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Buddy, can you spare me some (climate) change?
You hear it all the time. The ‘science’ is settled and 97% of the scientists surveyed agree that we are doomed if we do not curtail use of fossil fuels in the next 12 hours, or whatever time interval they hope will stick.
But, do not worry. As with all previous ‘the world is ending’ predictions, once those predictions fail to materialize, we will be presented with a new and more accurate forecast to fret over.
One which is also endorsed by a different set of 97% of the scientists that were randomly (I am certain) surveyed.
It is almost always better to be informed than platformed. So, in case you are interested in actual facts, from one that is engaged in the climate topic for earning of a living and needs to be accurate, I present this link.
Please excuse my predilection for alliteration, as well as the instrumental lack of inane innuendo insanely intended for influencing, involving, inciting, and attracting interest to any subjects of limited appeal. And, of course, picking up a peck of Pepper Piper’s pickled peters, or something similar like that.
https://townhall.com/columnists/pauldriessen/2022/10/25/lets-talk-about-real-climate-cataclysms-n2614974
Mrs. Smith
I live for the day that climate activists throw mashed potatoes at Pelosi’s ice cream freezer and superglue themselves to John Kerry’s private jet
Yeah, that’ll be the day
Midterm madness is ramping up with the loonie-meter at 4.2
Like a remake of Spinal Tap and Backdraft combined, it can flash to 11 in an instant
Globalists playing with fire
Soft landing please
GSPE, drill Tau2 for team USA
spec
Words straight from the horses mouth. John Kerry, U.S. Special Presidential Envoy For Climate, speaks candidly.
An Excerpt: “…..There are currently proposals for up to twenty new liquid-natural-gas terminals in the Gulf of Mexico, but “we don’t need big new pumping plans,” Kerry said. “We do need to make up for Russia’s gas, that’s legit, but it can’t be huge new infrastructure.”
https://www.newyorker.com/news/daily-comment/john-kerry-is-looking-for-money-to-help-save-the-climate
Now, if we can only get him to stop using his private jet.
https://www.foxnews.com/politics/john-kerrys-family-private-jet-emitted-300-metric-tons-carbon-biden-took-office
Mrs. Smith
Are the operative words ‘tiny’, ‘scissors’, and ‘weedwhacker’? Sounds like extreme caution should be the thought for the day.
100% Reliable Green Energy? All the data I have seen indicates that there is not available land surface in the USA to allow enough windmills and solar farms to generate the amount of electricity we use now, which is 22% renewables and 78% gas, coal, and nuclear. This is not even considering how much more we will need when we go to 100% EVs, which at this time only make up 2% of global transportation. So ‘reliable renewable energy’ sounds like a fool’s errand to me. But then I am not a politician, so who knows?
Has anyone heard about the continuing possibility of a so-called ‘climate emergency’ being pushed by D senators? Seems that there are reports the administration is still having discussions about declaring a ‘climate emergency’ and ordering the shut-down of domestic oil and gas exports if they lose the midterms. And the EPA recently revoked a project permit for a new Phillips 66 oil export terminal near Corpus Christi, Texas (Bluewater Terminal). Bluewater is revising and re-submitting the permit.
This may be a petty and vindictive administration, but surely they cannot be serious about preventing exports of petroleum products. Is this an example of the economic and commodity warfare spec mentioned? Does not the Constitution protect us from this political overreach?
Think of the ramifications of that for a moment. I suppose the next thing might be to suspend future elections. Might as well if they intend to disregard the will of the people when it does not match up with their political goals. Is that a coup or not?
Yes. Hunkering down might be good advice. Just get comfortable and wait it out.
Then visualize yourself asking “Hey, where did all these Chinese soldiers come from?” Perhaps they are here to drill the Tau 2?
How much will China pay for the USA? Will it be a lump sum or installments? Who gets the money? Asking for a friend. Lol.
Mrs. Smith
Super curious!!! When I’m “hunkering till the tide brings domestic energy back” how far down do ya recommend my squats go and for how long?
