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MORNING ENERGY NEWS | 02/21/2020
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** The reports of coal's death have been greatly exaggerated. Even Nanny Bloomberg's publication sees it.
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Bloomberg ([link removed]) (2/20/20) reports: "At least five of America’s coal producers went bankrupt in 2019. Prices for the fossil fuel have plunged 40% since a 2018 peak. And some of the nation’s largest miners are retrenching and slashing their dividends. But don’t be mistaken: The fight against climate change hasn’t killed off Coal Country yet. Instead of pouring money into dividends and buybacks, the nation’s largest coal producers say they’re hoarding cash to weather what they see as an impermanent storm. Overall, the industry returned more than $1 billion to investors last year before retrenching. The goal this year: Be ready to start mining again and paying dividends at the first sign of a market revival. They’re betting that prices will bottom out in the first half of 2020 before rising in the second half as production declines and global consumption
gains...Optimism within the industry is probably stronger among companies producing coal used by steelmakers, Dudas said. Still, thermal coal might also see a gain with a hot summer or a colder winter, he said. Because of the lower prices, higher-cost mines are being shut down and there’s been a wave of bankruptcies. The result, according to Dudas: 'Supply comes off the market, inventory levels start to get worked off and, eventually, we will have more demand and that will move the price cycle higher.'"


** "Europe has been paralyzed by faddish, fact-free claims of activist NGOs pushing political agendas. It needs to wake up and see what happens when these anti-scientific doctrines descend on the African continent."
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– James Njoroge, European Scientist ([link removed])

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Another day, another horror story from California.

** San Francisco Chronicle ([link removed])
(2/20/20) reports: "Amid ongoing debates and lawsuits, natural gas bans keep gaining momentum as Bay Area cities encourage people to rely more on electricity for home appliances and less on fossil fuels. On Thursday, the California Energy Commission unanimously approved new municipal building codes — which include strict policies for natural gas use in new homes — in nine local cities: Berkeley, Santa Rosa, Healdsburg, Windsor, Palo Alto, Los Gatos, Milpitas, Mountain View, and Brisbane. The policies take effect immediately. 'We fully support and welcome and encourage local government leadership to decarbonize the building sector. It’s been absolutely essential,' Energy Commission chair David Hochschild said at Thursday’s meeting...The movement against gas has triggered a complicated and contentious debate. While supporters of gas bans say that relying more on electricity is necessary to reach ambitious climate change goals, opponents point out electricity is an unreliable source with the
prospect of more public safety power shut-offs...The California Restaurant Association argued in its most recent court filing on Feb. 10 that Berkeley’s ban affects restaurant owners and chefs 'who rely on natural gas for their manner and speed of food preparation and for an affordable and reliable energy source.'"

Will Virginia be next?

** Utility Dive ([link removed])
(2/14/20) reports: "The Virginia Clean Economy Act, narrowly passed by both chambers of the state legislature, sets one of the largest energy storage targets in the country at 2.4 GW by 2035 and pushes state regulators to devise a carbon dioxide cap and trade program that complies with the Regional Greenhouse Gas Initiative (RGGI). The act, which requires Virginia’s electric utilities and competitive suppliers to generate electricity from 100% renewable energy by 2050, passed on the same day that Dominion Energy, by far the state’s largest utility, announced its own commitment to achieve net-zero emissions by 2050. Other provisions of the legislation give regulators additional powers to block the construction of new power plants that emit carbon dioxide, a potentially significant change for a state that has attracted criticism for an alleged glut of natural gas-fired power plant construction in recent years."

And it's not just the coastal elites getting in on the action.

** The Center Square ([link removed])
(2/19/20) reports: "Illinois lawmakers moved forward Tuesday with legislation that would require high-voltage outlets to be installed in most new construction, renovations, and a significant portion of all parking garages to allow for electric car charging. House Bill 4284 is similar to a mandate in California. It requires any new residential construction to have a dedicated circuit that runs to the garage or all parking spaces to make it 'electric vehicle ready.' The measure 'provides that a new or renovated residential building is required to have a certain percentage, based on the number of units in the residential building, of its total parking spaces either electric vehicle ready or electric vehicle capable,' according to the text of the bill. Any new residential property with six or fewer parking spaces would have to have a dedicated outlet for each spot under the terms of the bill. Fewer than 8,000 electric vehicles were registered in Illinois in 2017, according to the U.S.
Department of Energy. Electric vehicles can use a normal outlet, but charge faster with a 240-volt outlet similar to an electric dryer outlet."

At least there are still some states interested with the prosperity that comes with unleashing their energy potential.

** Pittsburgh Post-Gazette ([link removed])
(2/15/20) reports: "Rep. Conor Lamb, D-Mt. Lebanon, on Friday condemned legislation that would impose by 2025 a nationwide ban on fracking, a natural gas drilling technique that helped create thousands of energy jobs in Pennsylvania while drawing criticism from environmental advocates who want to move away from fossil fuels. Mr. Lamb, in a letter penned to House Speaker Nancy Pelosi, D-Calif., urged the House to reject the bill, introduced this week by Rep. Alexandria Ocasio-Cortez, D-N.Y., and Rep. Darren Soto, D-Fla....'If this bill were enacted — and survived likely court challenges — it would eliminate thousands of jobs in my state and likely millions across the country,' Mr. Lamb wrote. 'It would also remove from our energy grid the source of power that has been most responsible for reducing carbon emissions in our country.' Mr. Lamb suggested the elimination of fracking would have little practical impact on the fight to curb climate change...Mr. Lamb has been outspoken in criticizing
other Democrats who propose rolling back industry as a way to fight climate change. He disagreed with Pittsburgh Mayor Bill Peduto’s opposition, announced last fall, to any more petrochemical plants in the Pittsburgh region."

If you oppose a carbon tax, please ** contact us and take a stand (mailto:[email protected]?subject=Carbon%20Tax%20list)
.

Tom Pyle, American Energy Alliance
Myron Ebell, Competitive Enterprise Institute
Phil Kerpen, American Commitment
Andrew Quinlan, Center for Freedom and Prosperity
Tim Phillips, Americans for Prosperity
Grover Norquist, Americans for Tax Reform
George Landrith, Frontiers of Freedom
Thomas A. Schatz, Citizens Against Government Waste
Richard Manning, Americans for Limited Government
Adam Brandon, FreedomWorks
Craig Richardson, E&E Legal
Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Nathan Nascimento, Freedom Partners Chamber of Commerce
Isaac Orr, Center of the American Experiment
David T. Stevenson & Clint Laird, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Mandy Gunasekara, Energy 45
Jack Ekstrom, PolicyWorks America

Energy Markets


WTI Crude Oil: ↓ $52.96
Natural Gas: ↓ $1.87
Gasoline: ↑ $2.46

Diesel: ~ $2.87
Heating Oil: ↓ $166.61
Brent Crude Oil: ↓ $58.16
** US Rig Count ([link removed])
: ↑ 810



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