The Post-Partisan Emporium

  Well this is a little awkward... President Biden pledged during the election campaign:  "I guarantee you we’re going to end fossil fuels." The same President Biden today has - much to the angst of conservationists -  authorized a giant ConocoPhillips oil project in northwest Alaska . The $8 billion Willow oil field development project was initially proposed in 2018. It is set within the 23 million-acre National Petroleum Reserve-Alaska (NPRA), the largest expanse of federal public lands in the country, located on Alaska’s North Slope. ConocoPhillips had initially proposed five pads as part of the project. In the oil industry, a pad refers to a temporary drilling site. Under the Trump administration, the Department of the Interior (DOI) had approved the proposal in October 2020. But a lawsuit by multiple groups, including Earthjustice, forced the U.S. Bureau of Land Management (BLM) to recommend scaling down the number of pads from five to three. Biden's Willow plan woul

Global Oil Demand Hit  Record High In  December In December, global crude oil demand jumped to 1.3 million barrels per day, the highest level on record. While global demand soared in December, production fell to a five-month low due to lower supply from the U.S. and UK. The growth in demand in December was mainly driven by higher consumption in Japan, Indonesia, and South Korea. Global oil demand surged by 1.3 million barrels per day (bpd) to a new record high in December, with total demand at 102% above the pre-Covid levels in December 2019 , data from the Joint Organizations Data Initiative (JODI)  showed  on Monday. 

With oil tumbling ahead of the grueling 2023 recession, the last thing OPEC+ and (bullish) oil traders wanted to see is even more supply coming on line, and yet that's precisely what the a core gulf hub is proposing. According to Bloomberg, the United Arab Emirates - which in recent years has aggressively sought to diversify away from oil and to  become the world's crypto hub  - will look to revert back to its core competency and plans to expand its global energy - and especially energy spending - to boost oil and natural gas production capacity. Abu Dhabi National Oil Co., also known as Adnoc, will invest  $150 billion in the five years through 2027,  it said in a statement Monday. That’s an increase on the previous spending plan of $127 billion over five years that was announced a year ago. The spending spree  will try to raise crude output capacity to 5 million barrels a day by 2027, earlier than the previous target of 2030  and comes at a time  when Saudi oil giant Aramco i

October 5, 2022 The Federal Reserve has been attacking inflation. The problem is that after printing trillions of dollars, they’re ill-equipped to succeed at their task. Partly, this is because all that cash has to go somewhere and partly this is because their mandate does not extend into ensuring that global energy production expands. While Owners’ Equivalent Rent and wages have remained elevated, those are often seen as the “good” sort of inflation—or at least the benign sort. Meanwhile, all other forms of inflation tend to be characterized as “bad” and frequently the “bad” inflation is caused by elevated energy prices, which then increase the costs of producing and transporting everything else. Therefore, despite the Fed ignoring the inflation they caused for well over a year, when oil cleared $100 a barrel, the Fed finally felt that they had no choice but to do something. The problem is that the only ways to reduce the price of oil are to produce more of it or consume less of it. I

An Oil Company Shows Wall Street How to Do ESG By Rupert Darwall September 20, 2022