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ResNet Review
Volume 17
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ResNet Review is the Energy Newsletter for the Shalennial Generation
Here’s our top Energy Headlines for April:
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BIDEN <3 OIL COMPANIES (FOR NOW)
Heading into an election in which energy prices figure to be a key issue, President Biden and some of the country’s biggest oil companies have reached a surprising détente.
Is this true love or just fake news? Feels like we’re still in the honeymoon phase. Need Joe Biden attending NAPE next year to know it’s actually serious. Until then, let’s just see.
The truce comes after years of acrimony: The White House routinely slammed windfall oil-and-gas profits as pump prices surged in 2022, and industry executives bemoaned Biden’s campaign promise to transition the U.S. away from oil.
Yes, these two new lovebirds go way back. Biden was actually born the same year oil was discovered (1859). They’ve been around the block a few times and certainly haven’t always seen eye-eye over the years.
The biggest point of contention lately has been that Biden hates profitable American companies (especially when they create lots of jobs and provide energy security to the US).
Lately though, top executives from Exxon Mobil, Occidental Petroleum and other producers say they have enjoyed cozier relations with the White House, spending more time discussing—and sometimes influencing—the administration’s thinking on climate investments, energy policy and global oil markets with top Biden officials.
Discussing energy policies with actual energy companies? Not sure I follow the logic but sometimes love makes you do crazy things.
The relationship could soon be put to the test. Gasoline prices are up more than 40 cents from the start of the year and are expected to increase further in the summer driving season. If Americans are experiencing pain at the pump as the election nears, the oil industry may once again be a useful foil for Biden.
While love is powerful, it’s hard to imagine Biden violating his personal credo: “If gas prices are low, it’s because of the government. If gas prices are high, it’s because of the greedy oil companies.”
NAT GAS TO THE MOON (IN 5 YEARS)
The cutting edge of technology is driving the power grid back to the 19th century. An explosion of so-called hyperscale data centers in places such as Northern Virginia has upended plans by electric utilities to cut the use of fossil fuels.
This publication is going to perpetuate the hype-cycle of “AI power demand will skyrocket energy commodity prices” until nat gas prices are above $10. Strap in.
These giant data centers will provide computing power needed for artificial intelligence. They are setting off a four-way battle among electric utilities trying to keep the lights on, tech companies that like to tout their climate credentials, consumers angry at rising electricity prices and regulators overseeing investments in the grid and trying to turn it green.
If only we had an abundant source of significantly cleaner energy capable of meeting outrageous demand growth.
Ground zero for the fight is Northern Virginia’s “Data Center Alley.” About 70% of global internet traffic passes through the area’s data centers. A spider web of power lines connecting data centers to the grid crisscross neighborhoods and parks. More are coming.
If only Data Center Alley was located in close proximity to the largest natural gas field in the country.
Dominion Energy, which supplies electricity to most of the data centers in Virginia, expects their power use to quadruple over the next 15 years, representing 40% of the utility’s demand in the state. Duke Energy told regulators it needs three new gas-fired power plants in the Carolinas.
We’ve said it before and we’ll say it again. Being enslaved to AI-powered robots 40 years from now is a justifiable trade-off if it means we don’t have to stare at $1.61 HH price every day.
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Best of EFT
Reminder:
Energy sources that work based on weather conditions are shit.
Thank you
— NextWave EFT (@NextWaveEFT)
10:22 AM • Mar 31, 2024
“Hey guys, Yep Geology is on the line”
*hits mute for 59 mins*
— Clint Barnette (@clintbarnette)
11:38 PM • Apr 2, 2024
New custom tee shirts just dropped
— WTI Realist (Profiteer) (@WTIBull)
8:49 PM • Apr 15, 2024
You wouldn’t last an hour in the asylum where they raised me
— Real PETE (@RealPETE2020)
4:09 PM • Apr 25, 2024
Me rolling up to the ideas dinner ready to pitch CNRL for the 7th consecutive time (the host specifically asked me not to pitch CNRL or I wouldn’t be invited back again)
— WTI Realist (Profiteer) (@WTIBull)
2:19 AM • Apr 21, 2024
🚨 Friday Night Rollcall 🚨
Who's on, what're you drinking, what's for dinner?
This week's Sad Natty Boi episode hosted by LandmanLife, @Tejanobrown@Hotdogremix@colinmhngry@wtxoil
Keeping the seat warm with @StreetBomber until @EnronChairman returns
Tune in, Like, RT,… twitter.com/i/web/status/1…
— 𝙇𝙖𝙣𝙙𝙢𝙖𝙣𝙇𝙞𝙛𝙚 (@LandmanLife)
11:00 PM • Apr 12, 2024
Geologists when asking if they can drill another dry hole
— Evil E&P Empire (@EvilEnPEmpire)
10:11 AM • Mar 8, 2024
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AI Generated Image for the Well Name of the Month Goes To…
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Well Name: | Rain 149-93-08A-12H TF |
API: | 3302502177 |
Location: | Dunn County, ND |
Operator: | Enerplus |
Coming to an Event Near You!
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A Little About ResNet
ResNet AI Inc. is an oil and gas software company that specializes in operations surveillance and asset management software, as well as bespoke digital & reservoir services. Our mission is to Unite the Field & Office towards common corporate objectives. Our software and services are purpose-built for oil & gas applications, and if this newsletter isn’t testimony to that - then you should check out Tinder for the Oilfield, or WellTender, or as we Shalennials call it: Tender 🔥 - where you can swipe right, swipe left, and get the right guy to the right job at the right time 😎
Interested to Learn More?
Check out the link below to see our website
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