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MORNING ENERGY NEWS  |  06/16/2020
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This government of this island is only interested in taking the taxpayer's green.


Irish Examiner (6/14/20) reports: "An ending to direct provision, major increases in carbon taxes, and significant additional investment in health and housing are among the main items contained in the new Programme for Government. With final approval expected tonight, the Irish Examiner has confirmed many of the major elements in the deal, which has taken more than five weeks of intensive negotiations to finalize. It has been confirmed that...The Green Party has won some significant concessions from the other two parties in securing a pathway to delivering the 7% reduction in carbon emissions. It has been agreed that the carbon tax will rise to €100 a tonne by 2030 as demanded by the Greens. As reported by the Irish Examiner ten days ago, the Greens have also won a commitment that the construction of fossil fuel infrastructure, including the planned liquefied natural gas (LNG) plant earmarked for the Shannon estuary area, will be stopped. There will also be a ban on the future exploration of gas in the seas surrounding Ireland."

"PG&E has spent billions to boost renewable energy while neglecting its aging grid, which is why it has to resort to draconian blackouts to prevent wildfires. Now it plans to burn dirty diesel to prevent disruptive power outages that would compound the pandemic damage. Only in California’s progressive climate utopia."

 

– Wall Street Journal Editorial Board

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Preparing for the future.


Oil Price (6/12/20) reports: "Canada’s oil-producing province of Alberta is moving to cut red tape under a new bill that will no longer require the cabinet to approve new oil sands projects once they have already been approved by the Alberta Energy Regulator (AER). Grant Hunter, Associate Minister of Red Tape Reduction, introduced in Alberta’s legislature on Thursday the new Bill 22, the Red Tape Reduction Implementation Act, 2020. 'As we work to reopen Alberta we must ensure that job creators have the utmost support from government. They are the ones who will get Albertans bank to work and in many cases, the best support we as government can offer is to get out of their way,' Hunter said. If the bill is approved, it will be the AER that will have the final say in new oil sands project approvals and the government will not need to approve them too. This move is expected to cut around 10 months off the regulatory process for new oil projects. If passed, Bill 22 will eliminate unnecessary delays in the oil sands approval process as well as scrap the Energy Efficiency Alberta, rolling its programs into Emissions Reduction Alberta, Hunter told Canadian media."

Take me home, country pipelines.


Reuters (6/15/20) reports: "Ruling against environmentalists, the U.S. Supreme Court on Monday decided that the federal government has the authority to allow a proposed $7.5 billion natural gas pipeline to cross under the popular Appalachian Trail in rural Virginia. The 7-2 ruling was a victory for Dominion Energy Inc and President Donald Trump’s administration, both of which appealed a lower court ruling that halted construction of the 600-mile (965-km) Atlantic Coast Pipeline, which would run from West Virginia to North Carolina. The decision, written by conservative Justice Clarence Thomas, removes one of several obstacles facing the project. Two liberal justices, Sonia Sotomayor and Elena Kagan, dissented. 'Today’s decision is an affirmation for the Atlantic Coast Pipeline and communities across our region that are depending on it for jobs, economic growth and clean energy. We look forward to resolving the remaining project permits,' Dominion said in a statement."

Putting Washington in charge of the Great Lakes...What could go wrong? 


E&E News (6/16/20) reports: "Democratic Rep. Marcy Kaptur, dean of Ohio's congressional delegation, wants to create a federal entity to revive the Great Lakes region, boost water quality, and create jobs in states hit hard by the pandemic and unemployment. And if she's successful in her bid for the top Democratic slot on the House Appropriations Committee in 2021, she will have more political sway to make it all happen. 'In the West, we wanted to develop an undeveloped part of America. We created the Bureau of Reclamation at the Department of Interior, which covers 17 Western states,' Kaptur said during an interview. 'Well, the Great Lakes need reclamation, for heaven's sake!' Kaptur — co-chair of the congressional Great Lakes Task Force and head of the Energy and Water Development Appropriations Subcommittee — hopes to include language in the next congressional recovery act or infrastructure bill to create a federal entity for the Great Lakes, one on par with models such as the Tennessee Valley Authority, a federally owned corporation, or the Bureau of Reclamation, an agency that oversees water resource management." 

Energy Markets

 
WTI Crude Oil: ↑ $38.41
Natural Gas: ↓ $1.65
Gasoline: ~ $2.10
Diesel: ~ $2.42
Heating Oil: ↑ $117.70
Brent Crude Oil: ↑ $41.03
US Rig Count: ↓ 300

 
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