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MORNING ENERGY NEWS | 03/10/2020

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In case it wasn't clear, wind development was never about carbon concentrations.

The Herald (2/29/20) reports: "The Scottish Government expects to generate 100 percent of its electricity from renewable sources this year – but concerns have been raised about finding a balance between green energy and sustaining forests. Now statistics, released by Forestry and Land Scotland, show that 13.9 million trees have been axed to make way for 21 wind farm projects since 2000...The Scottish Government has moved to reassure that more trees have been planted, but it is unknown what proportion of these are mature plants that play a bigger role in turning carbon into oxygen...Steve Micklewright, CEO of Trees for Life, said: 'It seems deeply ironic that trees are being felled to make way for windfarms when both healthy growing forests and renewable energy are important in resolving the global climate emergency'"

"The US is producing more oil than ever before. Low oil prices hurt fracking companies individually and they hurt oil workers, but low prices cannot destroy the fracking industry. The oil is still in the ground, waiting for a company with a better balance sheet to pump it out. "

– Ellen R. Wald, Forbes

Give 'till it hurts and then give some more. And then some more. And then some more. And then some more.

M arket Watch (3/3/20) reports: "Exxon Mobil on Tuesday outlined how it is reducing the methane its operations release into the atmosphere, detailing its efforts as governments around the globe write new rules to regulate the harmful greenhouse gas. The oil and gas giant is seeking to influence the way those rules are written, hoping companies and regulators adopt the procedures Exxon says helped reduce methane emissions by 20% in some of its U.S. drilling operations over the past two years...Some environmental advocates see Exxon’s move as a rebuke of President Donald Trump’s Environmental Protection Agency, which in August proposed relaxing regulations on methane emissions. But they also said Exxon needs to be much more aggressive in its efforts to curtail global warming. 'The steps Exxon Mobil has taken and the commitments the company announced are nowhere near sufficient to get us there,' said Kathy Mulvey, accountability campaign director at the Union of Concerned Scientists. 'We need to see much more ambitious and urgent actions taken by companies like Exxon Mobil.'"

Stunning human progress in socialist Venezuela: hyperinflation, economic recession, hunger, oil for corn swaps, millions fleeing amidst widespread shortages.

Reuters (3/5/20) reports: "Venezuela has swapped millions of barrels of crude for supplies of corn and water trucks under an oil-for-food deal struck with a Mexican firm, in an effort to secure imports amid tightening U.S. sanctions, according to the company and export schedules...Libre Abordo has so far taken 6.2 million barrels of Venezuelan heavy crude for resale in international markets and has two more cargoes of oil and fuel due to be loaded this month, according to PDVSA export programs reviewed by Reuters. In a statement sent to Reuters, Libre Abordo said it had signed a contract last year to export Mexican corn and water trucks to Venezuela in return for supplies of oil and that the contract was still in effect...Sunken in years of hyperinflation, economic recession and hunger, Venezuela has struggled to afford imports of everything from food to medical supplies. Millions of Venezuelans have emigrated amidst widespread shortages."

Did I just say that out loud? 🤔

Energy Markets

WTI Crude Oil: ↑ $34.04
Natural Gas: ↑ $1.85
Gasoline: ↓ $2.36

Diesel: ↓ $2.80
Heating Oil: ↑ $125.44
Brent Crude Oil: ↑ $37.34
US Rig Count: ↑ 816

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