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DAILY ENERGY NEWS  |  04/29/2020
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Secret document shows European elites hate affordable energy.


E&E News (4/29/20) reports: "The oil market collapse is opening a new debate in Europe about strengthening the carbon market, a key tool in the region's bid for climate neutrality. European Union energy ministers yesterday discussed security of supplies and the role of industry in a plan for economic recovery from the coronavirus pandemic. Energy Commissioner Kadri Simson called on national governments to keep the Green Deal the centerpiece of the rescue packages...'Recent events have in particular led to extremely low fossil fuel prices that do not reflect their true cost for climate,' according to a French document for the ministerial meeting obtained by Bloomberg. 'These market conditions place a heavy risk on our energy transition policies. They cancel incentives carefully put in place over the past decade to decarbonize our economies and bring uncertainties, which are detrimental to investments in the Energy Transition.'"

"The government should not continue to spend the American people’s hard-earned tax dollars on unsustainable renewable technologies that don’t strengthen our electric grid."

 

– The Honorable Jason Isaac,
Life:Powered

Only in lefty world could providing essential sanitary products to the masses during a global pandemic be considered 'exploiting.' 


Washington Post (4/28/20) reports: "Numerous cities and states have temporarily delayed or rescinded bans and taxes on single-use plastics and plastic bags. Others banned the use of reusable bags. Some grocery store chains are prohibiting reusable bags as well, citing concerns about contamination from the virus, which has been found to potentially remain viable for up to a day on cardboard and up to three days on plastic and stainless steel. Companies such as Starbucks and Dunkin' Donuts stopped refilling customers’ reusable mugs. And inside their homes, people have stocked up on bottled water and cleaning supplies in plastic packaging. All these changes signal an uptick in the use of certain types of plastic across the country, experts and environmental groups say. But even while some accuse the plastics industry of exploiting the crisis to undo plastic bag bans, environmentalists hope the turn to disposable products will be temporary."

A tax on energy is a tax on life. It's that simple.


Agriland (4/28/20) reports: "Farm and forestry contracting operations will continue to be open for business – but cash-flow concerns including the expected rise in carbon tax are putting pressure on contractors, who will have to pass on the cost increases, according to the Association of Farm & Forestry Contractors in Ireland (FCI)...The FCI also expanded on its request to Minister for Finance and Public Expenditure Paschal Donohoe to postpone the €6/t carbon tax increase due to kick in on May 1. The contractor representative group claims that the €6/t increase converts to an increase of €15/1,000L or 1.5c/L extra, plus VAT, based on figures obtained from the Revenue Commissioners. 'For a typical contractor, whose fleet of modern, sophisticated and fuel efficient machines consume in the region of 150,000L of agricultural diesel per year, this will raise the cost of agricultural fuel bills by at least €2,250,' the association said...This 2% increase in contractor charges to farming customers will mean an additional cost to Irish farming of close to €14 million in 2020, due to the carbon tax increase alone, the association stressed. The 'additional €14 million levy on Irish farming' will bring no benefits, directly or indirectly to agricultural contractors and their farming customers, the group contended."

You got to know when to hold em'


Oil & Gas Journal (4/28/20) reports: "US oil production cuts in May and June could amount to at least 300,000 b/d, an increase from about 100,000 b/d of cuts projected for April, said Rystad Energy after analyzing communication from Continental Resources, Cimarex Energy, ConocoPhillips, PDC Energy, Parsley Energy, and Enerplus Corp. Several producers have specifically mentioned production declines as a result of well shut-ins, while others did not specify whether production curtailments would come naturally as a result of a reduction in new wells put on production, or from shut-ins of already producing wells. Rystad Energy currently estimates that shale producers will try to deliver on announced cuts as much as possible by reducing the number of new wells put into production. Thus, base decline could provide a material portion of the reported cut. However, given typical shale operational patterns, the decline in started jobs that began in March will result in a lower number of wells put on production in May, which ultimately will not lead to a drop in peak production until June." 

Energy Markets

 
WTI Crude Oil: ↑ $15.44
Natural Gas: ↓ $1.92
Gasoline: ~ $1.76
Diesel: ↓ $2.45
Heating Oil: ↑ $68.66
Brent Crude Oil: ↑ $22.83
US Rig Count: ↓ 420

 
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