“On the issue of gas prices, I drove my electric vehicle from Michigan to here last weekend and went by every gas station and it didn’t matter how high it was.”
— Sen. Debbie Stabenow (D-MI), at a congressional hearing.
Just dropped · Trial Balloon · Ep. 189
Navigating the Nonsense
Trial Balloon · Ep. 189: Navigating the Nonsense
Gas Prices Reach $5 a Gallon Nationwide
“The average price of a gallon of regular unleaded gas in the U.S. hit $5 Friday night, and the rise in fuel costs is expected to persist throughout the busy summer driving season,” the Wall Street Journal reports.
Democrats Mull Attacks on Oil and Gas Companies
Washington Post: “Behind the scenes, several prominent Democrats have been pushing to make attacks on the greed of oil and gas companies a centerpiece of the party’s message, in the hopes of making Democrats the party of fighting inflation by the midterms.”
“They argue that the issue of gas prices needs to be reframed as a choice between Democratic support for proactive measures — like suspending the gas tax or prodding oil companies to drill on existing leases — and Republican opposition to taking action.”
An Alternative to Expensive Gas
Sen. John Kennedy (R-LA) joked that because of gas prices, it would be cheaper in his state “to buy cocaine and just run everywhere” rather than drive, the Washington Examiner reports.
Biden to Boost Production of Domestic Solar Panels
President Joe Biden will announce new executive actions to spur more domestic production of solar panels and clean energy technology on Monday, CNN reports.
The End of Energy Free Trade
“Russia’s attack on Ukraine is redrawing the world’s energy map, ushering in a new era in which the flow of fossil fuels is influenced by geopolitical rivalries as much as supply and demand,” the Wall Street Journal reports.
“Over the past half-century, oil and natural gas have moved with relative freedom to the markets where they commanded the highest prices around the world. That ended abruptly when Russian tanks rumbled across the Ukraine border on Feb. 24, triggering a barrage of trade sanctions by the U.S. and Europe targeting Russia that have plunged global commerce into disarray.”
Gas Prices Headed Towards $5 a Gallon
Axios: “Benchmark futures prices for gasoline hit a new high of $4.19 per gallon Thursday, as the Department of Energy reported that gasoline supplies last week hit their lowest level this year.”
“Unless those futures prices come down quick, we’re about to blow past last week’s record retail gas price of $4.71 a gallon.”
Quote of the Day
“As somebody who just bought my first electric vehicle, I’m driving by the pump. And I won’t tell you the motion I’m making when I drive by.”
— Sen. Debbie Stabenow (D-MI), in an interview with MLive.
OPEC Agrees to Increase Oil Production
“OPEC and its allies agreed Thursday to a bigger-than-expected oil-production increase of 648,000 barrels a day in July and August, OPEC delegates said, allowing Saudi Arabia to potentially pump more crude and paving the way for a potential deal with the U.S.,” the Wall Street Journal reports.
“The move would represent a significant shift for the Saudis, who have resisted calls from the U.S., U.K. and other Western countries to pump more oil to help reduce a price boom resulting from Russia’s invasion of Ukraine. The discussions come after a flurry of diplomacy between Washington and Riyadh, with senior U.S. officials traveling to Saudi Arabia in recent weeks to broker a deal.”
Biden’s Claim of Utility Savings Not True
The Washington Post fact check team gave President Biden “four Pinocchios” for claiming in a Wall Street Journal op-ed —presumably vetted by staff — that “my plan would reduce the average family’s annual utility bills by $500.”
House GOP to Unveil ‘Climate Strategy‘
“House Minority Leader Kevin McCarthy (R-Calif.) plans to unveil a strategy on Thursday outlining how Republicans would address climate change, energy and environmental issues if the party gains control of the House in the midterm elections,“ the Washington Post reports.
“The strategy calls for streamlining the permitting process for large infrastructure projects, increasing domestic fossil fuel production and boosting exports of U.S. liquefied natural gas, which proponents say is cleaner than gas produced in other countries.”
