Energy Themes For 2022 -- Where We Stand Tonight -- June 8, 2022

With regard to energy right now, there are three main themes:

• energy transition is dead;
• global oil supplies vs refining:
• currently not the long pole in the tent;
• long pole in the tent: refining capacity
• OPEC has no spare capacity.
  

Themes for 2022 are tracked here.

At that post, the "2022 Energy theme":

• Refining, posted May 27, 2022. Occasionally tracked here.
  

• Diesel: a top story in 2022.
  

• Energy security:
  

• looks like winter of 21 - 22 was final straw for Europe / UK: need energy security

• Oil:
  

• US: energy dominance.
  
• Spare capacity.
• US crude oil supply.
• Free cash flow.
• Replacing Russian oil. 
• windfall profits tax, added June 2, 2022 -- Biden administration looking at Congressional action.
  

• LNG:
  

• US export terminals.