑ $3.31
Gasoline: ↑ $3.37

Diesel: ↑ $4.61
Heating Oil: ↓ $325.84
Brent Crude Oil: ↑ $85.46
US Rig Count: ↓ 845

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