Your Morning Energy News

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MORNING ENERGY NEWS | 04/02/2020
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** When the Dems say we need to pass a Green New Deal to stop COVID-19:
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Bloomberg ([link removed]) (4/1/20) reports: "House Democrats say they will push as the next economic stimulus their massive infrastructure bill, which seeks more than $25 billion to replace aging water and wastewater infrastructure and help households pay their water and sewer bills. The House Democrats’ package also proposed $34.3 billion in grid security and modernization, including $4 billion over five years to fortify the electric grid against severe storms and other climate impacts and ensure it can better accommodate more renewable energy. The most recent stimulus in response to the novel coronavirus pandemic didn’t address renewables, and the idea is likely to encounter continued opposition in the GOP-run Senate...President Donald Trump reiterated his call for a $2 trillion infrastructure package Wednesday, saying he expected the U.S. 'can borrow long term' to pay for it given
low-interest rates. He noted his total was more than double what congressional Republicans have floated, but warned Democrats to stay clear of injecting the Green New Deal or similar climate change policies into the measure."


** "My Administration is helping U.S. auto workers by replacing the failed Obama Emissions Rule. Impossible to satisfy its Green New Deal Standard; Lots of unnecessary and expensive penalties to car buyers!"
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– President Donald J. Trump ([link removed])

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Hopefully the "we only have ten years left" crowd is ok using Skype instead of meeting up with their private jets.

** E&E News ([link removed])
(4/2/20) reports: "The United Nations postponed an important year-end climate summit in Glasgow, Scotland, because of concerns about the novel coronavirus pandemic. U.N. climate leaders bowed yesterday to mounting pressure to delay the summit that attracts thousands of delegates and observers. The gathering will be held in 2021, and a midyear meeting that would have been held in June is scheduled to occur in Bonn, Germany, at the end of this summer. The news comes as the coronavirus has spread to 180 countries and claimed more than 45,000 lives. The conference center in Madrid where the U.N. summit was held last December and the Glasgow venue that was booked for this November's meeting have both been converted to field hospitals."

One for the history books.

** I ([link removed])
** nternational Energy Agency ([link removed])
(4/1/20) blog: "The oil world has seen many shocks over the years, but none has hit the industry with quite the ferocity we are witnessing today. As markets, companies and entire economies reel from the effects of the global crisis caused by the coronavirus (COVID-19) pandemic, oil prices have crumbled. The impacts will be felt throughout oil’s global supply chains and ripple into other parts of the energy sector. Pressure is coming from all sides: a precipitous decline in global oil demand as the pandemic has slashed fuel consumption, especially in the transport sector, aggravated by a supply shock due to the end of restraints on production from OPEC producers and Russia (OPEC+). The scale of the collapse in oil demand, in particular, is well in excess of the oil industry’s capacity to adjust...This is an unprecedented moment for those engaged in the business of supplying oil and those who rely on the associated revenue."

Thank you to all the energy producers who are essential even in the best of times, but especially right now.

** Fox News ([link removed])
(4/1/20) column: "In the world war now underway against the coronavirus, doctors, nurses and other medical staffers are the front-line troops, courageously risking getting infected themselves – and sometimes losing their lives – to do everything possible for their patients. We all owe them an immeasurable debt of gratitude. And like every army at war, the fighters on the front line are backed by many support troops. In this case, the support troops include are scientists working to develop a coronavirus vaccine and lifesaving treatments, manufacturers producing ventilators and personal protective equipment, government officials coordinating the battle, the men and women of our energy industry, and many others. Our energy industry? I know, you may not have thought of the roughly 14 million men and women working in our energy industry as having anything to do with the war against the coronavirus. You’ve no doubt heard them demonized by advocates of the Green New Deal, who seek to destroy the
industry and make us dependent on foreign energy suppliers who would dramatically raise prices, destroy American jobs and create dangerous energy shortages in our country."

America's energy producers are doing incredible things, in addition to powering our everyday lives.

** ([link removed])

Energy Markets


WTI Crude Oil: ↑ $22.08
Natural Gas: ↓ $1.60
Gasoline: ↓ $1.97

Diesel: ↓ $2.58
Heating Oil: ↑ $97.57
Brent Crude Oil: ↑ $27.26
** US Rig Count ([link removed])
: ↓ 687



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