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DAILY ENERGY NEWS | 03/28/2023

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The numbers don't lie.

Cowboy State Daily (3/22/23) reports: "A new federal report disputes the claim that the United States will reach net-zero carbon emissions from power generation anytime soon. While the share of energy that comes from wind and solar will increase, the projections say fossil fuels will remain king for the foreseeable future. The U.S. Energy Information Administration (EIA) produces an annual outlook that explores long-term energy trends in the United States. The report examines the country’s future energy mix and trends in energy demand, and projects greenhouse gas. While President Joe Biden has stated that the nation will eliminate all fossil fuels within a decade, the EIA’s projections don’t support that goal...Thomas Pyle, president of the American Energy Alliance, told Cowboy State Daily the EIA has a track record of being fairly accurate in its projections of energy quantities. Where they fall shorts is in price forecasts, particularly natural gas. Pyle said the projected penetration of renewables in the outlook report is likely on the high side, and the amount of fossil fuels projected is likely on the low side. The projections also don’t account for the cost of having to back up intermittent resources from wind and solar. The more they are added to the grid, the more electricity prices rise. "

"You know your state capital has taken a wrong turn when your lawmakers would do well to learn a lesson from Brussels."

– Wall Street Journal Editorial Board

People don’t install wind because it’s cheap as some claim, but they install it for tax breaks. That’s a stupid way to run an electric grid by relying on tax and weather-dependent energy.

Bloomberg (3/27/23) reports: "The pace of US onshore wind-farm installations tumbled last year, in a sign that the industry’s struggles aren’t limited to the fledgling offshore sector. US wind developers installed 6.7 gigawatts of power generation capacity last year, a 56% drop from the prior year, S&P Global said Monday in a report. That happened due to declining tax breaks for developers even amid the Biden administration’s push to add more renewable energy. Wind developers have identified a five-year project pipeline of 77.2 gigawatts, which means the industry would need to install an average of 15.4 gigawatts of wind capacity annually to meet the figure, S&P said in the report. One gigawatt is about equal to the electric generating capacity of a large nuclear reactor or natural gas-fired power plant. For onshore wind, the drop in activity was mostly the result of the declining production tax credit, which was eliminated for projects that started construction last year, according to S&P. The Inflation Reduction Act that was signed in August restored the value of the tax credit, which S&P sees as boosting wind farm construction in future years. The offshore sector, meanwhile, has struggled to move forward amid inflation and mounting political push-back. Industry group American Clean Power calculated the annual decline in the number of onshore wind installations at 37% in a research report last month."

If someone could explain that Biden's ice cream fridge won't stay cold if it's forced to rely on the wind we might see the admin move in a more responsible direction.

Should Shell pump more oil? Is oil still legal? Does it make people’s lives better? Can Shell make a profit selling oil? Then, yes of course Shell should endeavor to sell oil and improve the lot of humanity.

Wall Street Journal (3/28/23) reports: "Wael Sawan knows he is about to make some people very unhappy. The new chief executive of Shell is in the midst of crafting his business plan for the London-based energy giant, including whether to increase oil production. Doing so would please many investors looking to build on last year’s oil-and-gas bonanza, which produced record annual earnings for Shell. But it almost certainly would generate howls of protest from environmentalists and other critics, including investors who want Shell to tackle climate-related goals more aggressively. Those investors argue a continued focus on fossil fuels endangers Shell’s long-term prospects in a changing world. Mr. Sawan says he is committed to lowering the company’s emissions and helping develop a new generation of clean-energy sources. But that is not where the bulk of profits are right now."

Energy Markets

WTI Crude Oil: ↓ $72.72
Natural Gas: ↓ $2.05
Gasoline: ~ $3.43

Diesel: ↓ $4.23
Heating Oil: ↓ $278.48
Brent Crude Oil: ↑ $78.02
US Rig Count: ↓ 814

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