Heads up! I’m quite flexible with my time
Nope, it can’t hold a candle to my gas tools
I do love it though
It only has one task and it’s a tiny patch that I could trim with scissors
No question that oil & gas are still king and queen of the energy world
Turbulent times and global use of economic and commodity warfare spreads uncertainty in markets
WTI sinks <$85 and NG plummeted <$5
GSPE probably (maybe, hopefully) poised to ink a drilling or operating deal to recapitalize on the eve of regulatory liberation
AKA- hunker till the tide brings domestic energy back to life
Cheers
spec
GSPE Round 2
Do ya know what GSPE’s Friday stock chart reminds me of?
A super spooky flatline
But can it go neck and neck with the gas-powered big boys?
My advice is to make sure your needs and application fall within the limits of the performance offered.
Here are some interesting articles:
https://issuesinsights.com/2022/10/21/bidens-lies-about-energy-can-no-longer-be-ignored/
https://www.americanthinker.com/blog/2022/10/its_not_gasoline_that_should_worry_us_its_diesel.html
https://townhall.com/columnists/spencerbrown/2022/10/20/so-what-is-esg-anyway-n2614725
https://hotair.com/jazz-shaw/2022/10/18/confirmed-new-england-facing-natural-gas-shortages-rolling-blackouts-this-winter-n504063
Mrs. Smith
I’ll lead the way
I got an E-weedwhacker
Who’s next ?
spec
It’s so hypocritical when the fly a private jet to go talk about climate change somewhere.
I will support legislation that will mandate that all politicians, wealthy persons with net annual incomes greater than $1,000,000, and members of all environmental organizations MUST drive and own, including the spouses and children, ONLY EVs or net zero vehicles, planes, boats, even snowmobiles.
This is to allow them to demonstrate the viability of this ‘transition’ away from the fossil fuel economy.
Why put this on the backs of the working man and the poor, when the wealthy are better able to lead or can fund groups to eliminate the green economy?
Time to lower the environmental footprint of the wealthy with their SUVs, private jets, yachts, etc. And for the likes of Al Gore, John Kerry, and others to walk the talk.
Mrs. Smith
Just wondering what are the emissions from making sugar? I am in favor of putting sugar into the fuel of all vehicles in Washington, DC if it will lower political pollution. If we have enough left over, perhaps we can use it in other areas as well. As you indicated, EVs will not be affected.
Mrs. Smith
Hi I've been out of touch for a while, but was reading Mrs Smith's post.
I've been doing some research on bio-fuels: Ethanol. It's an alcohol gas, which burns hotter and faster. (the 2023 Indy 500 will have all the cars running on bio-fuel.)
Well, for those cars, which get about 5 mpg, they burn hot fuel, fast. Their tanks are small and are usually replaced as the cars don't last long. Why is that important? Because alcohol "gasoline" does not store well. Over time, sitting in a tank, it will attract oxygen, hydrogen and such which will become water, which will mix with the alcohol and can become sugar. You want to get zero emissions? Put sugar in your gas tank. The engine will stop running completely and thus solve the pollution problem, if you were having one.
And as pointed out in the article, E-85 is still 15% petrol gas. If your car is not designed to run on that high alcohol based gas, DO NOT PUT IT IN YOUR TANK! GM and Honda, maybe Toyota are the only mfgs with cars able to use it, and that's only in some new models. Other auto makers are working on getting cars that can. But, they're more focused on E.Vs.
All the modified vehicle fuels and jet kerosene still need petroleum gas to power an engine. What about trains and boats? They use fuel oil. I don't know anyone has combined ethanol with it. Oil is here to stay.
Look at the bearing lubricants, wiring, plastic clips and plastic housings on an EV. All are made using petrochemicals. Someone please explain this to our politicians.
Yep, I knew right away I was in trouble when this was my Thursday vibe
Rupert has the breadth of skills to deliver a clear message on the trends and political drivers that got us in our current predicament
Good presentation, thanks
Global climate “tipping point” ? Hogwash
Policy “tipping point” ? We’re at the tip
spec
Rupert Darwall: The Insanity Of Western Energy Policy - Video
https://www.youmaker.com/embed/03cde624-a9ab-4d38-b24c-b84fd424a824?r=16x9&d=1493
Mrs. Smith
A new Congress can mostly nullify the current administration. But Joe can still bombard us with executive orders, and he always has the veto for legislation he does not like.
