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MORNING ENERGY NEWS  |  06/19/2020
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To a place with golden rigs?


Market Watch (6/18/20) reports: "Crude-oil prices finished higher on Thursday after major producers at an OPEC-led meeting of the Joint Ministerial Monitoring Committee, or JMMC, stressed the importance of full compliance with pledged production cuts and made moves to ensure that certain countries make up for failing to fully meet their reduction targets last month. Among the products traded on Nymex Thursday, July gasoline tacked on 3.5% to $1.2577 a gallon and July heating oil rose 1.4% to $1.1986 a gallon. July natural gas settled unchanged on Thursday at $1.638 per million British thermal units, after the EIA reported that domestic supplies of the commodity in storage rose by 85 billion cubic feet for the week ended June 12. On average, analysts polled by S&P Global Platts expected the report to show a weekly climb of 79 billion cubic feet, which was less than the 111 billion cubic foot addition in the corresponding week last year."

"While shortsighted critics of natural gas might equate any sort of energy development as an inherent hazard to our state’s beauty, we in the forestry business know through experience that environmental stewardship and economic security can go hand in hand."

 

– Scott Robbins,
Michigan Sustainable Forest Initiative

Oh no, please, stop fighting amongst yourselves...


Real Clear Energy (6/18/20) reports: "Like many contemporary social movements—#metoo, Black Lives Matter, the Women’s March—the environmental lobby has tended to create an atmosphere of unanimity. In its struggle to win public and elite opinion, it has frequently evoked 'science' as something settled and immutable, warning that those who dissent are either self-serving or seriously deranged. Yet in recent months, there has been growing criticism about the current green orthodoxy, including from people long associated with environmental causes. This has been most widely seen in the strange case of the Michael Moore–produced Planet of Humans, which exposes the rapacious profit-seeking and gratuitous environmental damage caused by the renewable energy industry. Critics have attempted to get Moore’s film de-platformed, and the green establishment has pressured distributors not to take the film. Such censorious behavior is increasingly common among the greens. Some veteran climate scientists—such as Roger Pielke and Judith Curry, Greenpeace founder Patrick Moore, and former members of the UN International Panel on Climate Change—have been demonized and marginalized for deviating from what Curry has described as an overly 'monolithic' approach to the issue of climate change."

Just needs a little recalibration.


Reuters (6/18/20) reports: "U.S. refiners and other buyers of crude oil are reworking some of their supply contracts to guarantee volumes after many were cut off unexpectedly when a price collapse this spring led drillers to curtail production, sources said. The effort reflects concern in the refining industry about the possibility of another drop in oil prices as world markets continue to reel from the economic fallout of the coronavirus outbreak. Sellers will likely be forced to agree to the terms as buyers remain scarce in the oil market, traders and analysts said. U.S. oil prices crashed into negative territory for the first time in history in April as the pandemic crushed energy demand, prompting oil producers to shut in about 2 million barrels per day (bpd) of production, or nearly a fifth of the country’s output."

Or the road bill could just be used to fund, I don't know, maybe, the roads?


Bloomberg (6/19/20) reports: "House Democrats pitched a $1.5 trillion plan to rebuild the nation’s infrastructure yesterday and urged President Donald Trump to immediately engage in negotiations on how to pay for it. The House is scheduled to vote on the plan before the July 4 recess, and Speaker Nancy Pelosi (D-Calif.) said that she hopes bipartisan interest in rebuilding crumbling roads, bridges, water systems and other infrastructure prevails over the political inertia that has stalled action on the long-discussed issue. 'The president, we understand, really wants an infrastructure bill,' Pelosi said. 'He talks about it quite a bit, so now let’s get down to what that means.' The Trump administration has privately discussed a $1 trillion measure as a way to stimulate jobs growth in the wake of the Covid-19 pandemic. But both sides have been reluctant so far to commit to a way to fund an infrastructure package, including raising the gas tax or other fees. With the next election less than five months away, the idea of negotiating raising taxes, even with gasoline prices relatively low, will be a difficult sell, Erik Wasson reports." 

If you oppose a carbon tax, please contact us and take a stand.

Tom Pyle, American Energy Alliance
Myron Ebell, Competitive Enterprise Institute
Phil Kerpen, American Commitment
Andrew Quinlan, Center for Freedom and Prosperity
Tim Phillips, Americans for Prosperity
Grover Norquist, Americans for Tax Reform
George Landrith, Frontiers of Freedom
Thomas A. Schatz, Citizens Against Government Waste
Richard Manning, Americans for Limited Government
Adam Brandon, FreedomWorks
Craig Richardson, E&E Legal
Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Nathan Nascimento, Freedom Partners Chamber of Commerce
Isaac Orr, Center of the American Experiment
David T. Stevenson & Clint Laird, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Jack Ekstrom, PolicyWorks America

Energy Markets

 
WTI Crude Oil: ↑ $40.14
Natural Gas: ↑ $1.67
Gasoline: ↑ $2.11
Diesel: ↑ $2.42
Heating Oil: ↑ $122.22
Brent Crude Oil: ↑ $42.56
US Rig Count: ↑ 300

 
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