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DAILY ENERGY NEWS | 03/17/2023
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** What lies at the end of the rainbow for team Biden? The latest episode of The Unregulated Podcast is now streaming on our website ([link removed]) , or wherever you listen.
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** "Not only our energy security, but also our agricultural production and food security, depend on fossil fuels, and we don’t want to destroy that security."
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– Diana Furchtgott-Roth, The Heritage Foundation ([link removed])

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A bank run by people who don't know what they are doing was a major funder of green startups...

** Wall Street Journal ([link removed])
(3/15/23) reports: "Sublime Systems Chief Executive Leah Ellis was about to go on stage at a big energy-industry conference on Thursday when her phone was flooded with messages urging her to withdraw her company’s funds from Silicon Valley Bank. 'In the middle of presenting and being interviewed, I was there getting my cofounder to fill out paperwork,' she said. Sublime, based in Somerville, Mass., has developed a way of producing low-carbon cement. The company raised $40 million in venture-capital funding in January, most of which was sitting in its SVB account. Sublime’s money is safe following the weekend rescue of the failed Silicon Valley Bank by the federal government. But Ms. Ellis’s relief is tempered by uncertainty over what happens next. Sublime had recently started talking to SVB about taking out a loan to buy equipment for a planned factory, she said. Silicon Valley Bank was best known for its connections to software and biotech startups. The bank also had niche businesses
serving winemakers and, more recently, climate-tech companies. Its collapse threatens a key source of financing for entrepreneurs trying to reduce carbon emissions...Investments in climate startups are booming, in part because of big government incentives. Unlike many tech companies, these startups often require a large amount of capital spending on factories and equipment. Many turned to Silicon Valley Bank for funding. Some of them haven’t yet started bringing in revenue. "

America's energy security should be a bipartisan priority.

** Fox News ([link removed])
(3/17/23) reports: "More than two dozen conservative organizations sent a letter to House Speaker Kevin McCarthy, R-Calif., urging Congress to work swiftly to pass sweeping energy legislation Republicans introduced this week. The coalition of 27 groups, led by Americans for Prosperity (AFP), argued H.R. 1, the Lower Energy Costs Act, would tackle inflation fueled by energy costs, characterizing it as the 'biggest challenge facing families and business.' Overall, the legislation would boost domestic energy production while rolling back regulations and taxes, according to the letter exclusively obtained by Fox News Digital. In the letter, AFP and the other groups — including America First Policy Institute, Heritage Action, the Competitive Enterprise Institute's Center for Energy & Environment, Americans for Tax Reform, Independent Women's Voice, the American Energy Alliance, Texas Public Policy Foundation and The Heartland Institute — touted a series of the legislation's provisions. For
example, it noted the bill would eliminate new taxes on natural gas infrastructure, ensure regular oil and gas leasing on federal lands and waters, eliminate permitting hurdles to pipeline development, streamline duplicative regulations related to natural gas production and bolster the ability for mining companies to establish a stronger U.S. critical mineral supply chain."

Charles doesn't hold back.

** CNS News ([link removed])
(3/13/23) reports: "A fired-up financial journalist on Monday unloaded on the Biden administration's promise to give all depositors in two failed banks access to all of their money -- even to those with accounts worth way more than $250,000, which is the limit for federal deposit insurance. President Biden said taxpayers will not foot the bill: "Instead, the money will come from fees the banks pay into the deposit insurance fund," Biden said on Monday. 'Where do we begin?' Charles Payne asked after Biden spoke: 'First and foremost, for me, that was a bailout of Silicon Valley. Not Silicon Valley Bank -- of Silicon Valley. And everyone needs to be clear on that. This was not a bailout of hard-working Americans with small accounts. This was a bank that only catered, for the most part, to Silicon Valley and their customers.'"
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Well, well, well. The Biden administration is in no rush to replenish the SPR. No real surprise here.

** Oil Price ([link removed])
(3/17/23) reports: "The Biden administration will not rush into refilling the strategic petroleum reserve but rather take things one day at a time, the White House’s Special Presidential Coordinator for Global Infrastructure and Energy Security, Amos Hochstein, has said as quoted by Bloomberg. 'We’ve seen a decline in oil prices, we’re seeing some crunch there,' Hochstein told Bloomberg TV in an interview. 'We should take a deep breath and wait and see how this crisis right now impacts the oil and gas industry, production and what the profile is. So far prices have come down. We’re watching it very closely, we’ll continue to watch it over the next several days.' Last year, to arrest an inexorable climb in retail fuel prices, the White House announced a release of 180 million barrels of crude oil from the strategic petroleum reserve. Critics warned the move would have a limited effect on prices but compromise the energy security of the country by reducing the level of crude in the SPR. The
release, alongside other factors such as low demand and fears of demand destruction, did help to bring both fuel and oil prices down. In late 2022, the administration said it was going to start buying crude to replenish the SPR when prices fall to around $70 per barrel."

If you oppose a carbon tax, take a stand and ** contact us. (mailto:[email protected])

** ([link removed])

Tom Pyle, American Energy Alliance
Myron Ebell, Competitive Enterprise Institute
Phil Kerpen, American Commitment
Andrew Quinlan, Center for Freedom and Prosperity
Grover Norquist, Americans for Tax Reform
George Landrith, Frontiers of Freedom
Thomas A. Schatz, Citizens Against Government Waste
Richard Manning, Americans for Limited Government
Adam Brandon, FreedomWorks
Craig Richardson, E&E Legal
Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Annette Thompson Meeks, Freedom Foundation of Minnesota
Isaac Orr, Center of the American Experiment
David T. Stevenson & Clint Laird, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Jack Ekstrom, PolicyWorks America

Energy Markets


WTI Crude Oil: ↓ $66.51
Natural Gas: ↓ $2.38
Gasoline: ↓ $3.45

Diesel: ↓ $4.31
Heating Oil: ↑ $265.56
Brent Crude Oil: ↑ $72.69
** US Rig Count ([link removed])
: ↓ 822



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