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MORNING ENERGY NEWS  |  03/16/2020
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With talk like this, we will need as much distance between Sleepy Joe and the White House as possible.


Washington Free Beacon (3/15/20) reports: "Democratic presidential candidate Joe Biden said Sunday he would prevent oil companies from drilling as part of his effort to combat climate change. 'No more subsidies for the fossil fuel industry,' he said at the CNN debate. 'No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period. Ends.' Biden hasn't called for an all-out ban on oil drilling before, which would have a radical, negative effect on the U.S. energy industry. His $1.7 trillion climate change plan is dwarfed in spending by the $16.3 trillion proposal by his chief remaining primary opponent, Sen. Bernie Sanders (I., Vt.). Biden, confronted by Sanders for not taking dramatic enough steps to combat climate change, also said there would be no 'new fracking' and 'not another coal plant will be built' under his administration."



"Is it too much to ask that a Democratic candidate say a decent word for the American energy renaissance, leading to independence from Middle East oil? It appears so, yes."

 

–Jay Nordlinger, National Review

Fill it up again.


Reuters (3/13/20) reports: "President Donald Trump said on Friday that the United States would take advantage of low oil prices and fill the nation’s emergency crude oil reserve, in a move aimed to help energy producers struggling from the price plunge. 'Based on the prices of oil, I’ve ... instructed the secretary of energy to purchase, at a very good price, large quantities of crude oil for storage in the U.S. strategic reserve,' Trump, a Republican, told reporters at the White House. 'We’re going to fill it right up to the top,' he added without offering details. The Strategic Petroleum Reserve has the capacity to store up to an additional 77 million barrels of oil, a Department of Energy official said, after Trump spoke. The official did not immediately comment on how fast the oil would be purchased for the reserve which currently holds 635 million barrels. It was the first move by a president to fill the SPR since President George W. Bush, a Republican, ordered a fill to capacity in the wake of the Sept 11, 2001 attacks."

Plastic bags save lives


City Journal (3/1/20) reports: "The COVID-19 outbreak is giving new meaning to those 'sustainable' shopping bags that politicians and environmentalists have been so eager to impose on the public. These reusable tote bags can sustain the COVID-19 and flu viruses—and spread the viruses throughout the store. Researchers have been warning for years about the risks of these bags spreading deadly viral and bacterial diseases, but public officials have ignored their concerns, determined to eliminate single-use bags and other plastic products despite their obvious advantages in reducing the spread of pathogens. In New York State, a new law took effect this month banning single-use plastic bags in most retail businesses, and this week Democratic state legislators advanced a bill that would force coffee shops to accept consumers’ reusable cups—a practice that Starbucks and other chains have wisely suspended to avoid spreading the COVID-19 virus."

Heating up and cooling down.


Energy Information Administration (3/13/20) reports: "In the Annual Energy Outlook 2020 (AEO2020) Reference case, the U.S. Energy Information Administration (EIA) projects that delivered energy for air conditioning will increase more than any other end-use in residential and commercial buildings (also known as the buildings sector) through 2050, while energy consumption for space heating will decline. Higher residential and commercial energy consumption for air conditioning and lower energy consumption for space heating result from projected population shifts from colder to warmer parts of the United States, assumptions of warmer weather, and regional differences in sector growth. In 2019, space heating accounted for 38% of delivered energy in buildings, a larger share than any other end-use. EIA projects that from 2019 to 2050, delivered energy consumed for space heating will fall by more than 1.5 quadrillion British thermal units—the largest decline among end uses in both absolute terms and percentage terms. Total consumption of delivered energy by the buildings sector will increase by 7% as growing demand for end uses, including air conditioning, electronics, and water heating, more than offsets declines in energy consumption for heating and lighting." 

Energy Markets

 
WTI Crude Oil: ↓ $29.52
Natural Gas: ↓ $1.79
Gasoline: ↓ $2.57
Diesel: ↓ $2.74
Heating Oil: ↓ $104.56
Brent Crude Oil: ↓ $30.54
US Rig Count: ↑ 814

 
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