ENERGY

Oil prices are surging this morning, playing catch up to gold and crypto,

DOE

• Crude -4.87mm (-275k exp)

• Cushing -875k

• Gasoline +3.328mm

• Distillates +3.454mm

US crude stocks fell for the third straight week (more than expected)

Source: Bloomberg

This draw dragged crude stocks down to their lowest since February…

Source: Bloomberg

The Biden admin added 650k barrels to SPR last week…

Source: (more…)

Authored by Danny Ervin via RealClearEnergy,

I am generally pessimistic about the future of the U.S. due to recent energy policies at the federal and state levels that favor "green" energy technologies, primarily solar and wind.

These policies often distort the economics of power production, leading to a massive misallocation of capital and overinvestment in unreliable solar and wind projects. Reliable electricity supply requires consistency every second of the day, not just (more…)

Authored by Jill McLaughlin via The Epoch Times (emphasis ours),

Drivers in California are paying the highest prices in the nation for gas this summer by nearly 6 cents after a higher gas tax went into effect earlier this month.

A gas station in Huntington Beach, Calif., on May 31, 2024. (John Fredricks/The Epoch Times)

The extra 2 cents per gallon added July 1 was announced earlier this year by the California Department of Tax and Fee Administration. The department is required (more…)