I see it as more likely a stalemate situation rather than a checkmate one.
Change is coming whether he likes it or not. And I believe one of those changes will be an increase in domestic oil and gas exploration.
Here are some interesting articles:
https://dailycaller.com/2022/10/14/tougaw-renewables-dont-meet-americas-energy-needs-so-why-the-taxpayer-subsidies/
https://meaninginhistory.substack.com/p/briefly-noted-dimon-unbound?utm_source=post-email-title&publication_id=473679&post_id=78292015&isFreemail=true&utm_medium=email
https://www.americanthinker.com/articles/2022/10/the_national_debt_elephant_in_the_room.html
https://nypost.com/2022/10/13/elites-realize-they-need-blue-collar-workers-they-derided/
Mrs. Smith
Crude and Natural Gas easing back WTI low $80’s (83.25) NG <$6 ($5.76)
Bumpity, bumpity, bounce
The energy crisis and consequent market impacts continue to baffle the stuffed shirts in charge of bungling the “Transition”
To compound the problem, freshly minted debt spending at alarming rates is in the cue ($4T) to guarantee continued runaway inflation
One bit of info has finally trickled down to the “public awareness” level (after originating through futurists and visionaries, gathering confirmation through “industry experts” and trade publications, and trumpeted by political opponents, and disgorged by news headlines)
The majority of our country finally KNOWS that …
These insane policies must be reversed ASAP
Cutting off oil and gas to force us toward an option that isn’t capable of responding to the click of a pen ….
…. is STUPID
8-ball in the corner pocket … that’s my call
That means oil and gas will be “green-lighted” in our next congressional session
Carve that in stone (hopefully not my headstone)
Drill Tau2 dammit!
spec
GSPE do you feel it?
Ditto
Good article from Berny Marcus. Spot on. Drill!!!!
https://www.msn.com/en-us/money/markets/he-doesnt-allow-us-to-drill-home-depot-co-founder-bernie-marcus-blames-president-biden-for-oil-supply-issues/ar-AA135GXL
No matter how busy, I always make time to enjoy a quickie
Good music fills my office this morning and if sure beats hearing the ticking of the old grandfather clock as I wait for GSPE to rumble back to life
On L2 - I don’t know if anyone else has noticed but there has been a shift in the b/a that are showing
Not so much on the hour to hour, but more on the several day time frame
Bid hints at being a more solid bottom (everyone likes a firm bottom) and the ASK is fluttering, and currently it only shows 10K shares below the .0073 level
That’s a long reach to slap that ASK but it needs a good slapping ….
…till the sun comes up
maybe more
Rooting for the underdog, the little company, to make it so
GLTA
spec
GSPE your dopamine levels are rising again What a coincidence my serotonin levels are reaching unexpected heights!!
Here’s what I’m thinking. I’ll continue creating a GSPE weekend playlist if you promise to continue vibing with me. Yep, sounds like a really lovely plan. I have limited time today so this weekend’s GSPE playlist is gonna be a quickie!!!
Vibe out
https://www.marketscreener.com/quote/stock/GULFSLOPE-ENERGY-INC-120789957/news/GULFSLOPE-ENERGY-INC-Entry-into-a-Material-Definitive-Agreement-Unregistered-Sale-of-Equity-Sec-42011783/#amp_tf=From%20%251%24s&aoh=16658401376826&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Fwww.marketscreener.com%2Fquote%2Fstock%2FGULFSLOPE-ENERGY-INC-120789957%2Fnews%2FGULFSLOPE-ENERGY-INC-Entry-into-a-Material-Definitive-Agreement-Unregistered-Sale-of-Equity-Sec-42011783%2F. GULFSLOPE ENERGY, INC. : Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securities, Other Events, Financial Statements and Exhibits (form 8-K)
10/14/2022 | 04:15pm
Item 1.01 Entry into a Material Definitive Agreement.
