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MORNING ENERGY NEWS  |  8.8.2019
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Have you heard?


Houston Chronicle (7/26/19) reports: "The long-anticipated 'second wave' of liquefied natural gas projects is here as tsunami of final investments decisions get made and construction contracts awarded, executives and analysts said. With construction of export terminals sanctioned during the first wave nearing completion, a second round of large LNG export projects are planned from the Texas Gulf Coast to Africa to the Arctic Circle. A joint venture between Exxon Mobil made a final investment decision in February on the $10 billion Golden Pass LNG export terminal in the southeast corner of Texas. The Woodlands oil and gas company Anadarko reached a final investment in June for the its $20 billion offshore Mozambique LNG project in southeast Africa."

"It makes complete sense to maximize our existing energy resources to allow our business and manufacturing sectors to prosper. That is the president’s commonsense plan and Democrats in Congress should support him in this effort – not work to undermine him at every turn."

 

– Alfred Ortiz, Job Creators Network

Solar power creating an environmental catastrophe? 


PRI (8/2/19) reports: "As Australians seek to control rising energy costs and tackle the damaging impacts of climate change, rooftop solar has boomed. To manage the variability of rooftop solar — broadly, the 'no power at night' problem — we will also see a rapid increase in battery storage. The question is: What will happen to these panels and batteries once they reach the end of their life? If not addressed, aging solar panels and batteries will create a mountain of hazardous waste for Australia over the coming decades...Given Australia is struggling to recycle simple waste, such as cardboard and plastics, in a cost-effective way, we need to question our capability to deal with more complex solar PV and battery waste."

These people won't be happy until one of humanity's greatest feats is outlawed.


News Busters (8/7/19) reports: "Global demand for air travel is rising, so Vox celebrated a way to shame passengers for flying because of climate change for the second time in a week. Vox staff writer Umair Irfan promoted the 'global flying shame movement' and a new website, Shame Plane, on August 7. Swedish digital designer Victor Müller and developer Dennis Mårtensson created the site to guilt-trip travelers over the carbon emissions of their flights...According to Irfan, the flying shame movement, called 'flygskam' in Swedish, has spread to 'activists, scientists, and ordinary people' around the world. Although he conceded that 'air travel contributes just 2 percent' of global emissions, he fretted that this number was 'poised to surge' and there aren’t yet decarbonization options other than reducing air travel."

Not everyone was joking about phasing out "farting cows."


Yahoo (8/7/19) reports: "Germans may need to pay more for their sausages after animal rights activists and lawmakers called for the subsidised 7% value added tax rate on meat to be raised to the standard 19%...The average German eats about 132 pounds of meat per head every year, with pork by far the country’s favourite meat, according to the Federal Agricultural Agency...Meat—especially cheap meat—is central to the German menu. Politicians including the Social Democrats, coalition partners in the federal government in Berlin, and the Greens said they were open to the idea of increasing the tax on meat to help tackle CO2 emissions...Meanwhile, Germany’s other obsession—powerful cars—were back in the spotlight on Tuesday. The German Environment Agency advocated extra tax on SUVs. Environment agency president Maria Krautzberger said 'we must find measures to promote climate-friendly transport,' and one way to do that would be to increase the car tax on vehicles with high CO2 emissions." 

Counting the days.


Fox Business (8/8/19) column: "A complex issue involving Venezuela, the U.S., China, Russia, and the world’s largest oil reserve is turning into an ugly international problem. Socialism has failed in Venezuela, and embattled President Nicolas Maduro has watched his country erode into complete chaos and near-total economic collapse...The Maduro government's days are numbered. The key to a secure and prosperous Venezuela is to take smart steps now to make sure the incoming administration has all the tools to make sure socialism, communism, and Chavezism never rears its ugly head here again."

Or, in simple English, they lied. :lying_face:


E&E News (8/7/19) reports: "After revealing it wants to dump all oil stocks in a market-shattering bang in 2017, Norway's $1.1 trillion wealth fund's actual divestment could now be so small it hardly matters. The fund's initial plan was heavily diluted in a political compromise that shielded the world's biggest oil companies. Now technical adjustments look set to reduce the divestment by a further 30%, meaning the sell-off would be smaller than the fund's roughly $6 billion stake in oil giant Royal Dutch Shell PLC. It's 'like the mountain that gave birth to a mouse,' said Knut Anton Mork, an economics professor and former bank economist who's followed the fund's development and led a commission on its strategy."

The feel when EV companies start to struggle without government support.


Quartz (8/7/19) reports: "China’s latest electric-car subsidy policy is intended to strengthen the industry by 'eliminating the inferior.' But when it comes to 'selecting the superior,' things aren’t exactly going to plan. Since late June, when Beijing began cutting subsidies for electric vehicles by half, on average, the market has slowed. Monthly sales at the country’s largest EV maker, BYD, are perhaps the most telling sign of what to expect when nationwide July sales are released later this week or next...Whether BYD can adapt smoothly without Beijing’s help is a test case for Beijing’s nearly decade-long subsidy policy. The company’s revenue from EVs took off in 2015, reaching nearly $800 million in 2016 on sales of some 96,000 EVs. BYD never reveals how much subsidy it receives, but government data show it got as much as $1 billion at the federal level for cars sold that year."

Energy Markets

 
WTI Crude Oil: ↑ $52.11
Natural Gas: ↑ $2.11
Gasoline: ↓ $2.68
Diesel: ↓ $2.97
Heating Oil: ↑ $176.50
Brent Crude Oil: ↑ $56.95
US Rig Count: ↓ 979

 
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