Saturday, April 16, 2022
Friday, April 15, 2022
President Biden Blinked -- April 15, 2022
Royalties:
- from 12.5% to 18.75%
- very, very reasonable; that's what mom-and-pop mineral owners in the Bakken expect (18.75%)
Area to be "freed up" for permits:
- 144,000 acres
- an 80% reduction from the footprint of land that had been under evaluation for leasing
Comments:
- the three more recent Biden announcements in an attempt to lower gasoline prices at the pump:
- historic, unprecedented, record-breaking release of the SPR: to date, no effect on crude oil prices;
- E15 mandate for refiners; 2% of all retail outlets offer E15; most are in the midwest (fly-over country); and where available, most consumers do not want;
- backtracking: allowing drilling on federal land:
- of the three, the third, politically, is perhaps the most remarkable of all his announcements
- the area involved is so small it will make no difference, none whatsoever
- however, this was a huge blow to his ever-decreasing constituency;
- this was his campaign promise: no drilling on federal land
- this suggests his team is really, really in a panic over price of gasoline determining outcome of the midterm elections later this year
- the administration has run out of arrows in the quiver to affect gasoline prices
Week 15: April 10, 2022 -- April 16, 2022
Top story of the week:
- Joe Biden is still president.
- Ukraine sinks Russia's flagship battleship, the Moskva ("Moscow") -- truly legendary;
- Putin's War entering its sixth week.
- President Biden backtracks: will now allow drilling on federal land. And, here.
- Winter Storm Greta wallops North Dakota: three-day blizzard shutting down everything. Snow totals here. And, here. And, here. Historic blizzard.
Top international non-energy story:
- Tea leaves suggest Russian economy will implode in the next week or so.
- Much of China still under Covid lock down.
Top international energy story:
- Price of oil pretty much back where it was prior to the announcement that the US would release historic amount of oil.
Top national non-energy story:
- A Texan, Scottie Scheffler, wins The Masters in Augusta, Georgia;
Top national energy story:
- Natural gas hits $7; inventories could drop below five-year minimum.
- US petroleum / products exports hit an all-time record.
- Plummeting distillate inventories.
- Most astonishing number this week.
- Haynesville natural gas production hits all-time high.
- US gasoline demand slumps.
Top North Dakota non-energy story:
Top North Dakota energy story:
Geoff Simon's top North Dakota energy stories:
Operators:
Operations:
- An XTO Pelton well maintained incredible production over three years.
- Oasis Cliff wells in Willow Creek: nice surprise.
Fracking:
Natural gas:
Pipelines:
Bakken economy:
Miscellaneous:
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