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DAILY ENERGY NEWS | 02/16/2023

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Nobody does it better, at scale, than America.

Cowboy State Daily (2/15/23) reports: "A new report from the Institute for Energy Research (IER), a free-market energy and environmental policy nonprofit, concludes that restrictions on domestic oil and gas production are pushing operations to countries with lower environmental and human rights standards. 'The key message of this paper really is that oil and gas production isn’t the same everywhere. The implications for both the environment and human freedom vary, depending on where they’re produced,' Paige Lambermont, IER policy analyst and co-author of the study, told Cowboy State Daily. The report discusses what it calls a 'disturbing movement, primarily in developed countries, that views economic growth as the enemy of environmental quality.' Policies following this ideology seek to block production of oil and gas through lease cancellations, using the permitting process to slow or stop production and keep the industry tied up in litigation."

Read the full report here.

"A barrel of oil produced in the United States does not have the same consequences for either the environment or for human freedom as a barrel produced in Russia."

– Paige Lambermont,
Institute for Energy Research

No offense, Senator Murkowski, but what did you think would happen when you voted for Deb Haaland?

Bloomberg (2/14/23) reports: "Alaska’s senators sharply condemned any potential Biden administration move to authorize ConocoPhillips’ $8 billion Willow oil project with restrictions so onerous it wouldn’t be viable, warning that would be seen as a rejection — and an unacceptable blow to residents across the nation’s largest state. 'They damn well better not kill the project,' Republican Lisa Murkowski told reporters in a briefing Tuesday. At issue is the company’s proposed project in the National Petroleum Reserve-Alaska, which could yield 180,000 barrels of oil per day. It’s won support from some labor unions and Alaska Natives in northern Alaska, who say the venture would unlock financial opportunity and new jobs. But Willow also is deeply opposed by environmental activists and some residents of a village roughly 35 miles away from the planned drilling who say it could disturb caribou migration patterns and exacerbate climate change. The project creates a political challenge for President Joe Biden, who has sought to accelerate the US transition away from fossil fuels while also asking American oil companies to produce more crude in the meantime in a bid to tame gasoline prices. The Interior Department is expected to render its final verdict in early March."

"Car of the future" having some troubles today.

The Sun (2/12/23) reports: "DRIVERS appear to be ditching electric cars in droves in favour of traditional petrol cars. Electric car owners have expressed their frustration with lengthy queues and the lack of new chargers being installed across the UK. There has been a spike in new cars being purchased - driven mostly by petrol car sales rather than EVs. There can be eighteen-month waits after ordering new electric vehicles...New statistics released by the Society of Motor Manufacturers and Traders (SMMT) showed new car registrations saw a significant boost this January compared to the same time last year. Petrol cars saw the largest growth in new car registrations compared with last year, with 58,973 being registered this January compared to 51,468 at the same time last year - a rise of 7,505. But new battery electric vehicles saw a smaller growth in new car registrations compared to last January rising by 2,861 from 14,433 last year to 17,294 this year. It was revealed last month that just 806 new chargers were being installed in the UK, placing the country's electric car infrastructure at 'crisis point'. This figure needs to almost quadruple to 3,130 installations a month to meet the Government's target of having 300,00 devices nationwide by 2030 - the date when the UK will ban new petrol and diesel cars."

This is all meaningless as long as Biden doesn’t allow any new mining.

Wall Street Journal (2/15/23) reports: "U.S. and European officials are discussing how to set up a new group of allies that cooperate on procuring minerals used in clean-energy technologies, hoping to rely less on China while patching up a rift over U.S. subsidies for electric vehicles. Under the plan to form a so-called critical-minerals club, the U.S. would negotiate trade agreements focused on such minerals with allies including Japan, the EU and U.K., according to people familiar with it. Once the allies have trade agreements between themselves, they would try to reach additional agreements with such countries as Ukraine or Zambia on securing supplies of raw materials essential to batteries and other clean- energy technologies, according to the people. Supplies of critical minerals have been at the center of a spat between Washington and Brussels over the healthcare, tax and climate law known as the Inflation Reduction Act, which Congress passed last year. Top French and German officials, while in Washington last week, called for the formation of a critical-minerals club as they again raised concerns about the law, which passed Congress last year. The law overhauled subsidies for electric vehicles, creating a series of new requirements for vehicles to qualify for the full $7,500 tax credit. One of those new rules is that 40% of the value of the minerals in a vehicle’s battery must come from the U.S. or a country with a free-trade agreement with the U.S. That percentage rises over time, hitting 80% after 2026."

Energy Markets

WTI Crude Oil: ↑ $78.62
Natural Gas: ↑ $2.50
Gasoline: ↑ $3.42

Diesel: ↓ $4.53
Heating Oil: ↓ $283.86
Brent Crude Oil: ↑ $85.42
US Rig Count: ↑ 836

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