DAILY ON ENERGY: • Unaddressed refining constraints • Yellen says cuts are bad for the world economy • Germany announces $93 billion gas price relief plan
UNADDRESSED REFINING CONSTRAINTS: With retail fuel prices on the upswing again, the nation’s refining capacity constraints are coming back into focus as the Biden administration battles industry over the causes of and solutions to rising costs.
Since 2019, some 1.1 million barrels of capacity has either been shuttered or converted to manufacture renewable fuels, with more planned in coming years. Globally, the number is in the 3 million barrel range, limiting the volumes of fuel refiners are able to manufacture and putting pressure on prices.
Where Biden stands: President Joe Biden, in June letters to top refiners, acknowledged the shortage of refining capacity at the time and called it a “global challenge and a global concern” driven by factors that predated his tenure. The White House at the time floated potentially using the Defense Production Act to refine more oil.
“I think there's a level of frustration that nothing can be done but, you know, the reality is very little can be done,” an oil industry source told Jeremy. “Refiners are running all out.” … MEANWHILE, DEMOCRATS ASK CONGRESS TO HALT SAUDI ARMS SALES: Two congressional Democrats are proposing new legislation that would halt arms sales to Saudi Arabia, saying in a Politico op-ed that the move would allow for a potential rebalance of U.S.-Saudi relations and pressure the kingdom to reverse its “embrace” of Russia.
Khanna noted on Twitter Friday that the U.S. supplies Riyadh with 70% of its weapons: “For them to drive up energy prices for the American people is outrageous,” he said. “It’s simple. If the Saudi-led OPEC+ doesn’t reverse their decision, the US should stop sending them weapons.” French President Emmanuel Macron also called for a quick end to the crisis:"Negotiations are under way and on track...I hope that in the coming hours, the soonest, this can be resolved. Blocking is not a way to negotiate," Macron said.
RIVIAN STOCKS PLUMMET FOLLOWING RECALL NEWS: Shares of EV maker Rivian dropped by roughly 10% this morning after the automaker announced Friday that it is recalling nearly all of its vehicles due to an issue with its fasteners, which it discovered may not have been fully tightened in all of its vehicles.
“We DO NOT boycott the energy industry,” the page says in big, bold letters, adding that BlackRock has invested $170 billion in American energy companies on behalf of clients, “including pipelines and power generation facilities.” Still, large firms, including BlackRock, continue to finance oil and gas projects, to the chagrin of environmentalist critics who contend they are moving too slowly to go green.
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