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MORNING ENERGY NEWS  |  07/10/2020
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Welcome to PA where the A stands for "abuse of power."


Forbes (7/9/20) Column: "The oil and gas industry has always been an easy target for ambitious politicians. Jimmy Carter based much of his 1976 presidential campaign on using the industry as a boogeyman, blaming it for embargoes and price shocks that it had had nothing to do with. Barack Obama made the industry a target in every one of his State of the Union addresses, proposing to repeal every oil and gas-specific treatment in the tax code year after year. More currently, presumptive Democratic nominee Joe Biden has at various times during the course of this campaign promised to ban hydraulic fracturing, end the use of oil and natural gas in the United States and make it impossible to drill new wells on federal lands, all of which plays great to the party’s voter base. The utility of bashing “big oil” has historically been most advantageous during times of high gasoline prices, as that has been a necessity for the vast majority of drivers. But even in this current time of very low prices at the pump, one politician in Pennsylvania, Democrat Attorney General Josh Shapiro, is apparently attempting to leverage a campaign of assaulting that state’s natural gas producers to further his own political ambitions."

"Climate science has been proven to be true to the highest degree possible, we have to stop being reasonable and start being emotional."

 

– Rebecca Huntley,
The Guardian

What goes down must come up?


Wall Street Journal (7/9/20) reports: "Oil markets began the 2020s by nosediving below $0 a barrel for the first time. Investors and analysts are now trying to work out what the rest of the decade holds in store. Some think the bust will set in motion a boom, predicting that investment in oil-and-gas production will dry up and propel crude prices back above $100 a barrel. 'That funding pressure is going to be massive. It’s going to be really difficult for some of the producers to produce,' said Trevor Woods, chief investment officer of Ohio-based hedge fund Northern Trace Capital. 'We could hit $150 pretty easily by 2025.' Others say the pandemic will sap fuel demand after the threat of contracting coronavirus has faded, cementing an era of cheap oil. The debate over the long-term direction of the world’s most important energy source is thorny. Oil markets have dozens of moving parts, making them hard to forecast."

Meet the rich working to make others poor. 


E&E News (7/10/20) reports: "Climate change activists have emerged as some of presumptive Democratic presidential nominee Joe Biden's most important donors, having hosted some of his biggest fundraising events. Climate Leaders for Biden, an ad hoc group of deep-pocketed donors, has brought in more than $12 million for Biden's campaign against President Trump and for the Biden Victory Fund, a joint fundraising committee that directs money to the former vice president's campaign, the Democratic National Committee and state parties...Thomas Pyle, president of the American Energy Alliance, dismissed the Biden allies as pushing for harmful policies that can't work. The fossil fuel-backed group supports Trump and has been supportive of many of his policy proposals. 'Silicon Valley entrepreneurs think they can do with energy what they did with computing, but they keep bumping up against the laws of physics. Unless they solve the storage problem — and they haven't even scratched the surface — intermittent renewables will never compete with natural gas, coal and nuclear for electricity,' Pyle said."

When all else looks bleak, look to Texas.


Houston Chronicle (7/9/20) column: "The coronavirus pandemic dealt a heavy blow to the oil and gas industry in Texas and around the nation. The sudden decline in demand and collapse in prices, followed by job losses and company bankruptcies, has been unlike anything we have seen in decades, perhaps in the industry’s history. Since 1901, when oil was struck at Sour Spring Mound, Texas, the industry has seen its share of oil booms and busts. Around 1930, prices plummeted when Woodbine sands production soared. In the 1970s, prices soared and supplies collapsed when OPEC clamped down on global oil exports. After the 1980s bust, a boom came in the following decades as U.S. production ramped up, which led to fears of reaching 'peak oil.' Then came hydraulic fracturing and the shale revolution. And on it goes. History proves Texas can weather the storm."

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: ↓ $39.56
Natural Gas: ↑ $1.80
Gasoline: ↑ $2.19
Diesel: ↑ $2.44
Heating Oil: ↑ $122.66
Brent Crude Oil: ↓ $42.29
US Rig Count: ↑ 276

 
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