ResNet Review is the Energy Newsletter for the Shalennial Generation

Here’s our top Energy Headlines for August:

1. THE LOVE IS REAL BETWEEN ENVIRONMENTALIST’S AND FOREIGN OIL 😘

2. BIDEN BALANCES BUDGET WITH LUCRATIVE WIND PROJECTION AUCTION 🤪

THE LOVE IS REAL BETWEEN ENVIRONMENTALIST’S AND FOREIGN OIL

• A coalition of environmental groups sued the Biden administration over its upcoming oil and gas lease sale, which will auction off 67 million acres in the Gulf of Mexico.

  • As a lover of foreign oil, this is great news. Why would we produce oil 200 miles off our own coast when we can simply buy oil from countries that hate us and ship it from 7,000 miles away?

• Earthjustice filed the lawsuit Friday on behalf of Healthy Gulf, Bayou City Waterkeeper, Friends of the Earth, Center for Biological Diversity, Natural Resources Defense Council, and the Sierra Club.

  • The lawsuit gained additional support from a handful of other environmental groups, including Sanctimonious Advocates of Hypocritical Logic Foundation, The Citizens Coalition of People Willing To Complain About A Problem But Do Nothing To Actually Solve It, and our personal favorite: Proud Boys In Love with Greta Thurnberg

BIDEN BALANCES BUDGET WITH LUCRATIVE WIND PROJECTION AUCTION

• The Biden administration's first ever auction of offshore wind development rights in the Gulf of Mexico ended with a single $5.6 million winning bid on Tuesday, reflecting meager demand for the clean energy source in a region known for oil and gas production.

  • Congrats to the fed on the huge payday. To contextualize, given a $5.8 trillion annual federal budget (around $11 million per minute), this auction's proceeds will cover the government's expenses for slightly over 30 seconds. Few more wind deals and we won’t ever have to talk about default again!

• Germany's RWE (RWEG.DE) won rights to 102,480 acres off Louisiana, while the other two lease areas on offer off Texas received no bids.

  • Wait a minute, so we’ve got one auction that went to the only bidder, and two other auctions that had zero bidders. Did RWE buy this deal at NAPE!?!

• A spokesperson for RWE said the sale was "a great opportunity to enter the Gulf's offshore wind industry at the ground floor" and noted that the first lease sales in the Atlantic had similar participation and prices.

  • Not to question the prowess of Germany when it comes to their excellent track record in Energy, but wouldn’t the fact that the first sales in the Atlantic had similar prices and this time around you were the ONLY bidder be… not something to point out?

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