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MORNING ENERGY NEWS  |  06/08/2020
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The movie the greens don't want you to see is back online!


Real Clear Energy (5/28/20) column: "One of the signal intellectual events of the early Cold War period was the 1950 publication of The God That Failed, in which six prominent figures explained why they broke from Communism. The book was a sensation because it came from leading figures on the left, rather than from longtime anti-Communists whose arguments and commitments were discounted... It was telling—and accurate—that Communism at that time was understood as a literal religious faith, with enforced orthodoxy and severe penalties for doctrinal heresy, complete with inquisitionary show trials to compel recantations or confessions of guilt, as well as public shunning of apostates. Which brings us to the new Michael Moore–produced documentary Planet of the Humans. It could almost (but not quite) have been called The Green God That Failed...Planet of the Humans pierces some of this easygoing deception, but no true environmental reformation can be accomplished that doesn’t acknowledge that environmental progress depends on the pro-human understanding of our place on the planet, as well as the effectiveness of free markets and technological innovation in delivering vast environmental improvements in recent decades. We still need a robust version of The Green God That Failed."

"For one group, though, a mood of apocalypticism may be fully warranted. If audiences take Mr. Moore’s message to heart, it will mean the end of the world for many green-energy fixers and their pet environmental allies."

 

– Holman W. Jenkins, Jr.,
Wall Street Journal

"The worst mistake anybody can make is to bet against Americans."


Wall Street Journal (6/7/20) reports: "American oil producers are reopening the spigots, complicating the crude market’s recovery. Scores of shale drilling companies turned off wells to reduce output when U.S. oil prices fell to negative territory in late April, after millions world-wide stopped driving and flying due to the new coronavirus, causing a steep drop in global demand. Now that more of the world is reopening and prices are rebounding to nearly $40 a barrel, companies including Parsley Energy Inc. PE 8.37% and WPX Energy Inc. WPX 13.34% are starting to turn some of those wells back on, even as they continue to put off most new drilling. The increased volumes remain far below peak levels before the pandemic, when the U.S. was pumping more than 13 million barrels a day of crude, the most in the world. But the oil market remains fragile, and many of the world’s other top producers are still voluntarily curtailing their output to help rebalance supply and demand."

Another reminder that the green dream requires a solid economy to leach off of.


E&E News (6/8/20) reports: "The economic fallout from the coronavirus pandemic threatens to leave California with little money to spend on climate programs well into next year, a new report warned. The Golden State's cap-and-trade market could produce as little as $900 million in the 2020-21 fiscal year. That's less than half of a pre-pandemic projection of more than $2 billion, the California Legislative Analyst's Office said Thursday. California cap-and-trade dollars fund several green initiatives. Those include rebates for electric vehicles, efforts to replace polluting agricultural equipment and support for clean water. But the shelter-in-place orders issued in response to the pandemic chilled the need for carbon allowances that businesses purchase to account for excess emissions. The May auction generated just $25 million, compared with the $600 million the state anticipated prior to the pandemic." 

Pay no attention to the ten-story tall battery behind the green curtain.


Stuff That Counts (6/7/20) blog: "In December 2019 ... just before Covid-19 burst upon the scene and borrowed the topic of global supply chains from the board rooms of large corporations and stuffed it down our collective throats. I've only produced a small part of the graphic, the complete image spreads over multiple screens and is a warning to US battery makers that they are totally dependent on China. As Covid-19 tightened its metaphorical grip, we found the same thing with pharmaceuticals and PPE; who remembers when those initials meant point-to-point encryption ... or nothing at all?  So, it's not surprising that when a friend recently asked my opinion on a possible household bill-saving battery purchase, I started talking about supply chains. Supply chain bottlenecks come in two kinds; which I just made up: financial and absolute. Everybody on the planet can make PPE face shields out of plastic ... because companies which can make plastic at a significant scale are common. "

Energy Markets

 
WTI Crude Oil: ↓ $39.20
Natural Gas: ↓ $1.76
Gasoline: ↑ $2.03
Diesel: ↑ $2.41
Heating Oil: ↓ $115.72
Brent Crude Oil: ↓ $42.20
US Rig Count: ↓ 308

 
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