Your Morning Energy News

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MORNING ENERGY NEWS | 07/06/2020
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** Greens against the environment.
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Forbes ([link removed]) (6/30/20) reports: "Congressional Democrats today unveil a “Climate Crisis Action Plan” similar to the Green New Deal proposed by Rep. Alexandria Ocasio-Cortez last year, which sounded like a dream to many progressives and climate activists. At the heart of the proposal are billions in new subsidies and a federal mandate to achieve 100% renewables...There has already been widespread attention to the high economic cost of renewable energy mandates. University of Chicago economists found that 'consumers in the twenty-nine states paid $125.2 billion more for electricity' because of them. But now, in response to a growing number of lawsuits and regulations, and a new Michael Moore documentary about the environmental impacts of renewables, the wind industry increasingly finds itself on the defensive. 'Birds have evolved over hundreds of
years to fly certain paths to migrate,' said New Hampshire-based environmentalist Lisa Linowes. 'You can’t throw a turbine up in the way and expect them to adapt. It’s not happening.'...Now, wind energy threatens one of America’s most iconic birds. 'Look at the whooping crane,' said Linowes. 'With just 235 whooping cranes in the wild, their gene pool is very limited. A rule of thumb is that you need at least a thousand individuals to make sure the gene pool will grow and so you don’t get inbreeding and lose diversity.'"


** "It’s unfortunate and extremely misguided that large asset managers are trying to demonstrate to a cohort of activists that they are worried about some imaginary end of the world, while businesses and their workers are worried about the reality of just getting through the end of the most challenging year in modern history. "
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– Mark J. Perry, American Enterprise Institute ([link removed])

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In Canada (and around the world) pipelines are being built.

** E&E News ([link removed])
(7/6/20) reports: "The Supreme Court of Canada on Thursday dismissed an appeal from British Columbia First Nations against the Trans Mountain pipeline expansion that would nearly triple the flow of oil from the Alberta oil sands to the Pacific Coast The court dismissed the appeal from the Squamish Nation, Tsleil-Waututh Nation, Ts'elxwéyeqw Tribes and Coldwater Indian Band, effectively ending the yearslong legal battle over the project. The pipeline would end at a terminal outside Vancouver, resulting in a sevenfold increase in the number of tankers in the shared waters between Canada and Washington state...The pipeline would allow Canada to diversify oil markets and vastly increase exports to Asia, where it could command a higher price. About 99% of Canada's exports now go to refiners in the U.S., where limits on pipeline and refinery capacity mean Canadian oil sells at a discount. Alberta Premier Jason Kenney called the dismissal an additional "legal vindication" for the pipeline, which
was first proposed eight years ago but has been delayed by numerous legal challenges. He said 120 of 129 First Nations affected by the pipeline either approve or do not object to it."

In India, pipeline regulations are being made simpler and more effective.

** Reuters ([link removed])
(7/1/20) reports: "India is simplifying its gas pipeline tariff structure to make the fuel more affordable and to attract investment for building gas infrastructure in the country, oil minister Dharmendra Pradhan said on Wednesday. Prime Minister Narendra Modi has set a target to raise the share of gas in India's energy mix to 15% from the current level of about 6.3% to cut its carbon footprint. Use of gas is also set to rise as India wants to push local manufacturing to cut costly imports and lift its battered economy. Pradhan said the new tariff structure would help to create a single gas market in the country by attracting investment to complete the gas grid and make it more easily accessible. He did not provide more details of the new pricing structure. The oil minister said India's current 'zonal' tariff rates for gas pipelines resulted in higher transportation charges and had hindered the development of gas markets and demand centres in remote areas."

Meanwhile, Greens in the U.S. block $8 billion in pipeline infrastructure.

** Wall Street Journal ([link removed])
(7/5/20) reports: "The builders of the Atlantic Coast Pipeline are pulling the plug on the project as companies continue to meet mounting environmental opposition to new fossil-fuel conduits. Duke Energy Corp. and Dominion Energy Inc. said Sunday they were abandoning the proposed $8 billion pipeline—which aimed to carry natural gas 600 miles through West Virginia, Virginia and North Carolina and underneath the Appalachian Trail—citing continued regulatory delays and uncertainty, even after a favorable Supreme Court ruling last month. Dominion said it was selling the rest of its natural-gas transmission and storage network to Warren Buffett’s Berkshire Hathaway Inc. for $9.7 billion including debt. The deal includes a 25% stake in the Cove Point liquefied natural gas export facility in Maryland, of which Dominion will remain the largest owner. 'This announcement reflects the increasing legal uncertainty that overhangs large-scale energy and industrial infrastructure development in the
United States,' Dominion and Duke said in a joint statement. 'Until these issues are resolved, the ability to satisfy the country’s energy needs will be significantly challenged.'"

Energy Markets


WTI Crude Oil: ↓ $40.51
Natural Gas: ↑ $1.82
Gasoline: ↑ $2.18

Diesel: ↓ $2.43
Heating Oil: ↑ $124.67
Brent Crude Oil: ↑ $43.07
** US Rig Count ([link removed])
: ↓ 268



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