Securities Purchase Agreement
On October 10, 2022, GulfSlope Energy, Inc. (the " Company "), entered into a Securities Purchase Agreement (" SPA ") with one or more buyers identified on the signature pages thereto (" Buyers ") attached hereto as Exhibit 10.1. Under the terms of the SPA, the Company will issue and sell to Buyers up to an aggregate of $650,000 of convertible promissory notes (" Convertible Notes"), which shall be convertible (as converted, the " Conversion Shares ") into shares of the Company's common stock, par value $0.001 per share (the " Common Stock "), of which $55,000 shall be purchased upon the signing of the SPA (the " First Closing "), with additional tranches of financing subject to further agreement by and between the Buyer and the Company. The SPA contains customary representations, warranties and agreements by us and customary conditions to closing.
Additionally, the sale of the Convertible Notes is being made pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the " Securities Act "). See "Convertible Notes" below.
The above description of the SPA does not purport to be complete and is qualified in its entirety by the full text of such SPA, which is incorporated herein and attached hereto as Exhibit 10.1.
Convertible Notes
Pursuant to the terms of the SPA, at the First Closing (the " Issuance Date "), the Company sold to Buyer a Convertible Note. The principal amount of the Convertible Note is $55,000 (as reduced pursuant to redemption, conversion or otherwise, the " Principal "), it has an annual interest rate equal to 8% (the interest paid on the outstanding Principal at the applicable interest rate, the " Interest ") and a maturity date of April 8, 2023 (the " Maturity Date "). At the Maturity Date the Company shall pay to the Holder (as defined in the Convertible Note) an amount in cash representing all outstanding Principal and accrued and unpaid Interest.
Subject to the terms of the Convertible Note, six months after the Issuance Date, the Holder is entitled to convert at the Conversion Price (as defined below) any portion of the outstanding and unpaid Principal and accrued Interest (the " Conversion Amount ") into fully paid and nonassessable shares of Common Stock. The number of shares of Common Stock issuable upon conversion of any Conversion Amount is determined by dividing (x) such Conversion Amount by (y) the Conversion Price. The " Conversion Price " is 65% of the lowest daily VWAP price (as reported by Bloomberg, LP) for the ten (10) consecutive trading days immediately preceding the date of determination.
The Convertible Debenture contains customary representations, warranties and agreements typical in convertible notes. The Offering was exempt from registration under Section 4(a)(2) of the Securities Act. The above description of the Convertible Notes does not purport to be complete and is qualified in its entirety by the full text of the Convertible Notes, which is incorporated herein attached hereto as Exhibit 10.2.
Item 3.02 Unregistered Sales of Equity Securities.
The applicable information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 3.02. The Convertible Debenture was offered and sold in reliance upon the exemption from registration contained in Section 4(a)(2) of the Securities Act.
Item 8.01 Other Events.
It ain’t over til the fat lady sings!!!!! Let’s gooooooo
Yep, just now got that 8-K
I guess there’s others besides me that are still in
Just a tidbit but it’s a ping on the EKG
Better than AFib
spec
from the 8k, "The “ Conversion Price ” is 65% of the lowest daily VWAP price (as reported by Bloomberg, LP) for the ten (10) consecutive trading days immediately preceding the date of determination.
"
WTI slides to $85 on nervous global demand outlook
Sticky inflation, will it lead to sticky global monetary anxieties?
Who’s national banks are loosening, which are tightening, and why is BOE doing both?
Crazy times, glad to be out of cell signal coverage for most of the week
Bottom line, we still need oil for the growth in GDP that we desperately need for the next several decades
A big chunk of that can be produced responsibly in our GOM
GSPE needs backing to “create value through the drill bit”
I think/hope they will get it and …..
Wait for it ….
Drill TAU2 !!
spec
U.S. EIA ‘Winter Fuels Outlook’, Released October 2022:
https://www.eia.gov/outlooks/steo/special/winter/2022_Winter_Fuels.pdf
“In our Winter Fuels Outlook, we forecast that average household expenditures for home heating fuels will increase this winter because of both higher expected fuel costs and higher energy consumption due to colder temperatures. Compared with last winter, in nominal terms, we forecast expenditures for homes that heat with natural gas will rise by 28%, heating oil by 27%, electricity by 10%, and propane 5% from October–March.”
