The A.B.C.'s of regulation.

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MORNING ENERGY NEWS | 06/04/2020

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A. Always
B. Be
C. Cutting

Always Be Cutting!

E&E News (6/4/20) reports: "Five Republican senators implored President Trump's budget director to do more to permanently cut regulations, even after the president has made his deregulatory agenda the centerpiece of his reelection campaign. In a letter sent to the White House budget office, the senators, led by Sen. David Perdue of Georgia, thanked Trump for cutting 'unnecessary red tape that could have hindered the response efforts since the crisis began,' but called on him to make the changes last. 'I applaud the Administration's recognition of these challenges by recently issuing Executive Order 13924, which encourages agencies to promote economic recovery through non-regulatory actions,' they wrote to acting Office of Management and Budget Director Russ Vought. 'However,' said the letter, 'more needs to be done to ensure regulations waived during this crisis do not provide unnecessary burdens in the future.' In recent months, Trump has released two executive orders he claims will aid stressed businesses during the coronavirus pandemic."

"A strong American energy industry isn’t just good for oil producers or good for the economy or good for consumers. It’s essential to our national security. Internationally, it’s key to bringing the billion people in energy poverty into a safer, more prosperous future."

– Allen Gilmer, Real Clear Energy

Here's a radical idea, gas taxes should pay for the roads, and only the roads.

The Hill (6/3/20) reports: "House Democrats rolled out a nearly $500 billion infrastructure bill Wednesday aimed at updating America’s aging transportation system. The bill would offer significant sums of money for repairing roads and bridges — a consistent theme in several previous infrastructure bills that have failed to get much traction. But the bill from the House Transportation Committee focuses greater funding toward public transportation and rail travel, along with investments in electric vehicle charging stations. The legislation would also establish new greenhouse gas standards that states must meet, with increased funding flowing to states that make the most progress. States would also be required to make sure any new transportation projects will have a positive effect on climate change...The bill would not only boost funding for public transit but change how it is doled out, incentivizing more frequent service — a key feature for recruiting riders — rather than low operating costs Cities would receive greater funding for offering public transit in low-income neighborhoods and for setting aside bus lanes that allow for expedited service on otherwise congested thoroughfares."

The new guy on the block sure looks familiar.

ELCON (6/1/20) blog: "For over 40 years, the Electricity Consumers Resource Council (ELCON) has advocated for the electricity consumer. Although we represent the interests of large industrial electricity consumers, we also benefit smaller commercial and residential consumers by advancing the pro-consumer position generally. Since ELCON’s founding, there have been just four people who have led the organization as President and CEO—John Anderson, John Hughes, Devin Hartman, and now Travis Fisher, who took the helm in April 2020. Who is the new guy? Travis may be new to ELCON, but he’s been involved with energy policy for over 15 years as both a critic and a man in the arena.[i] Most recently, he served for two years at the Federal Energy Regulatory Commission (FERC) advising Chairman Kevin McIntyre and then Commissioner Bernard McNamee. He also worked on the Trump Presidential Transition Teams at FERC and the Department of Energy (DOE), ultimately joining the latter as a political appointee."

A global pandemic, record levels of unemployment, nationwide unrest, and the greenies think America can afford their Green New Deal.

Bloomberg (6/3/20) reports: "Dozens of House and Senate Democrats on Wednesday called on congressional leaders to put the ailing wind, solar, and other renewable energy producers front and center in the next round of Covid-19 recovery packages. A letter signed by 24 senators including Sen. Martin Heinrich (D-N.M.) and dozens of House Democrats—including Rep. Paul Tonko (D-N.Y.), who chairs a House Energy and Commerce panel on climate change—urges quick action to help a sector that has lost an estimated 600,000 jobs in recent months. The lawmakers suggested, among other actions, extending expiring clean energy tax credits. 'The myriad devastating effects of the COVID-19 pandemic are staggering, and further compounded by a potentially prolonged economic downturn,' the letter says, adding Congress could ensure that recovery efforts focus on the 'existential threat' posed by climate change. Senate backers of the letter include several contestants for the 2020 Democratic presidential nomination: Sens. Bernie Sanders (I-Vt.), Cory Booker (D-N.J.), Amy Klobuchar (D-Minn.), Elizabeth Warren (D-Mass.), and Kamala Harris (D-Calif.). Senate Minority Leader Chuck Schumer (D-N.Y.) issued a separate statement backing the push to prioritize clean energy assistance in future legislation."

Energy Markets

WTI Crude Oil: ↓ $36.89
Natural Gas: ↑ $1.83
Gasoline: ↑ $1.99

Diesel: ↓ $2.40
Heating Oil: ↓ $106.15
Brent Crude Oil: ↓ $39.54
US Rig Count: ↓ 313

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