Clearing Out The In-Box -- June 19, 2022

Commentary:

• the Biden visit to Saudi Arabia: nothing suggests this will be a successful visit of any importance on any issue
• an incredibly expensive trip, time-wise; physically; and politically
• obvious question: why is Biden doing it? 
• tea leaves suggest Saudi has no more to give
• most important question:
• every action has a reaction
• immediately upon return from a highly visible and politically expensive trip with no results, the administration needs to make a huge announcement;
• what will that announcement be? This is the big question.
  
• options for Biden if trip fails
  
• tea leaves:
• US to ban crude oil exports at least at some level
• another release from the SPR (in addition to previously announced one million bopd through November)
• windfall profits tax
• gasoline vouchers 
• nationalize two or more mothballed, recently shut-down refineries (would take way too long to make any difference, but might "scare" current refiners) 
• federal gasoline tax holiday — quick! What’s that tax per gallon?
  

OPEC: keeps missing production goals

• jeoparidizes Biden's visit to Saudi Arabia to request more oil imports
• only Gabon and South Sudan are meeting producing goals:

Permian: Targa expands footprint.

• to acquire Lucid Energy Delaware LLC from Riverstone Holdings LLC and Goldman Sachs
• $3.55 billion in cash
• current rig activity supports over 20 years of drilling inventory on Lucid's 600,000 dedicated acres
• in addition, Targa provided more details on the Midway plant
• a new 275 MMcfd cryogenic natural gas processing plant
• to begin operations 3Q23 (a year from now)

France: nuclear crisis.

• France typically exports electricity
• but now risks blackouts and a need for imported power because of problems at the state nuclear operator

EVs:

• ELMS has filed; also, here, at insideevs.

Apple:

• employees at Maryland Apple store have voted to unionize; link here.

NHL

• Stanley Cup; second game: blow-out -- 7 - 0; link here.

Politics:

• when you lose The Bismarck Tribune, it's over; link here;
• Joe: I did that; classic video;
• biking collapse;
• deplatformed;

Music:

• George Martin discusses all of the Beatles albums
• posted February 25, 2022; interview conducted back in 1993;

Catch me if you can:

• Frank Abagnale, Google talks.