EIA ‘Short-Term Energy Outlook’, Released October 12, 2022:
https://www.eia.gov/outlooks/steo/pdf/steo_full.pdf
Mrs. Smith
OPEC - ‘Winter Oil Market Outlook’, 10/12/22 Release, Featured Article
FULL REPORT WITH GRAPHS: https://momr.opec.org/pdf-download/res/pdf_delivery_momr.php?secToken2=accept
OECD - Composite Leading Indicators (CLI), October 2022: https://www.oecd.org/sdd/leading-indicators/composite-leading-indicators-cli-oecd-10-2022.pdf
OPEC FEATURED ARTICLE:
In August 2022, global refinery intake level has reached 81 mb/d, the highest monthly level registered since the emergence of the COVID-19 pandemic (Graph 1). The strong product consumption during the summer season, amid positive fuel requirements from the industrial and manufacturing sectors, led to an increase of 2.5mb/d, y-o-y. However, in September, refinery intake fell by nearly 1.2 mb/d m-o-m with the start of peak autumn refinery maintenance in the US and Europe.
Meanwhile, global oil demand is now expected to grow by about 2.6 mb/d in 2022. However, risks are skewed to the downside, with slowing growth in the global economy, if continued, likely leading to lower oil demand in the months to come. While the first half of the year saw good levels of mobility, industrial activity and petrochemical feedstock requirements, the momentum has seen a slowdown due to reduced economic activity in recent months. A decrease in product output since last year due to refinery closures, pipeline and weather issues and other constraints, weighed heavily on total OECD product inventories, raising refinery margins to record-high levels.
On the US Gulf Coast, refinery margins soared to a record high of $49.92/b in June. Nevertheless, seasonal demand for gasoline throughout the driving season in the US was lower than expected, showing y-o-y declines from June to September 2022. In China, the government’s zero-COVID policy restrictions led to a y-o-y decline in oil demand in 2Q22, followed by a brief recovery in 3Q22. The newly announced lockdowns are expected to add to the uncertainty going forward. Looking ahead, refinery runs are expected to slow going into 4Q22 as heavy maintenance work unfolds globally. However, ongoing tightness in product availability, particularly for gasoil, should remain supportive for refinery runs, along with expectations of a slight pick-up in diesel consumption for heating demand amid some additional potential for gas-to-oil switching. This will also depend on the severity of the winter in the Northern Hemisphere. Nevertheless, current signs of economic slowdown may further soften oil market fundamentals beyond the seasonal refinery turnaround period.
Looking to the coming winter season, a seasonal pick-up in heating oil demand due to rising requirements in the Northern Hemisphere is projected. In 4Q22, OECD Europe and Americas, as well as OECD Asia Pacific, are expected to see an increase in demand for fuel oil and distillates required for heating. In addition, rising natural gas prices will potentially lead to some degree of gas-to-oil switching in power generation in
both Europe and Asia, supporting demand for residual fuels, heating oil and other fuels, which are forecast to grow by 0.5 mb/d y-o-y in 4Q22. In OECD Europe and the US, heating oil will be the main driver, followed by residual fuels, while in OECD Asia Pacific, residual fuels and other fuels are expected to drive heating fuel demand. In 1Q23, global demand for heating fuel is expected to grow by 0.6 mb/d, y-o-y. OECD Europe is expected to account for the largest increase by 0.4 mb/d, mostly heating oil. Heating fuel demand in OECD Asia Pacific is also expected to grow by 0.1 mb/d, y-o-y, while the US is forecast to show only marginal y-o-y growth.
Looking ahead, and despite the usual seasonal hike in oil demand for heating, the challenges presented by the heightened levels of uncertainty, the slowing economic growth and a possible resurgence of COVID restrictions in China and elsewhere are expected to impact oil demand in 2022 and 2023. With this in mind, the participating countries of the Declaration of Cooperation (DoC), in their 5th October 2022 meeting have pre-emptively and proactively decided to adjust their overall production, starting November 2022, downward by 2 mb/d (from the August 2022 required production levels), in an ongoing and relentless effort to provide a sustainable stability to the market.
Mrs. Smith
Not enough volume to make any movement meaningful
WTI slides to $88
Holding my shares
But not holding my breath waiting for the tide to turn
spec
I know it, it is true... I live in BC where we are cutting vast amounts of virgin timber to pulverize and compress into pellets to ship to "Drax" and other electric generating plants for their green agenda.
