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MORNING ENERGY NEWS  |  03/03/2020
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If you watch one thing today, make it this.


Natural Gas Now (2/28/20) blog: "Nick DeIuliis is not only the President and Chief Executive Officer of CNX Resources Corporation but is also a professional engineer and a lawyer. More importantly, he’s a man of the people, a fellow who grew up in blue collar Pittsburgh and has never forgotten his roots. He describes himself as an introvert; a fellow who is Pittsburgh through and through and admits the best part of visiting New York City is when the wheels lift off the LaGuardia runway and he’s on the way home. But, Nick DeIuliis is also a patriot who believes in America, believes in competition and believes in the future of natural gas, which has 'broken the back' of OPEC and delivered enormous benefits to our nation. He gave a speech the other day that is just remarkable. It focused on those natural gas benefits while also delivering a warning that everything we have gained and the wonderful future we have before us is threatened by the false narratives of haters who would wreck it all; false narratives that absolutely must be corrected. You can read about the speech Nick DeIuliis delivered to the Pittsburgh Rotary Club here and here. But, to truly appreciate what he had to say you need to watch it, especially the beginning where he givers his personal perspective and sets the stage for telling his audience why we need to fight. It’s inspiring."



"Liberals like to say that sustainability is good for business—but mainly for those promoting it."

 

– Allysia Finley,
The Wall Street Journal

What are you doing for National Petroleum Day?


Wall Street Journal (2/28/20) reports: "GEORGETOWN, Guyana—To mark the flow of the world’s biggest oil discovery in years, President David Granger declared a new holiday, National Petroleum Day, on Dec. 20. Backed by soothing Caribbean tunes in a video address to his countrymen, Mr. Granger said oil riches would soon transform this poor South American country, and he would put the proceeds to work for all through a sovereign-wealth fund that prioritized investment in education and infrastructure... Guyana initially signed an exploration agreement with Exxon in 1999. While an assessment by the U.S. Geological Survey had estimated more than 13 billion barrels of crude below the seabed, which wraps around the shoulder of South America, Guyana logged some 40 dry wells before Exxon made its first discovery in 2015, according to Robert Persaud, Mr. Trotman’s predecessor as natural resources minister...Lars Mangal, a former executive for oil field service giant Schlumberger Ltd., said he believes his brother is missing the forest for the trees. He said Guyana could perhaps have extracted better concessions from Exxon, but getting oil flowing quickly was paramount, especially because of long-term questions about global demand for oil."

Why do 'progressives' hate tangible progress?


E&E News (3/2/20) reports: "Interior Secretary David Bernhardt declared Saturday that his department is 'about to finalize a leasing plan' for the Arctic National Wildlife Refuge. During an appearance at the Conservative Political Action Conference, Bernhardt, along with acting Office of Management and Budget Director Russ Vought, also offered abundant praise for President Trump and his efforts to curtail federal regulations. 'Here's the reality: The president campaigned on a vision that he was going to be supportive of energy, energy infrastructure, and support expanding energy on federal lands,' Bernhardt told moderator and former Colorado Rep. Bob Beauprez (R) at the event in suburban Washington. 'Here's the biggest thing he did: There's been a 40-year battle on whether or not there should be development in the Arctic National Wildlife Refuge. He won that in legislation, and we're about to finalize a leasing plan for that, and that's very significant,' Bernhardt continued, referring to the 2017 tax law that opened ANWR's 1.6 million-acre coastal plain to oil and gas development...Bernhardt likewise praised Trump for targeting energy regulations 'and other important things that were a priority to him.'"

We like the part where our fearless leader goes toe-to-toe with Mary Nichols over subsidies. (17:45)

If Senator Braun is really concerned about abuse, he should drop the half measures and go for the kill.


The Hill (3/2/20) reports: "Republican Sen. Mike Braun (Ind.) will propose limits to the electric vehicle tax credit, aiming to eliminate it for the wealthy. He hopes to get rid of the credit for people making above a certain income threshold and to limit the credit for vehicles costing less than $45,000.  A spokesperson for Braun told The Hill in an email that Braun will propose the measures as both their own legislation and as amendments to a sweeping energy bill introduced last week by Sens. Lisa Murkowski (R-Alaska) and Joe Manchin (D-W.Va.) that could be the best chance this year to expand the use of cleaner forms of energy. His measure to limit the credit by income would eliminate it for joint tax returns over $326,600 and individual returns over $163,300. A statement from his office said that the measure imposing a cost limit means the credit would still be eligible for the following cars: BMW i3, Chevrolet Bolt EV, Honda Clarity Electric, Hyundai Ioniq Electric, Hyundai Kona Electric, Kia Niro EV, Mini Cooper SE, Nissan Leaf, Nissan Leaf Plus, Tesla Model 3, Tesla Model Y and the Volkswagen E-Golf." 

Energy Markets

 
WTI Crude Oil: ↑ $47.71
Natural Gas: ↑ $1.77
Gasoline: ↓ $2.42
Diesel: ~ $2.84
Heating Oil: ↑ $154.69
Brent Crude Oil: ↑ $52.92
US Rig Count: ↑ 821

 
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