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DAILY ENERGY NEWS | 02/23/2023

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British Ben Franklin: An industrial society, if you can keep it!

BBC (2/22/23) reports: "Unions have warned on the future of UK steelmaking after British Steel announced it will shut its coking ovens in Scunthorpe and cut up to 260 jobs. The Chinese-owned firm blamed an 'unprecedented' rise in energy costs and demands to be greener. The biggest steelworkers' union said the cuts could have a 'catastrophic impact' on steel production in the UK. Coking ovens turn coal into coke which burns at the higher temperature needed for furnaces used in steel production. The closure of the ovens at its Scunthorpe headquarters, which means British Steel will import coke, has been seen as a concerning indicator about the health and future of the UK steel industry. The government said the decision by British Steel was 'very disappointing' while negotiations were ongoing with the sector over funding support. British Steel currently employs around 4,200 workers in the UK and is owned by Chinese company Jingye. Making steel requires a lot of energy, and with prices soaring in recent months, the costs of making the metal have also gone up. The company said its energy bills and carbon-offsetting costs increased by £190m last year and 'decisive action' was needed."

"Although criticisms of ESG are on the rise, a pivot in portfolio management back to frameworks focused on corporate growth rather than cause-related ones seems unlikely. Both buyers and bureaucrats are to blame."

– Kimberlee Josephson, AIER

More drilling is good for New Mexico, good for America, and good for the planet.

Carlsbad Current-Argus (2/22/23) reports: "Public land in southeast New Mexico was proposed by the federal government for lease to the oil and gas industry in an auction expected by the end of the year. The New Mexico branch of Bureau of Land Management’s fourth quarter oil and gas lease sale included four parcels in Eddy County, two in Lea County and one in Roosevelt County, along with five in Oklahoma – two in Pittsburgh County and three in Woods County. The parcels totaled about 916 acres, the BLM reported...Methane, a greenhouse gas, is a key component of natural gas produced in New Mexico and Antoinette Reyes with the Sierra Club’s Rio Grande Chapter said the EPA should enact the strictest regulations possible to reduce pollution...But a Feb. 15 report from the Institute for Energy Research cautioned that federal policies to restrict oil and gas production in the U.S. could increase environmental impacts by shifting production to foreign countries with laxer regulations. Using an “environmental quality index,” the report showed most non-U.S. oil and gas producing nations scoring much lower than the U.S., with only three scoring higher albeit while producing much less oil...The U.S. was also topped by the United Arab Emirates, which had an environmental quality index of 52.4 but also produced much less oil than the U.S. at about 3.7 million bpd, while Norway had a score of 59.3, producing about 2 million bpd. 'The great irony is that this political movement – which purports to be about protecting the environment – results in oil and natural gas production moving from countries with the highest environmental standards to countries with lower, or even functionally zero, environmental standards,' the report read."

Remember when Biden gave $8 billion to South Africa to kill coal?

Pepperidge farm remembers...

Cowboy State Daily (12/18/22) reports: "Last month, President Biden declared that all American coal plants would be shut down and replaced with wind and solar. Now the president is going after coal-fired electrical generation in other countries as well. At the U.S.-Africa Leaders Summit last week, Biden announced $8 billion in funding to South Africa to help the country replace its coal plants with renewable energy sources. 'The man is determined to bring down civilization, blaming the gas of life for global ruination. Insane and criminal to boot,' Patrick Moore, Greenpeace co-founder and director of the CO2 Coalition, said on Twitter. The announcement of the funding for South Africa follows the passing of a deadline to appeal an August ruling by U.S. District Court Judge Brian Morris of Montana, who concluded the environmental review of coal leasing under the Trump administration was inadequate. The decision halts all coal leasing on federal lands until the Bureau of Land Management completes an environmental analysis. Travis Deti, executive director for the Wyoming Mining Association, called the decision to let the ruling stand “disappointing” but also unsurprising. 'They made no secret that they intend to shut the industry down,' Deti said."

Energy Markets

WTI Crude Oil: ↑ $75.26
Natural Gas: ↑ $2.28
Gasoline: ↓ $3.39

Diesel: ↓ $4.46
Heating Oil: ↓ $271.38
Brent Crude Oil: ↑ $81.87
US Rig Count: ↓ 826

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