Sudden deflation

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DAILY ENERGY NEWS | 02/08/2023

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Deflating the spy balloon is a start, but we're more interested in seeing some action with the dollar! The latest episode of The Unregulated Podcast is now streaming on our website, or wherever you listen.

"Last night we heard this President falsely claim the economy was stronger – that’s just not true. The price of our energy – gas, diesel, home heating, and electricity – has risen far more than families can afford. This has created a level of energy poverty not seen since Jimmy Carter."

– Rep. Harriet Hageman (R-WY)

So why does Biden bet against American by attacking American oil, gas, and coal production and mining of all types?

What a "major concession" by Biden! We'll need you around for another decade to keep prices low...

Bloomberg (2/7/23) reports: "President Joe Biden went off-script during an otherwise climate-friendly State of the Union speech Tuesday night to acknowledge an uncomfortable reality for the White House: 'We’re still going to need oil and gas for a while.' The unusual assessment from the president, slipped twice into his address to Congress and not included in prepared remarks circulated beforehand, lays bare the conflict between his administration’s climate and economic goals. Biden has repeatedly exhorted oil companies to invest in pumping more crude even as he seeks to end its use. Other comments during the speech underscored the still-simmering tension between Biden and US oil companies. He once again blasted them for using record profits to buy back stock — 'rewarding their CEOs and shareholders' — instead of plowing that money into more drilling to increase production and 'keep gas prices down.' Biden said oil executives he’d pressed on the issue told him bluntly: 'We’re afraid you’re going to shut down all of the oil wells and all the oil refineries anyway so why should we invest in them?' 'We’re going to need oil for at least another decade,' he said, quickly adding, 'and beyond that,' after boos from some lawmakers."

Does promising to close out American oil production in 10 years qualify as "doing everything to lower gas prices for American families" or was secretary Jean-Pierre not given a copy of the SOTU by the writers?

Energy Markets

WTI Crude Oil: ↑ $78.21
Natural Gas: ↓ $2.53
Gasoline: ↓ $3.44

Diesel: ↓ $4.60
Heating Oil: ↑ $296.25
Brent Crude Oil: ↑ $84.56
US Rig Count: ↓ 829

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