Stepping up to the plate.

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MORNING ENERGY NEWS | 04/14/2020

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During this challenging time for our nation, America's energy producers are stepping up to the plate to help our communities. AEA will be featuring these great stories right here In the Pipeline. If you come across a story worth sharing with your fellow readers, send it to us by clicking here.

Providing food, and the energy to cook it.

Western Wire (4/8/20) reports: "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...Companies are also contributing. Chevron donated to efforts combating the fallout of the COVID-19 crisis, with $230,000 going to non-profits within the Permian Basin in New Mexico and Texas in late March."

"Just because wind and solar are renewable doesn’t mean they are green. In fact, the land-use problems with renewables show the exact opposite."

– Robert Bryce, Forbes

How dare Congress focus solely on battling the pandemic in the relief legislation!

E&E News (4/14/20) reports: "Climate is getting left behind in Congress' multitrillion-dollar spending spree, and it could stay that way for a while. After some early agitation for Democrats to muscle clean energy policies into the coronavirus response packages, the landscape has shifted. The deepening nature of the pandemic, and its attendant economic collapse, has crowded out climate — at least for the immediate future. House Democrats have mostly stopped insisting that emergency relief bills address climate. Renewable energy industries, once poised for a banner year, are now just trying to hold on to what they have rather than push lawmakers for more...But some are worried the size and difficulty of the emergency relief packages may carry a heavy cost for Democrats: The more they have to fight Republicans over medical spending and oversight, the less leverage they have to fight for big-ticket climate programs. After failing to include emissions policies in the last $2 trillion coronavirus package, House Speaker Nancy Pelosi (D-Calif.) retreated from demanding the next package include infrastructure."

News from the frontlines of the oil price war.

Market Watch (4/13/20) reports: "Crude prices settled on a mixed note Monday, with global prices higher but U.S. prices down as pressure from the drop in oil demand, from efforts to prevent the spread of COVID-19, more than offset support from a historic agreement by major oil producers to cut oil production. Analysts from Goldman Sachs and elsewhere said the OPEC+ move was 'too little, too late' after weeks of a damaging price war between Saudi Arabia and Russia. After several days of intense negotiations, members of the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, agreed Sunday to cut overall crude-oil production by 9.7 million barrels a day starting on May 1 through June 30 of this year. That total cuts would decline to around 8 million barrels a day from July 1 through Dec. 31, followed by a smaller 6 million barrels in cuts from Jan. 1, 2021 to April 30, 2022. Analysts feared lack of a deal could have ended in a collapse of prices on Monday, but some see oil prices still under pressured, given demand has been crushed by coronavirus-driven economic shutdowns. Sunday’s deal came after President Donald Trump intervened to take on what Mexico couldn't contribute to the proposed cuts."

Old Dominion under new management...

CNS News (4/13/20) reports: "Virginia Gov. Ralph Northam signed a slew of bills into law on Easter weekend, transitioning the Commonwealth into the liberal bastion that Democrats want it to be...Northam said he signed a number of clean energy bills that will 'propel Virginia to leadership among the states in fighting climate change.' One law requires new measures to promote energy efficiency, sets a schedule for closing old fossil fuel power plants, and requires electricity to come from 100 percent renewable sources such as solar or wind by 2045-2050. Energy companies must pay penalties for not meeting their targets, and part of that revenue would fund job training and renewable energy programs in historically disadvantaged communities. The legislation advances offshore wind generation; advances solar and distributed generation; and establishes a carbon dioxide cap-and-trade program to reduce emissions from power plants, in compliance with the Regional Greenhouse Gas Initiative (RGGI)."

Energy Markets

WTI Crude Oil: ↓ $21.92
Natural Gas: ↓ $1.71
Gasoline: ↓ $1.85

Diesel: ↓ $2.52
Heating Oil: ↓ $99.02
Brent Crude Oil: ↓ $31.52
US Rig Count: ↓ 575

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