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MORNING ENERGY NEWS | 06/30/2020
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** Sleepy Joe is trying to set all the wrong records.
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The Hill ([link removed]) (6/28/20) column: "In 2016, Hillary Clinton ran for president proposing $1 trillion in tax increases. Would President Trump’s blue-collar boom ever have gotten off the ground with such a back-breaking tax burden? But now, four years later, former vice president Joe Biden thinks he has a better idea. In his third run for the White House, Biden is proposing tax increases of nearly $4 trillion over the next 10 years. If he wins in November and these increases were to pass, they’d be the highest in American history — indeed, in world history...Additionally, Biden proposes a 'carbon tax' — a new form of gas tax — on America’s world-leading oil and natural gas production. And he has asked Rep. Alexandria Ocasio-Cortez (D-N.Y.), architect of the Green New Deal, to co-chair his campaign on climate change. Now that America is energy independent for the first time in 75
years, producing more oil and gas than Russia and Saudi Arabia combined, Biden proposes to return America’s energy production to oblivion. What price would gas be then for American motorists?"


** "There is no good reason, for example, for any country to include coal in their Covid-19 recovery plans."
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– Antonio Guterres, United Nations Secretary-General ([link removed])

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Carbon Tax! (aka BTU tax, aka Cap & Tax)

** E&E News ([link removed])
(6/29/20) reports: "Democrats on the House Select Committee on the Climate Crisis will recommend a federal clean electricity standard, a carbon price and a national net-zero emissions goal, as part of the wide-ranging report they will officially unveil tomorrow. The long-awaited document, which runs 538 pages, was crafted largely without input from the panel's Republicans and is widely seen as a climate guide for Democrats if they win control of government in 2021. Democrats will roll out the document tomorrow morning at a press conference with House Speaker Nancy Pelosi (D-Calif.). 'The Climate Crisis Action Plan outlined in this report provides a roadmap for Congress to build a prosperous, clean energy economy that values workers, advances environmental justice, and is prepared to meet the challenges of the climate crisis,' says the report, a copy of which was obtained by E&E News."

As if they didn't have enough lawsuits on their hands.

** Utility Dive ([link removed])
(6/26/20) reports: "Pacific Gas & Electric (PG&E) supports efforts to promote all-electric new construction, when feasible and cost-effective, as part of a 2022 update to California's energy code, the utility said in a letter filed with the California Energy Commission (CEC) Wednesday. PG&E 'welcomes the opportunity to avoid investments in new gas assets that might later prove underutilized as local governments and the state work together to realize long-term decarbonization objectives,' Robert Kenney, PG&E vice president of state and regulatory affairs, said in the letter. Several cities in California have been passing building codes that would reduce their reliance on natural gas as part of the state's broader climate goals. Regulators are now faced with the task of stitching those policies into a comprehensive strategy to manage the state's natural gas system."

This approach never worked for Neville Chamberlain...

** Washington Examiner ([link removed])
(6/29/20) reports: "Top House Republicans, including Majority Leader Kevin McCarthy, are backing a climate policy framework outlined by the American Conservation Coalition, a conservative youth climate group. It’s the first time in recent years that Republican lawmakers have lent their support for a comprehensive climate strategy. The ACC is hoping its American Climate Contract will allow GOP lawmakers, who before the pandemic had just begun to unveil a series of low-carbon policies, to contextualize those efforts and root them in climate-focused messaging. 'Prior to this, the conversation continued to be so defined by the Green New Deal being the benchmark, and I think this is the next step,' said Quill Robinson, the ACC’s government affairs director. The framework takes the discussions beyond whether, or not climate change exists or if people support the liberal Green New Deal, Robinson told the Washington Examiner. “This is a climate plan that you have the most powerful Republicans in
the House supporting,” he added."

And here is why it won't work for spinless RINOs.

** Jacobin ([link removed])
(6/15/20) blog: "On the final day of 2019 — a year marked by record high temperatures, wildfires, and tropical storms — China reported to the World Health Organization that a new virus had broken out in the city of Wuhan. Initially dismissed by many Western observers as an unfortunate event in a far-off land, COVID-19 quickly grew into a full-blown pandemic, causing the deaths of hundreds of thousands of people, rapidly intensifying class and racial inequalities, and ushering in the greatest worldwide recession since the Great Depression...The obvious choice when looking for a tradition that has a concept of using state power in a situation of chronic emergency is the anti-Stalinist Leninist tradition. Built into this tradition is also an insight into the dangers and contradictions of state power that arises from the lessons of the Bolshevik Revolution. The whole strategic direction of Lenin after 1914 was to turn World War I into a fatal blow against capitalism. This is precisely the same
strategic orientation we must embrace today — and this is what I mean by ecological Leninism. We must find a way of turning the environmental crisis into a crisis for fossil capital itself."
** ([link removed])

Energy Markets


WTI Crude Oil: ↓ $38.99
Natural Gas: ↑ $1.76
Gasoline: ~ $2.17

Diesel: ~ $2.43
Heating Oil: ↓ $116.31
Brent Crude Oil: ↓ $40.96
** US Rig Count ([link removed])
: ↓ 279



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