“The plan is expected to take a much more modest approach to slashing planet-warming emissions than proposals from President Biden and congressional Democrats, who have focused on accelerating the nation’s transition from fossil fuels to renewable energy. Leading scientists have said the world must rapidly phase out fossil fuels to stave off the consequences of unchecked climate change.”
White House Obsessed with Gas Prices
Politico: “For the past several months, a White House-led team of economic specialists has marked each day in the same way: With a painstaking, state-by-state examination of gasoline prices and the intricate market forces pushing them relentlessly upward.”
“Senior officials and others close to President Joe Biden view those prices as the cost that most directly affects voters’ everyday lives, and therefore their perception of the economy as well. As such, Biden and his top advisers fixate on them with an intensity that some aides describe as obsessive. White House chief of staff Ron Klain has grown particularly absorbed by the issue, checking the average price of a gallon of gas every morning. He’s lamented that it’s the one item everyone knows the cost of because gas station billboards are so ubiquitous throughout the country.”
“The White House’s focus on gas prices is bred from two sobering political conclusions top officials have made. The first is that they have little control over the problem. The second is that as prices rise at the pump, so do Democrats’ odds of a midterm wipeout — especially as the average U.S. gallon of gas hits fresh record highs.”
OPEC Mulls Suspending Russia from Oil-Production Deal
“Some OPEC members are exploring the idea of suspending Russia’s participation in an oil-production deal as Western sanctions and a partial European ban begin to undercut Moscow’s ability to pump more,” the Wall Street Journal reports.
“Exempting Russia from its oil-production targets could potentially pave the way for Saudi Arabia, the United Arab Emirates and other producers in the Organization of the Petroleum Exporting Countries to pump significantly more crude, something that the U.S. and European nations have pressed them to do as the invasion of Ukraine sent oil prices soaring above $100 a barrel.”
EU Set to Impose Ban on Insuring Russian Oil
“The European Union’s pledge to ban most Russian oil is forcing it to rewire an economy that is geared to run on cheap Russian fuel—and threatens to deprive Moscow of revenue from its most valuable export,” the Wall Street Journal reports.
“The EU also is set to agree on a ban on insuring ships that carry Russian oil, officials and diplomats familiar with the measure said, a move designed to strangle Russia’s access to international oil markets.”
Gas Prices Surge to New Record
“U.S. gasoline prices surged to another fresh record, the latest blow to motorists heading into the summer driving season,” Bloomberg reports.
“Average retail prices in the U.S. reached $4.619 per gallon as of Monday, according to the latest data from the American Automobile Association. That’s up from $4.178 a gallon a month ago and is about 52% higher than a year earlier.”
Europe Agrees to Phase Out Russian Oil
“European Union countries finally reached a deal to wean themselves off Russian oil, their most significant effort yet to hit the Russian economy over the war in Ukraine, although the impact will be softened by an exemption for pipeline oil, a concession to landlocked holdouts, notably Hungary,” the Washington Post reports.
Oil Prices Top $120 a Barrel
“Oil prices rose to their highest level in more than two months Monday, driven by China’s tentative emergence from Covid-19 shutdowns,” the Wall Street Journal reports.
“The twin prospect of rising oil demand in Asia and curbed supplies out of Russia pushed benchmark Brent-crude prices for July delivery up 1.9% to $121.67 a barrel. That is their highest level since early March. Since then, falling fuel consumption in China has tamed global demand and pulled crude prices down from their 2022 highs of about $139 a barrel.”
Gas Prices Hit New Highs as Summer Begins
New York Times: “The price for regular gasoline in California has already risen to more than $6 a gallon, and it is virtually impossible to find gas for under $4 anywhere else. Nationwide, prices have risen by nearly 50 cents a gallon over the last month.”
“The war in Ukraine is the most immediate cause for the jump in prices as global refiners, tanker companies and traders shun Russian exports, forcing up to three million barrels of oil a day off the market. Energy traders have also bid up oil prices in the expectation that Western governments will impose even tougher sanctions on Russia and its energy industry.”
“But another reason for the high prices is that, despite them, motorists have not done much to burn a lot less gasoline.”
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