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MORNING ENERGY NEWS  |  05/27/2020
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Putting the 'Tank' in Think Tank.


Shale Magazine (5/25/20) reports: "When a person hears the term 'think tank,' the mind naturally turns to politically-oriented entities like the Brookings Institute, the Cato Institute, Harvard University’s Kennedy Center and the Hoover Institute at Stanford. Those institutions and many others formulate policy positions from varying perspectives on the major issues of the day, with a goal of influencing the legislation and regulations emanating out of Washington, D.C. Another community of think tanks specializing in issues impacting major U.S. industries also exists. Where issues impacting energy are concerned, none has become more prominent and influential in the 21st century than the Institute for Energy Research (IER)...Indeed, the energy industry needs strong advocates willing to fight the good fight for free markets, sound science and source-neutral energy policies. Because without such advocates, the industry could have been essentially dead in the water a decade ago."

"A recovery effort that neglects American workers and the traditional energy sector we’ve relied on throughout the crisis, in favor of unreliable and unproven renewable energy, will fail both the economy and the American people."

 

– Gerard Scimeca,
Consumer Action for a Strong Economy

Coal is still king on spaceship Earth.


Power Magazine (5/26/20) column: "Despite the U.S. and Europe shuttering coal-fired power plants, coal remains a major fuel in global energy systems. In 2018, global coal demand rebounded and grew by 1.4% due to increased consumption in Asia, where coal consumption increased by 2.5%. This increased consumption was mainly from power generation, which reached an all-time high, increasing 3% in 2018 and accounting for almost 40% of global electricity generation. China remains the world’s largest coal consumer, using more than 50% of all the coal consumed in the world. According to China’s National Bureau of Statistics, China relies on coal for 57.7% of its primary energy, and for 67% of its electricity. And China isn’t the only major coal user in Asia. India led all countries in coal consumption growth, increasing its consumption in 2018 by 36 million metric tons oil equivalent—8.7% higher than in 2017. India generated 75% of its electricity from coal in 2018."

COVID is pulling the curtain back on alarmist policies around the globe.


The Hill (5/27/20) column: "While the novel coronavirus has triggered a global debate on how to balance short-term infection rates with long-term economic viability, a crucial epiphany is slowly emerging through the deliberations. Society realizes that the 'Church of Climate' has propagated an epic fraud upon individual rights, taxpayers, and free enterprise. Today roughly 80 percent of our domestic energy comes from fossil fuels, a.k.a. carbon. Our hospitals are powered by carbon, our grocery stores refrigerate food via carbon, and every transportation link of our vital logistical chain is fueled by carbon. The high priests of the climate change movement constitute a dog’s breakfast of special interest groups. The obvious members of extreme environmental groups, academia and government bureaucrats are joined by their not-so-obvious allies of a Russian dictator, the Saudis and Chinese Communist Party leaders. Scores of urban politicians and biased media members serve as willing pawns to help catalyze the crusade...To no surprise, during the current public health crisis, carbon once again is saving our backsides. Carbon is the feedstock of medical equipment — ventilators, gloves, sanitizer and face shields — that health care workers sorely need. Carbon keeps the power on in hospitals and nursing homes, and as states begin to reopen businesses, it will power the economy once again."

An awful lot of headaches from such an ugly bird.


E&E News (5/26/20) reports: "In an additional win for environmental groups, a federal judge has tossed out three oil and gas lease sales and an agency directive for failing to maintain federal protections for the greater sage grouse. A 2018 Bureau of Land Management instruction memorandum and 440 leases covering 336,000 acres in Montana and Wyoming violated 2015 sage grouse plans, said Chief Judge Brian Morris of the U.S. District Court for the District of Montana in a decision issued Friday. Morris faulted BLM for failing to actively encourage the prioritization of oil and gas leasing outside sage grouse habitat, as the Obama administration's plans required. He charged the agency with acting as a 'passive participant in oil and gas development.' 'BLM's errors undercut the very reason that the 2015 Plans created a priority requirement in the first place, and prevent BLM from fulfilling that requirement's goals,' Morris, an Obama appointee, wrote in his decision." 

Energy Markets

 
WTI Crude Oil: ↓ $33.54
Natural Gas: ↓ $1.75
Gasoline: ~ $1.96
Diesel: ~ $2.41
Heating Oil: ↓ $97.69
Brent Crude Oil: ↓ $35.34
US Rig Count: ↓ 325
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