(Reuters) - Europe is at risk of power outages this winter due to insufficient gas reserves and over the long-term, oil could rise above $100 a barrel, the chief executive of commodity trading giant Trafigura said. ... "We haven't got enough gas at the moment quite frankly, we're not storing for the winter period. So hence there's a real concern that there's a potential if we have a cold winter that we could have rolling blackouts in Europe," Weir said at the FT Commodities Asia Summit. ... Some European lawmakers have accused Moscow of restricting supply to put pressure on Germany to speed up the authorisation of the Nord Stream 2 pipeline. Russia has denied this. ...
Climate change has put oil companies under pressure to shift away from polluting fossil fuels and the resulting drop in investment in new production is adding to the price pressure. "I think people need to recognise it's not a situation where you might just flick the switch and you increase production. There's a lot of investment, it takes some time to do that," said Weir. ... Privately owned Trafigura is one of the world's biggest energy traders
Energy analyst Tilak Doshi: On attaining office, President Biden immediately unleashed a series of executive orders to reverse his predecessor’s strategy of “energy independence”. At a stroke of his pen, he revoked permits for the Keystone XL pipeline, suspended oil leasing in Alaska, halted oil and gas leases on federal land, and even invoked the Endangered Species Act to block energy resource development on private lands in the West. ...
The Biden administration implored foreign producers to ramp up oil exports while doing its best to stymie America’s own oil and gas industry. Scott Angelle, a former Republican lieutenant governor of Louisiana and secretary of natural resources, said bluntly: “The White House doubles down on favoring OPEC production while giving the middle finger to American energy jobs, American energy consumers [and] climate-advantaged American production.” ...
After essentially calling for the most fundamental transformation of the global energy system since the advent of the Industrial Revolution over two centuries ago — to be completed within the next three decades — the IEA opined just weeks later that "OPEC+ needs to open the taps to keep the world oil markets adequately supplied". And, on cue, as Europe’s gas and power prices surged to record levels, the IEA called on Russia to be a “reliable supplier” and send more gas to Europe. ...
Francis Menton: Biden admin "actively working to undermine the American economy and advance the interests of our geopolitical adversaries. ... The Biden Administration came in with the explicit goal of undermining American energy production. Indeed if an administration wanted to undermine American energy prosperity as much as possible and comparably benefit our adversaries, it is difficult to think of anything it would do different from what the Biden Administration is doing."
During most of my adult life, “energy independence” has been a bipartisan goal throughout the federal government. That goal was actually achieved under President Trump. Within just a few months, Biden has undone that achievement. The administration has made no secret of its goals to reduce U.S. energy production of the things that work (i.e., fossil fuels) and to drive up their price. Let’s just make a small list of key actions in furtherance of those goals:
On his first day in office, Biden revoked the permit for the Keystone XL pipeline, intended to bring some 800,000 barrels of crude oil per day from Canada into the U.S.
The next day, Biden suspended all permitting of oil and gas drilling on federal lands and waters.
Biden’s EPA then set in motion the reversal of Trump Administration's loosening of rules on methane emissions in the process of producing oil and gas. These tightened Biden restrictions have the effect of increasing the cost of production.
Currently in the works are rules from the SEC to require extensive new disclosures by energy producers (and others) of supposed “climate”-related risks.
WSJ: "The Biden Administration is now imploring the OPEC oil cartel to pump more oil so U.S. gasoline prices don’t rise more than they already have on Mr. Biden’s watch. Oil prices climbed to a six-year high on Tuesday after the Organization of the Petroleum Exporting Countries and Russia failed to agree on increasing production quotas." - "U.S. petroleum consumption is now roughly where it was at this time in 2019."
As Biden seeks to limit U.S. oil production, reliance on Russian imports rises: By Bethany Blankley | The Center Square Jun 18, 2021 - "Within months of President Joe Biden halting the Keystone Pipeline, pausing new oil and gas leases on federal lands, and imposing further restrictions on U.S. oil companies, U.S. oil imports from Russia set a new record in March. According to International Energy Agency, U.S. imports of crude oil and petroleum products from Russia reached 22.9 million barrels in March, the highest level since August 2010. They had reached over 25 million barrels in April 2009. Crude oil imports from Russia in March stood at 6.1 million barrels, making Russia the third-largest oil exporter to the United States.
Fox Business: "All policies implemented by the Biden administration have created jobs, prosperity and influence for Russia’s energy sector. This has come at the expense of U.S. producers and consumers who are now paying on average over $3 per gallon at the pump, per AAA."
Morano: "It doesn't matter what China does in any human rights violations and any other policy all that matters is that we save the planet. So, in doing so, we are going to completely kneecap the United States by continuing to shut down our energy and then turning it over to China, which by the way is building the equivalent of one new coal plant a week as America shuts down our energy. This is bonkers but this is going to the American foreign policy because the Sunrise Movement, Union Concerned Scientists, are heavily involved."
Bjorn Lomborg: "Hurricanes in 2021 were unprecedented — as in unprecedentedly few. Globally, 2021 had the fewest hurricanes ever in the satellite era (1980-2021). Globally, 2021 had some of the fewest strong hurricanes in the satellite era (1980-2021). With 16 strong (Cat 3+) hurricanes, 2021 was the second-lowest strong hurricane year since 1980. Globally, 2021 was a weak hurricane year. When measured by total energy (Accumulated Cyclone Energy), 2021 was the 9th weakest year. Did you see that reported anywhere?
Hurricanes in 2021 were weak and exceptionally few. But we heard lots about North Atlantic hurricanes. Conveniently, North Atlantic is the only basin where hurricanes are stronger. Does this leave us well-informed?. But we hear lots about names storms (hurricanes + weaker storms). Ever-easier to detect, so numbers keep climbing (4 of 2020s 30 named storms wouldn't have been named in 2000!). Not as relevant, but hey, scary numbers."