Hints and tips:
...She said that when combined with stable, cheap energy prices in the US, the IRA could have a “toxic” effect on some European industries....
...and 360,000 b/d in 2025....
...The International Energy Agency is out with a new report this morning, urging oil and gas companies to dole out more cash for the energy transition or risk losing out in the path to net zero....
...But Saudi Arabia’s cuts left the group’s output at about 27.8mn b/d last month and there is no sign of that picking up any time soon....
...The IEA forecasts crude consumption to increase by 1.3mn barrels per day this year while Opec this week maintained its growth estimates of 2.25mn b/d for 2024....
...The agency also kick-started a plan this week to dole out $1.55bn to help states and companies slash emissions. Environmental groups welcomed the renewed methane push. But they want more....
...The US Energy Information Administration estimates average prices of about $83/b for the year....
...So it will be worth watching, (a) what the actual implementation or enforcement plan will be and, (b) whether the central government will provide real money to solve the problem....
...Without that, attendees said, the aims of the IRA will ultimately be left unrealised....
...And we're going to replace an old two-lane highway from point A to point B with a major four-lane interstate highway up there. So we'll be able to move a lot more electrons....
...The reason that’s bad is because a) it doesn’t usually work, and b) it just invites retaliation....
...He believes Russian output is down 350,000 b/d since February....
...proposals since the IRA’s passage....
...But the US Treasury needs to decide what the IRA means by “clean” hydrogen....
...“Be careful, there are many people around, don’t use the B word,” the journalist replies....
...But at 12.4mn b/d it’s still well-below the pre-pandemic highs. And the administration does not think last year’s growth rate will be repeated, forecasting a rise of just 250,000 b/d by next January....
...One thing it avoids is the B word. “We debated long and hard about bringing Brexit into it,” Beaufoy says....
...On average, operators say they now need a WTI price of $62/b to profitably drill — up from $56/b last year....
...Yes, even Venezuela, which Platts believes is now producing almost 800,000 b/d....
...We estimate credits enable >$3Bn in cash on B/S by 2026, ie 25% of market cap or $28/sh. We believe this level of cash on B/S from IRA is unappreciated by the Street....
...In the 1980s, when the IRA was staging a campaign of often devastating bombings, Pyms Gallery’s promotion of Irish art in London was politically brave....
...If you want a second spicy topic, check out the FT piece questioning the spreading B Corp movement....
...This amounts to growth of 1.7mn b/d for the year....
...I’ll be watching for signs of the IRA and other climate initiatives shifting more cash into the majors’ low-carbon businesses....
...(Gillian Tett) B is for backlash Companies and other actors are operating in a fiercely contested political environment that will put corporate strategies under new strain....
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