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MORNING ENERGY NEWS  |  03/24/2020
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With the world on lockdown, Chuck and Nancy want to cut Elon Musk a federal check.


Washington Times (3/23/20) column: "'You never want a serious crisis to go to waste.' Those words, made famous by former White House chief of staff and mayor of Chicago, Rahm Emanuel, appear in the same playbook House Democrats are using in the midst of the coronavirus epidemic that’s grinding the global economy to a halt and affected thousands of Americans and hundreds of thousands worldwide. Most on Capitol Hill are focused on ways in which they can help all Americans and those industries deeply impacted by this public health crisis. Senate Minority Leader Chuck Schumer said federal recovery packages are necessary to get money 'into the hands of families that need it most.' House Democrats, including Reps. Gerry Connolly, Paul Tonko, and Doris Matsui, are looking to include an extension of the electric vehicle tax credit and other green energy tax incentives in the massive $1 trillion coronavirus package that House Speaker Nancy Pelosi is putting together. In short, Democrats have identified their crisis, and they’re not going to let it slip away without adding a few goodies for their friends in the green energy business."

"What the hell do the emissions standards on airplanes have to do with thousands of people dying and millions of people out of work in the Coronavirus epidemic?"

 

–Texas Senator Ted Cruz

Cocaine Mitch is on fire.


NBC (3/23/20) reports: "Partisan tensions erupted on Monday afternoon as the Senate failed for a second time to advance a massive stimulus package to address the economic impact of the coronavirus pandemic, with lawmakers accusing the other party of holding up negotiations. Senate Majority Leader Mitch McConnell, R-Ky., excoriated Democrats ahead of the vote, saying, 'This body can't get its act together, and the only reason it can't get its act together is right over here on the other side of the aisle.' Democrats and Republicans had negotiated 'furiously,' McConnell said, to make progress on the bill, but the legislation now includes a number of changes requested by Democrats. 'Tax credits for solar energy and wind energy. Provisions to force employers to give special new treatment to Big Labor. And listen to this — new emissions standards for the airlines. Are you kidding me?' McConnell said."

All they need is a new emissions mandate and the airlines will be back at full strength. 


Wall Street Journal (3/23/20) reports: "Major U.S. airlines are drafting plans for a potential voluntary shutdown of virtually all passenger flights across the U.S., according to industry and federal officials, as government agencies also consider ordering such a move and the nation’s air-traffic control system continues to be ravaged by the coronavirus contagion. No final decisions have been made by the carriers or the White House, these officials said. As airlines struggle to keep aircraft flying with minimal passengers, various options are under consideration, these people said. But amid the quickly spreading pandemic and mandatory stay-at-home orders covering some 80 million U.S. residents, airline executives, pilot-union leaders and federal transportation officials said they increasingly view as inevitable further sharp reductions from already-decimated schedules in passenger flights. U.S. airlines have already eliminated the vast majority of international flying and have announced plans to cut back domestic flying by as much as 40%. Travelers are staying home at even greater rates. The Transportation Security Administration reported that passenger flow at its checkpoints was down more than 80% Sunday from the same day a year earlier."

I hear LNG a comin,' it's rollin' 'round the bend.


Regulatory Review (3/24/20) reports: "A new regulation from the Trump Administration may soon make it easier for U.S. companies to ship large quantities of liquefied natural gas (LNG), an increasingly valuable product. But the new regulation also carries great risks. The Pipeline and Hazardous Materials Safety Administration (PHMSA) recently released a proposed rule that would allow for railroads to transport LNG in bulk and without obtaining special permits. Critics, however, worry that PHMSA is acting too quickly and disregarding certain safety concerns...The issue of LNG transportation reached the highest levels of the U.S. government. In an executive order, President Trump noted that the current LNG regulations were drafted almost 40 years ago when the industry was less developed. As part of an effort to upgrade American energy infrastructure, the President specifically requested that the U.S. Department of Transportation amend the regulations to 'treat LNG the same as other cryogenic liquids and permit LNG to be transported in approved rail tank cars.' Just over six months after the executive order, PHMSA issued its proposed rule." 

Energy Markets

 
WTI Crude Oil: ↑ $24.43
Natural Gas: ↑ $1.63
Gasoline: ↓ $2.10
Diesel: ↓ $2.65
Heating Oil: ↑ $106.01
Brent Crude Oil: ↑ $27.95
US Rig Count: ↓ 783

 
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