It is a complete disgusting and head spinning fools game that most of us just turn a blind eye to. Makes no sense at all, and the amount of energy spent to make the pellets turns it into a huge negative carbon footprint loss.
Hypocrisy exists in many areas. But one of the most egregious is in the lengths some use to perpetuate the renewable energy fable at the expense of fossil fuels. It is often just a shell game, and if you take your eye off the pea, you will find that a switch has been pulled.
Besides using fossil fuel energy to enhance quality of life in an environmentally supportive manner, my other two environmental sensitivities are protecting the forests and the oceans. So imagine my distress on this discovery.
The attached link outlines the details behind the ‘slight of hand’ (a euphanisum for deception) being used in the UK. These forests are practically irreplaceable and how these can be sacrificed for a green agenda (???) is tragic. The thing most ‘green’ here are the bills being stuffed into the pockets.
To me it looks more like the dishonest trying to take advantage of the public trust for personal enrichment.
What does it look like to you?
Is anything like this happening in your ‘neck of the woods’?
Link below:
https://finance.yahoo.com/news/drax-uk-power-station-owner-235313776.html
Mrs. Smith
But what if, as a nation, we accepted that we will need to learn to live on a couple of million barrels of oil per day less?
What if we do not pass up on the offer of higher gasoline and electricity prices? Actually higher prices for everything. Higher taxes too. Only thing going lower is the standard of living for all Americans that are not wealthy.
Do not forget to add in 3 more generous helpings of inflation, 2 heaping cups of open borders, and a big dose of crime. Mix well.
You now have a recipe for USA 2024. Refrigerate after opening because it is going to STINK.
One thing we can do, when it comes to domestic energy for the future, is to think ‘purple’, looking beyond just red and blue, allowing all available energy options to be utilized.
And part of that resolution is to drill Tau 2.
So, “Yes!”, I am positively there too.
Mrs. Smith
Between the OPEC cuts and the new EU sanctions on Russian products (and items from third party countries that incorporate them) that just dropped this weekend …
Holy cow, the markets are shifting bigly
The crack spread, refined product tanker capacity, EU’s looming Nat Gas catastrophe, Saudi slamming our senseless energy restrictions …
Epic times in global energy markets
I can’t tell anyone how to play their cards on this, GSPE is just a little part in a huge market
Mark my post, this global pivotal period isn’t going to be a big event in history …..
It’s here, and it’s HUGE!
GulfSlope can be a zip code changer in the inevitable storm surge
But only if we get a drilling deal together
That’s my hope and I still believe the opportunity is ripe for a partner to light the fuse with an infusion of cash
Drill ready …..
Do it!
spec
Will the new OPEC actions force the current administration to do the ONLY thing that will curb rising fuel prices? My guess is not, but it definitely puts more stress on them to do what is necessary..
I’ve had this tinglin’ feelin’ all week my GSPE vote was the swing vote. I just had to check and see. I know it wasn’t even close. Musta been sumn else
My GSPE vibe
Full moon coming up this weekend
It’s the “Pink Moon”
Maybe the pink sheet stock GSPE will get….
….. Craaaaazy
spec
Confusing is the word I use to describe the country’s domestic energy policy as it stands today.
And it is evident that the current administration has no intent to change course, therefore we will crash on the rocks at full speed ahead.
This heading will result in the U.S. being grounded on the reef with the bottom ripped out, while all of us try to find a lifeboat before the ship gets broken up by the waves, and sinks to the bottom.
There are not many reasons to pursue a policy with the outcome conferred by this one. But one is coming in to focus. Can you see it now?
And the hipocrisy simply overwhelms any pretense of a serious solution. Venezuelan oil? Really?
Are we willing to punish lower and middle income Americans just to harass the oil companies? I would like to know.
Although we must read between the lines to find the true intent of this energy policy, the truth is evident to anyone willing to look. It is not even that hard to see. I admit, it is a little harder to believe.
More action is needed. But will we have to wait until the majority of the population abandons belief in the rhetoric of renewable energy before we can reverse the war on fossil fuels?
If these energy policies continue, we will be half the country we are now. Half the strength. Half the wealth.
Do we have the resilience and wherewithal to persevere and prevail? I suppose we must. We have no other choice. I speak neither Chinese nor Russian, lol.
