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MORNING ENERGY NEWS  |  03/18/2020
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At the end of the day America will always need affordable and reliable energy.


Real Clear Energy (3/16/20) column: "The U.S. Department of Energy’s Annual Energy Outlook 2020 (AEO 2020) was released at the end of January. And as always, the forecast offers keen insight into our energy future. Looking forward to 2050, the U.S. Department of Energy’s National Energy Modeling System makes clear: the ongoing importance of oil and natural gas is undeniable. Our shale revolution will remain the foundation of our 'more oil, more gas.' Taking flight in 2008, U.S. crude oil production has exploded 160% to ~13.1 million b/d, while gas output has risen 65% to ~95 Bcf/d. Oil and gas meet over 60% of U.S. energy needs...Further, as another conveniently ignored fact, low prices are locking in more gas usage and infrastructure. Last year alone, some 17 Bcf/d of additional U.S. gas pipeline capacity was approved by FERC in order to meet rising demand: 'U.S. natural gas consumption sets new record in 2019.' This equals almost 20% of current U.S. gas production. Such low gas prices accentuate gas’ favored position in the U.S. energy mix as a reliable, versatile, and low emitting energy source."



"If what happened to America’s shale fields during the last price collapse happens again, Saudi and Russian hopes will be dashed."

 

– Mark P. Mills,
The Manhattan Institute

The show must go on!


E&E News (3/17/20) reports: "Environmentalists are urging the Interior Department to hit the pause button on policy decisions — from public comment periods to oil and gas lease sales — as the nation attempts to address the coronavirus pandemic, but the Trump administration has shown no indication it plans to do so. Interior officials announced today that 'telework-eligible' Washington-based staff will shift to mandatory telework status, although it has yet to address the bulk of employees who are spread across the country. But such shifts won't affect looming oil and gas lease sales, according to the Bureau of Land Management, since the auctions are already conducted online. 'Most of BLM's oil and gas lease sales are run entirely via an online platform (only Alaska does in-person sales, and those are not scheduled until November), so no postponement is planned at this time,' BLM spokesman Greg Fuhs told E&E News in an email."

But...but...12 years!!!!!


House Select Committee on the Climate Crisis (3/16/20) release: "On Monday, Chair Kathy Castor (D-FL) of the House Select Committee on the Climate Crisis released the following statement: 'For the past year, our Select Committee has been working on a congressional action plan to solve the climate crisis. We've met with more than 1,000 stakeholders, reviewed more than 700 detailed responses to our request for information, and were planning to release our comprehensive climate policy recommendations at the end of March,' said Chair Castor. 'However, as Congress focuses on the important mission of protecting Americans from the threat posed by the COVID-19 pandemic, we have decided today to postpone the release of our climate action plan'

Coronavirus don't surf, but fear not for your grandkids because luckily they will still have the option.


CFACT (3/16/20) blog: "Life is a beach – until half of them disappear by the turn of the century in 2100, we’ve just been told, thanks to global warming. According to research by 'climate experts' published earlier this month by the journal Nature Climate Change, global warming-caused sea level rise 'could result in the near extinction of almost half of the world’s sandy beaches by the end of the century.' Then again, maybe not. Notice the sensational claims mixed with weasel words by these researchers. Beaches “could” be “near extinction” eighty years from now when everyone older than a newborn will be an octogenarian or dead. The study’s lead author Michalis Vousdoukas claimed that half the world’s beaches will erode 'more than 100 meters' and that it is 'likely that they will be lost.' More weasel words, as in 'likely.'...Studies of this kind about 'extinction' of beaches I suspect are designed to affect people emotionally to fulfill a political agenda. After all, who doesn’t enjoy the beach? No one wants to them to disappear. The message is: get on board the global warming train and demand the (unrealistic) replacement of fossil fuels from our lives and economy so we can enjoy the beach!" 

Energy Markets

 
WTI Crude Oil: ↓ $25.36
Natural Gas: ↓ $1.66
Gasoline: ↓ $2.21
Diesel: ↓ $2.72
Heating Oil: ↓ $102.15
Brent Crude Oil: ↓ $27.74
US Rig Count: ↓ 812

 
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