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MORNING ENERGY NEWS  |  04/09/2020
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Bernie tests negative for president.


Babylon Bee (4/8/20) 'reports': "From one of his many sprawling homes, Bernie Sanders announced today that he has tested negative for president. Addressing concerned supporters, Sanders broke the news that medical professionals have informed him he is 100% negative for president. 'The test results came back, and thankfully, they were negative,' Sanders said to his supporters. 'There wasn't even 1/1024th of a trace of presidential material in me. I have been cleared to return to my usual schtick of ranting about billionaires. Although, if I become a billionaire, I will switch to complaining about trillionaires.' 'Curse you, billionaihs!' he added. Sanders said the results were a 'big relief' as he can now continue to complain about the system without having to implement his terrible ideas. 'It was a close one. People were starting to take me seriously, and that had me worried. But now I can retire to my many homes in peace."

"Almost the only predictable thing in agriculture is that when things are going poorly in the United States, the ethanol industry will come asking for a bailout."

 

– Timothy P. Carney,
Washington Examiner

Never Say Die. 


Alaska Journal (4/8/20) reports: "With one unique North Slope oil discovery already in hand, a small group of explorers claims to have found another prospect on par with one of the state’s largest oil fields that is worth developing even at near rock-bottom prices. Leaders of London-based Pantheon Resources said in an interview with the Journal that a modern evaluation of an old exploration well along with information gleaned from recent nearby drilling gives them the confidence to say they have a roughly 1.8 billion-barrel discovery south of Prudhoe Bay along the Dalton Highway and Trans-Alaska Pipeline System corridor...If the resource estimates prove out, Talitha would be the latest in a series of big North Slope oil discoveries over roughly the past five years, which has led many within the industry to conclude there is a 'renaissance' occurring in what was once the country’s premier oil basin."

Just admit it already.


Wall Street Journal (4/8/20) editorial: "Even progressives can find the price of virtue signaling to be too high. In 2007 San Francisco proudly became the first city to ban plastic bags. But last Tuesday the city’s Department of Health issued new guidelines, which now ban people from going to stores and coffee shops with 'their own bags, mugs, or other reusable items from home.' The department was responding to fears that the reusable bags are more prone to carrying coronavirus than the disposable plastic bags that were standard before the 2007 ban...The point about these green political interventions in private commerce is that there are always hidden costs and trade-offs. We’re not sure the evidence ever supported the bans on disposable plastic bags, which are cheap, efficient and convenient. But it’s good to see people weighing costs against benefits. San Francisco’s new ban on reusable bags says nothing about plastic bags. But banning the bags that were supposed to be the smart alternative to plastic is probably as close a progressive city ever gets to admitting it was wrong."

The men and women who bring you the abundant, affordable energy that is helping us shelter in place are also stepping up to help their communities.


Western Wire (4/8/20) blog: "Oil and gas companies and industry trade associations continue to lean in with support for communities struggling to combat the coronavirus crisis in states across the West. With economic conditions deteriorating and jobless claims in the millions in just under a month’s time, food scarcity has quickly become an issue for many families. Local food banks have been inundated with requests for help, seeing spikes in demand for emergency food boxes. The New Mexico Oil and Gas Association’s donated a combined $50,000 to eight New Mexico non-profits to help to fill the immediate gap in providing much-needed food resources. They include grants to The Food Depot, Rio Grande Food Project, and Northwest New Mexico Seniors...Marathon donated nearly 10,000 coveted N95 masks to University Medical Center of El Paso and El Paso County Children’s Hospital, and nearly 500,000 masks and gloves in total since late March. It also added $1 million for the Red Cross disaster relief." 

A product so good you have to force people to buy it.


E&E News (4/9/20) reports: "The one-two punch of pandemic and recession is likely to defer purchases of electric vehicles, leading to a precipitous drop in sales, according to a new report. Meanwhile, many major automakers — now more concerned with making ventilators than automobiles — are in a survival mode that will delay the release of new EV models. Analysts at consulting firm Wood Mackenzie estimate global EV auto sales will drop from 2.2 million last year to 1.3 million this year, a plunge of 43%. Nonetheless, the global market could start to rebound by the end of the year or early 2021, Wood Mackenzie concluded in a report released yesterday. The United States will be last to recover because the Trump administration's fuel economy standards are so much lower than standards in China and Europe, according to the study...The main reason is that automakers have less incentive to sell EVs in the United States. The Trump administration has acted forcefully to roll back fuel economy standards, by trying to remove California's ability to set its own, stricter requirements, and by lowering yearly fuel economy targets. Both actions face legal challenges and uncertainty"

Energy Markets

 
WTI Crude Oil: ↑ $27.13
Natural Gas: ↑ $1.78
Gasoline: ↓ $1.89
Diesel: ~ $2.55
Heating Oil: ↑ $102.63
Brent Crude Oil: ↑ $34.46
US Rig Count: ↓ 625

 
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