The real question is will we have the time? Time may possibly be the commodity we run out of first.
But, right now, I must go howl at the moon. Want to join me?
One if by land, two if by sea. If by air, use all three.
Mrs. Smith
Interior Department Moves Forward with Leasing Provisions Mandated in Inflation Reduction Act, DOI 10/6/2022 News Release.
https://www.doi.gov/pressreleases/interior-department-moves-forward-leasing-provisions-mandated-inflation-reduction-act
WASHINGTON — The Department of the Interior today announced next steps that the Bureau of Ocean Energy Management (BOEM) and Bureau of Land Management (BLM) will take to comply with congressional direction on oil and gas leasing through the Inflation Reduction Act (IRA).
The IRA is a historic and transformational investment toward achieving President Biden’s ambitious goals to tackle the climate crisis while lowering costs for working families and creating good-paying jobs. It will enable the Interior Department to continue playing a leading role in the transition to a clean energy economy.
As the Department implements the IRA, it will continue to conduct robust environmental reviews and strong engagement with local, state and Tribal governments, stakeholders, community leaders and the American public.
Offshore Leasing Provisions
BOEM has prepared a Draft Supplemental Environmental Impact Statement (EIS) for two Gulf of Mexico oil and gas lease sales – Lease Sales 259 and 261. Congress directed that Lease Sale 259 be held by March 31, 2023, and Lease Sale 261 by September 30, 2023.
Onshore Leasing Provisions
The Department is committed to taking action that reflects a balanced approach to responsible energy development and management of our nation’s public lands. The IRA provided important modernization of the BLM’s oil and gas leasing program, including increasing the minimum royalty rate, minimum bid, and rental rates; assessing a fee for the filing of Expressions of Interest (EOIs); and eliminating non-competitive leasing.
Today, the BLM announced it will begin scoping for the next onshore oil and gas lease sales in New Mexico and Wyoming, under a strategy that includes onshore lease sales consistent with the terms of the law.
The BLM’s New Mexico office has posted for public comment a review of 45 parcels totaling 10,123 acres and the BLM’s Wyoming office is making available for public comment a review of 209 parcels totaling 251,087 acres. Scoping notices from other states to evaluate additional potential sale parcels will be posted in the coming weeks.
Those sales will implement the new fiscal terms as outlined in the IRA.
API Urges Department of the Interior to Support American Energy Security, Economic Strength with 5-Year (2023-2028) Offshore Program.
API’s submitted comments are available here: https://www.api.org/~/media/Files/News/2022/10/06/API-Comments-on-Proposed-Five-Year-Program
WASHINGTON, October 6, 2022 – The American Petroleum Institute (API) today submitted comments urging the Department of the Interior to open offshore acreage to safe and environmentally responsible American energy development. In the comments in response to the 2023-2028 National Outer Continental Shelf Oil and Gas Leasing Proposed Program and Draft Programmatic Environmental Impact Statement, API highlighted the importance of offshore leasing to U.S. economic strength and energy security and called on the Department of the Interior to uphold their statutory responsibility to take current and future energy needs into account by promptly issuing a final program that includes 11 lease sales.
Oil production from federal waters provides approximately 628 million barrels – or more than 15 percent – of total U.S. oil production. On June 30, 2022, as the current 5-year program expired, Interior put the U.S. in the unprecedented position of having a substantial gap between programs for the first time since this process began in the early 1980s. Without a 5-year program in place, no new offshore lease sales can be held outside of the three sales mandated by the Inflation Reduction Act, limiting domestic producers’ ability to meet future energy demand. According to an API poll from earlier this year, 9 in 10 Americans support the U.S. developing its own domestic sources of energy rather than relying on other regions of the world and 84 percent agree that producing natural gas and oil here in the U.S. helps make our country and allies more secure against actions by other countries such as Russia.
“The U.S. is now a global leader in both energy production and emissions reductions, thanks to the innovation and vitality of the U.S. oil and natural gas industry,” said Cole Ramsey, API vice president of upstream policy. “The ability of U.S. producers to provide more oil and natural gas supplies to the world market has also changed geopolitical dynamics for the better, resulting in greater energy security for the U.S. and its allies, in addition to global environmental benefits. Given the current global circumstances, rarely has a strong offshore leasing program been more essential to our energy security.”
