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DAILY ENERGY NEWS  | 03/14/2023
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If you want the full story on why this is a bad move for Alaska and America listen to Gov. Dunleavy on the latest episode of The Unregulated Podcast.


Fox News (3/12/23) reports: "The Biden administration announced Sunday evening that it is indefinitely blocking 16 million acres of federal land and water in Alaska from future fossil fuel drilling. The Department of Interior (DOI) said it had initiated a rulemaking process to 'establish maximum protection' for 13 million acres of land across the National Petroleum Reserve (NPR), an area in North Slope Borough, Alaska, set aside by Congress for resource development. In addition, President Biden ordered an additional 2.8 million of acres to be withdrawn from oil and gas leasing in the Beaufort Sea in the Arctic Ocean off the northern coast of Alaska...The announcement means that the entire section of the Arctic Ocean owned by the federal government is blocked from any fossil fuel production in the foreseeable future. However, an offshore lease sale hasn't been held in the region since 2007 and the administration had already ruled out future auctions through at least 2028. Additionally, the DOI said Biden intends to limit future fossil fuel production in the Teshekpuk Lake, Utukok Uplands, Colville River, Kasegaluk Lagoon and Peard Bay 'special areas' known for their rich wildlife populations. Biden's sweeping actions also prevent the development of certain fossil fuel pipeline infrastructure in the northern Alaska region. 'It's a totally political decision, it's not based on science, it's not based on climate change, it's not based on biological resources,' a former senior Bureau of Land Management official said in an interview with Fox News Digital on Sunday evening. 'They're pandering solely for political purposes and not paying attention to the science.'"

"Politicians claim renewables enhance energy security, but escalating balancing costs tell a different story." 

 

– Wall Street Journal Editorial Board

This will help with U.S. national security. 🙄


Mining.com (3/14/23) reports: "China’s efforts to ramp up lithium extraction could see it accounting for nearly a third of the world’s supply by the middle of the decade, according to UBS AG. The bank expects Chinese-controlled mines, including projects in Africa, to raise output to 705,000 tons by 2025, from 194,000 tons in 2022. That would lift China’s share of the mineral critical to electric-vehicle batteries to 32% of global supply, from 24% last year, according to a note on Friday. The race to secure lithium is playing out at the highest levels, with nations including the US prioritizing access to the materials necessary for making batteries as the world turns away from fossil fuels. China’s needs are particularly acute because it’s home to the world’s biggest market for new energy vehicles."

Sure, this is happening, but if we stop producing oil in Alaska the weather will get nicer! The Science™ says so!

North Carolina will look even worse when this EV company inevitably fails.


Reason (3/13/23) reports: "VinFast is the first company to develop electric vehicles in its native Vietnam, and it's now making inroads into the American market. Last year, it announced it would build a factory in North Carolina that would manufacture both electric cars and batteries. Then, last week, the company said it would not be able to begin production at the facility until 2025, rather than the initial summer 2024 target.An upstart company needing extra time to fulfill its promises is hardly news. But in this case, a lot hangs in the balance, as the North Carolina government has pledged to use eminent domain to evict multiple homeowners, businesses, and a church. When Gov. Roy Cooper announced the deal in March 2022, he called the project 'transformative" and said it would "bring many good jobs to our state.'...But taxpayer money isn't the only thing the state is giving away. As part of its site preparation process, the North Carolina Department of Transportation (NCDOT) also planned roadway improvements to accommodate the traffic a new factory would create. Those plans would require displacing a total of 27 homes, five businesses, and Merry Oaks Baptist Church, which has stood on its spot since 1888."

Energy Markets

 
WTI Crude Oil: ↓ $73.97
Natural Gas: ↓ $2.57
Gasoline: ↓ $3.46
Diesel: ↓ $4.33
Heating Oil: ↑ $279.28
Brent Crude Oil: ↓ $80.13
US Rig Count: ↓ 829

 
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