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MORNING ENERGY NEWS  |  07/22/2020
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It's certainly not intermittent renewables.

"No energy system, in short, is actually 'renewable,' since all machines require the continual mining and processing of millions of tons of primary materials and the disposal of hardware that inevitably wears out. Compared with hydrocarbons, green machines entail, on average, a 10-fold increase in the quantities of materials extracted and processed to produce the same amount of energy."

 

– Mark P. Mills, Manhattan Institute

A carbon tax is a tax on living.


Forbes (7/21/20) column: "How much are you willing to spend to save the earth? How about an extra 89 cents per gallon? That’s about how much a nationwide carbon tax would cost every time you stop for a gasoline fill up. Whether or not you think that’s affordable could very well presage how well you’ll adjust to a hypothetical Biden administration. Joe Biden’s plan for climate and energy broadly proposes a carbon price. The mechanism is so far unclear, but will be informed by established carbon pricing measures enacted by state and local government, as well as protocols adopted at universities and corporations. There are many misconceptions. Some environmentalists and fossil fuel producers fervently believe that a carbon price will spell the end of fossil fuels. No. It will raise the cost for consumers, who will then follow their wallets to change their energy consumption."

The latest national security issue solved by unleashing American energy.


Pittsburgh Post-Gazette (7/20/20) reports: "In the recipe that was supposed to remake Appalachia into a new petrochemical hub, two ingredients have grown scarce during the COVID-19 pandemic: money and momentum. That everything has stopped — the location scoping, the engineering studies, the negotiations — is worrisome but understandable to people like Denise Brinley, who heads the Pennsylvania Office of Energy, a year-old agency that lives inside the state’s Department of Community and Economic Development...With the arrival of COVID-19, the idea that producing plastic material in the U.S. is now a national security interest has gained a foothold, just as “energy independence” did a decade ago. Both industries expect fossil fuels to be viable for decades in the future. 'Carbon is the savior of humanity,' Nick DeIuliis, CEO of CNX Resources declared on Thursday during a defiant speech where he warned against listening to 'elites' and 'PhDs' and said supporting renewables was tantamount to voting for the Chinese Communist party.

Hold the line!


E&E News (7/21/20) reports: "Nine Senate Republicans are trying to preemptively block any extension of wind production tax credits as part of any upcoming pandemic relief or appropriations package. In a letter sent to Finance Chairman Chuck Grassley (R-Iowa) this morning, the nine lawmakers pressed the father of the wind tax credit to stick to the 2015 agreement to let the incentive phase out as wind technology becomes more mature and better equipped to compete in electric markets. The missive comes as key Republican and Democratic corners meet today to begin in earnest negotiations over a fourth economic relief package to respond to the coronavirus pandemic fallout. 'The wind industry is now mature and does not need more taxpayer subsidies,' the group said. 'This would only exacerbate the distortive effect of wind on electricity markets.' Led by Sen. Kevin Cramer (R-N.D.), the letter included signatures from Environment and Public Works Chairman John Barrasso (R-Wyo.); Armed Services Chairman Jim Inhofe (R-Okla.); Energy-Water spending subcommittee Chairman Lamar Alexander (R-Tenn.); and Sens. Shelley Moore Capito (R-W.Va.), John Hoeven (R-N.D.), Mike Enzi (R-Wyo.), James Lankford (R-Okla.) and Pat Toomey (R-Pa.)." 

Energy Markets

 
WTI Crude Oil: ↓ $41.31
Natural Gas: ↓ $1.64
Gasoline: ↓ $2.18
Diesel: ~ $43
Heating Oil: ↓ $125.95
Brent Crude Oil: ↓ $43.77
US Rig Count: ↑ 278

 
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