Back To The Bakken -- June 2, 2023

Locator: 44827B.  

The debt ceiling bill: some call it a kabuki dance. I call it a Charlie-Brown-Lucy-Van-Pelt-football joke -

• entirely predictable
• several frames leading up to the anticlimactic finish
• Charlie Brown: Lindsey Graham
• Lucy Van Pelt: Nancy Pelosi

The ending of this story was so anticlimactic it was not even the headline story in The WSJ today. The headline story: 

Debt bill is passed with incredibly little fanfare. Not even mentioned over at Drudge. 

Question:

• which party controls the White House? Which party controls the US House? Which party controls the US Senate?
• if any of your answers included "the GOP," you're not paying attention. LOL.

GOP caved; Lindsey Graham said he would kill it. I didn’t even see Lindsey’s name in any headline after the bill passed. Senate fast-track method was incredible — no fanfare, Schumer steamrolled this. The news media certainly didn’t see this coming. Or they hyped it to sell newspapers. As if anyone really cared.

VIX: trending toward 15. Whoo-hoo! The market at the open:

DVN: up almost 2% today and way, way, way off its highs. Let's go, Brandon.

Oil surges, as predicted, once the debt bill passed:

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Back to the Bakken

Active rigs: 36.

WTI: $72.03.

Natural gas: $2.199.

Peter Zeihan newsletter. E-mail campaign archive.

Sunday, June 4, 2023: 8 for the month; 118 for the quarter, 373 for the year
39243, conf, CLR, Meadowlark FIU 6-6HI,

Saturday, June 3, 2023: 7 for the month; 117 for the quarter, 372 for the year
39190, conf, Ovintiv, Rolfsrud 152-96-32-29-15H,
38967, conf, Hess, GO-Aslakson-156-97-2734H-6,
38629, conf, Whiting, Kannianen Federal 11-4TFHU,

Friday, June 2, 2023: 4 for the month; 114 for the quarter, 369 for the year
39294, conf, Petro-Hunt, Hot Rod 149-102-27B-26-3H,

RBN Energy: Hawaii -- the move away from fossil fuels is easier said than done.  

t has become abundantly clear over the past couple of years that energy transition isn’t going to be a straight line leading directly to abundant carbon-free power and a net-zero world. All sorts of obstacles have popped up, indicating that the energy industry’s trilemma of availability, reliability and affordability not only clash with each other, they can also conflict with environmental priorities. The challenge is being felt now in Hawaii, where a commitment to expanding energy production from renewable sources and tamping down the use of fossil fuels while also keeping prices under control and reducing pollution is turning out to be no easy feat. In today’s RBN blog, we look at Hawaii’s recent efforts to phase out coal- and oil-fired power generation, why that’s turned out to be easier said than done, and what it all means for environmental performance and energy prices.