In the comments, API expressed concern over the Proposed Program’s option to issue a final program with zero lease sales, which would jeopardize domestic production and weaken American energy security. According to a recent study conducted by API and the National Ocean Industries Association, a two-year lapse in federal offshore leasing could mean nearly 500,000 barrels per day less of production, cost nearly 60,000 American jobs and sacrifice billions in lost state and local revenues by 2040.
“The decisions made regarding future leasing will have short- and long-term implications for our nation’s energy and national security, prospects for job creation, and government revenue generation,” said Ramsey. “It is beyond time for a comprehensive energy policy that includes a robust offshore leasing program that ensures essential energy resources are made available; encourages investment opportunities and accelerates infrastructure development; and strengthens energy security, affordability, and reliability.”
API represents all segments of America’s natural gas and oil industry, which supports more than 11 million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our approximately 600 members produce, process and distribute the majority of the nation’s energy, and participate in API Energy Excellence®, which is accelerating environmental and safety progress by fostering new technologies and transparent reporting. API was formed in 1919 as a standards-setting organization and has developed more than 800 standards to enhance operational and environmental safety, efficiency and sustainability.
Well, we’re coming up on a full moon so it’ll get even loonier
Venezuela can’t fill the gap from the OPEC cuts so with all other variables counted there’s a near certain upswing in crude prices ahead
SPR drained to the lowest level in decades
It all adds to the pressure building to reverse the war on fossil fuels
It’s coming
But when?
Hopefully, the probability of that reversal in policy will spur investment in a deal that includes GSPE
If it does, we’re in for a rocket ride
spec
I trade off charts.
I invest off fundamentals.
I gamble on GSPE. LOL. JK.
I think you’re both right. Charts work for liquid stocks. This isn’t one so the chart doesn’t matter here. All that matters here is the fundamentals of whether we drill / find oil and gas.
But for the rest of the market it’s a combo of technical / fundamental analysis that drives price movement.
We agree to disagree , and I respect this
I just hope this doesn’t teach 000 junk status
CNN correspondent Kaitlan Collins tweeted “Top White House officials say President Biden is “disappointed by the shortsighted decision” from OPEC+ to cut oil production by 2 million barrels/day & that his admin will “consult Congress on additional tools and authorities to reduce OPEC's control over energy prices.”
Well here is an idea, slash regulations against the oil and gas industry and support more drilling, ASAP.
Note: I believe the U.S. is scheduled to release 1 million barrels/day through the end of November from the SPR.
The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022.
In light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive, which has been consistently adopted by OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to:
1. Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021.
2. Extend the duration of Declaration of Cooperation until the 31st of December 2023.
3. Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries as per the attached table. https://www.opec.org/opec_web/static_files_project/media/downloads/Production%20table%20-%2033rd%20ONOMM.pdf
4. Reconfirm the baseline adjustment approved at the 19th OPEC and non-OPEC Ministerial Meeting.
5. Adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC).
6. Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every 6 months in accordance with the ordinary OPEC scheduled conference.
7. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.
8. Extend the compensation period to the 31st of March 2023. Compensation plans should be submitted in accordance with the statement of the 15th OPEC and Non-OPEC Ministerial Meeting.
9. Reiterate the critical importance of adhering to full conformity.
10. Hold the 34th OPEC and Non-OPEC Ministerial Meeting on 4 December 2022.
Well, maybe. Drilling exploration wells is risky enough as it is, and I fail to see how the sentiment in the market applies across the board to different companies and stocks.
GSPE is not XOM, and things that might wreck GSPE will not even cause XOM to wiggle. Some parallels perhaps, but could be apples and oranges just as easy.
So, to base investment decisions on the perceptions of others, those you do not know, and put all the money on their collective calculations, without knowing what it is they really do know, well it all sounds like a good way to lose your ‘ask’.
In conclusion, the best way to know the outcome is to drill the well. Just like the old driller’s saying, “keep it turning to the right”.
And Mr. Sietz is still doing that. There is nothing else left to say at this point.
Mrs. Smith
I’m well insulated
…and experienced in handling high voltage
spec
Well then .000 won’t be a shocker
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