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MORNING ENERGY NEWS  |  8.6.2019
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Remember when Biden was anti-energy, before being pro-energy, before being anti-energy?


Breitbart (8/6/19) reports: "Former Vice President Joe Biden attacked the late-Sen. John McCain for not supporting “coal” while campaigning in West Virginia during the 2008 presidential election. Biden told a crowd consisting of union mine workers in the closing days of the 2008 race that he and then-candidate Barack Obama would be better for the coal industry than McCain, the Republican presidential nominee...Biden, who up until joining the Democrat ticket as Obama’s running mate had himself claimed there was not 'much of a role for clean coal in energy independence'...The moment comes back into the spotlight after last week’s Democrat presidential debate at which Biden implied he was in favor of banning coal and fracking outright if elected in 2020. 'We would make sure it’s eliminated, and no more subsidies for either one of those, any fossil fuel,' Biden said when asked if there would be any place for fracking and coal in his administration."

"The complete elimination of fossil fuels spells more pain than just massive tax increases for working families. It means weakening our national security by eliminating our ability to be energy independent, killing a thriving energy economy and the hundreds of thousands of jobs it supports, and stopping investment in rural America."

 

– Rep. Fred Keller (R-PA)

Democrats agree the best plan for America is to leave $150 trillion in the ground.


E&E News (8/6/19) reports: "Democratic presidential candidates are rallying behind the idea of stopping new leases to extract fossil fuels from federal lands, with the majority of the field pledging to act on the issue if elected in 2020. Sen. Elizabeth Warren of Massachusetts, for example, first made the pledge in April as part of her plan for transforming the federal government's relationship with public lands. Since then, at least 19 other candidates have endorsed an executive order to halt new leases, according to the campaigns and The Washington Post. Warren and at least eight others would extend the ban to new offshore drilling in federal waters."

The transition to 100% renewables should be easy since demand for fossil fuels is slowing.


Energy Information Administration (8/5/19) reports: "The United States likely set a new daily record on Friday, July 19, of 44.5 billion cubic feet (Bcf) for natural gas consumption by electric power plants, according to S&P Global Platts. U.S. power sector natural gas consumption exceeded the previous record of 43.1 Bcf—set on July 16, 2018—on five days in July. Higher-than-normal temperatures and relatively low natural gas prices contributed to increased natural gas consumption by electric generators...Based on data in the U.S. Energy Information Administration’s Preliminary Monthly Electric Generator Inventory, more than 12 gigawatts (GW) of new natural gas-fired electric generation capacity―primarily highly efficient combined-cycle units―have entered service in PJM since the beginning of 2018. The new capacity has increased total natural gas-fired capacity in the region by 17% and accounts for 55% of the total natural gas combined-cycle capacity added in the nation."

And of course, China will follow our lead and abandon affordable, reliable energy.


Reuters (8/6/19) reports: "Approvals for new coal mine construction in China have surged in 2019, government documents showed, with Beijing expecting consumption of the commodity to rise in the coming years even as it steps up its fight against smog and greenhouse gas emissions...China’s energy regulator gave the go-ahead to build 141 million tonnes of new annual coal production capacity from January to June, compared to 25 million tonnes over the whole of last year, Reuters analysis of approval documents showed. The projects included new mines in the regions of Inner Mongolia, Xinjiang, Shanxi and Shaanxi that are part of a national strategy to consolidate output at dedicated coal production 'bases', as well as expansions of existing collieries, the National Energy Administration (NEA) documents showed." 

But, at least we can count on the greens to respect American democracy and the will of the voters...


AIER (8/6/19) reports: "Social and economic crises, real and imagined, often seem to bring out the most wrongheaded thinking in matters of government policy. Following the 2008 financial crisis and with the fear of 'global warming,' there has been a revival in the case for 'democratic' socialism. But now its proponents are 'out of the closet' with a clear cut and explicit call for forcefully imposed, authoritarian central planning of the world...Let’s be clear: Mr. Feffer is so certain that he is right about the dimensions and dangers of presumed global warming that he is willing to see the implementation of thuggery and mob action. In his mind, the time for persuasion is over. It is time to disrupt society, halt some of the wheels of production and industry through violence (that is what 'blockades' mean), and pressure the political change that many if not most in the country may have no belief in or desire for."

Energy Markets

 
WTI Crude Oil: ↓ $53.37
Natural Gas: ↑ $2.13
Gasoline: ↓ $2.69
Diesel: ↑ $2.98
Heating Oil: ↓ $181.34
Brent Crude Oil: ↓ $56.61
US Rig Count: ↓ 976

 
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