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MORNING ENERGY NEWS  |  07/16/2020
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Sleepy Joe promises to put actual communists in charge of America's energy policy, but Trump is the story for calling it out?


E&E News (7/16/20) reports: "President Trump and his allies are embarking on a coordinated campaign to link Democrat Joe Biden's climate policies to liberal icons of the progressive movement in an effort to influence moderate voters in the final months before the election. President Trump and Vice President Mike Pence both claimed yesterday that Biden's policies were derived from Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.), two liberal lawmakers who championed the Green New Deal. 'AOC and Bernie are in charge of energy,' Trump said yesterday. 'I don't think Texas is too happy about that.' Trump made his comments in Georgia as he was announcing plans to weaken the National Environmental Policy Act, a law that requires environmental reviews prior to beginning infrastructure projects...'Their policy agenda looks more and more like Bernie won, you look at the left-wing agenda, big government, more taxes, more regulations agenda,' Pence said. 'It is clear that Joe Biden's policies are being driven by the radical left in his party and would be a death knell on the American recovery.'"

"The gas industry deserves to be supported by reasonable people who, while expecting responsible operations and accountability, recognize it as a critically important source of energy and a producer of immense economic value for all citizens."

 

–  Gordon Tomb,
The Commonwealth Foundation

DO NOT get this guy started on China.

🚨 Obama judge 🚨


Bloomberg (7/15/20) reports: "A California-based federal district judge on Wednesday tossed out the Trump administration’s 2018 rule weakening limits on the venting and flaring of natural gas from wells on federal land, saying the measure was based on 'myriad inadequacies.' The U.S. District Court for the Northern District of California concluded the Bureau of Land Management’s rule ran afoul of the Administrative Procedure Act, National Environmental Policy Act and Mineral Leasing Act .'BLM systematically ignored the basics of rulemaking and steamrolled over the APA and NEPA framework to advance certain special interests,' Judge Yvonne Gonzalez Rogers wrote. 'Such conduct should not be condoned.' Gonzalez Rogers vacated the BLM rule but stayed the order for 90 days in response to a challenge by the Sierra Club and other environmental groups. Gonzalez Rogers found the BLM did not adequately justify its reversal of course, including its prior conclusion more stringent Obama-era requirements were 'economical, cost-effective and reasonable.'"

Sure communist China and totalitarian Saudi Arabia will work in good faith towards climate appeasement. 🙄


Reuters (7/16/20) reports: "A group of the world’s top oil companies, including Saudi Aramco, China’s CNPC and Exxon Mobil, have for the first time set goals to cut their greenhouse gas emissions as a proportion of output, as pressure on the sector’s climate stance grows. But the target, set by the 12 members of the Oil and Gas Climate Initiative (OGCI), means absolute emissions can rise as production increases. It is eclipsed by more ambitious plans set individually by the consortium’s European members, including Royal Dutch Shell, BP and Total. 'It is a significant milestone, it is not the end of the work, it is a near term target ... and we’ll keep calibrating as we go forward,' OGCI Chairman and former BP CEO Bob Dudley told Reuters. The OGCI members agreed to reduce the average carbon intensity of their aggregated upstream oil and gas operations to between 20 kg and 21 kg of CO2 equivalent per barrel of oil equivalent (CO2e/boe) by 2025, from a collective baseline of 23 kg CO2e/boe in 2017, the OGCI said in a statement. The OGCI includes BP, Chevron, CNPC, Eni, Equinor, Exxon, Occidental Petroleum, Petrobras, Repsol, Saudi Aramco, Shell and Total, which together account for over 30% of the world’s oil and gas production." 

Energy Markets

 
WTI Crude Oil: ↓ $40.75
Natural Gas: ↑ $1.80
Gasoline: ↑ $2.20
Diesel: ~ $2.43
Heating Oil: ↓ $123.21
Brent Crude Oil: ↓ $43.48
US Rig Count: ↓ 279

 
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