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MORNING ENERGY NEWS  |  07/28/2020
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A vote for Biden is a vote for an Ocasio-Cortez administration.

"Joe Biden's 'clean energy plan' may make his followers feel saved and it might even help get him elected. But if past is prologue, it won't create many jobs or help 'heal' the planet. It will just mean spending gobs of money we don't have in a massive giveaway to special interests."

 

– Nick Gillespie, Reason

Let's Do the Math: 276 jobs and  $100 million annual economic impact and $105 million in taxes over 35 years vs. 6 jobs and $25 million over 35 years. This isn't Progress, it's Progressivism.  


E&E News (7/24/20) reports: "A coal-fired power plant in western New Mexico will be shutting down by the end of the year, and local officials are bracing for the economic consequences of the closure. Tri-State Generation and Transmission Association Inc. announced the shuttering of the Escalante Generating Station near Grants earlier this year. Utility officials said during a virtual town hall that they're working with local officials, businesses and economic development groups to mitigate some of the effects on McKinley and Cibola counties. The plant has an annual economic impact of nearly $100 million and supports some 226 direct and indirect jobs. Tax revenues from plant operations total more than $3 million. 'Escalante is a big part of the local economy,' Tri-State CEO Duane Highley said during Tuesday's meeting. 'It's not possible to replace it, but we're working to assist in the transition.' Tri-State is pumping between $10 million and $12 million into employee compensation packages. It's also providing $5 million in economic development assistance for local communities. Two-thirds of the power plant's 107-member workforce have been laid off, and about 30 more are facing termination by the end of the year. Peabody Energy's El Segundo mine, which supplies the plant, will lay off 50 workers in August."

The big man is headed to the trenches.


NBC (7/27/20) reports: "President Donald Trump will shift his focus to American energy dominance during a stop in Texas later this week that will include his first visit to an oil rig. During the stop Wednesday at Double Eagle Energy in the west Texas city of Midland, Trump will discuss how the U.S. is achieving energy dominance by cutting regulations, simplifying permitting and encouraging private investment in energy infrastructure, the White House said...It will be Trump’s 16th visit as president to Texas, the White House said. He won the state in 2016 by 9 percentage points over Democrat Hillary Clinton, and Democrats are hoping for a more competitive race this year against Biden — if not an outright Biden win. Double Eagle Energy says it is one of the largest operators in the Permian Basin, covering parts of western Texas and southeastern New Mexico. The White House said Trump has taken steps to help the energy industry recover after the coronavirus outbreak caused demand for energy — and prices — to plummet as people stayed home to avoid becoming infected."

Everything but the kitchen sink...


Bloomberg (7/28/20) reports: "House Democrats have submitted several amendments to the Energy and Water Development bill in the minibus (H.R. 7617) that would boost funds for renewable energy and block key elements of the administration’s energy agenda. The House Rules Committee will begin consideration of the seven-bill minibus, which includes funding for the Energy Department, Army Corps of Engineers, and related agencies, at 11 a.m. today. As of last night, there were 60 amendments filed to the Energy-Water division of the package, including: A measure from Rep. Alexandria Ocasio-Cortez (D-N.Y.) to move $50 million from fossil energy research and development to energy efficiency and renewable energy; Another provision from Ocasio-Cortez to limit funding for the Army Corps of Engineers to issue 404 permits related to pipeline construction; An amendment from Reps. Nanette Barragan, (D-Calif.) and Ayanna Pressley (D-Mass.) to add $25 million for a total of $225 million for grants to put solar and distributed energy systems in underserved communities; A measure from Rep. Jared Huffman (D-Calif.) and others to ban the Army Corps from using funds in the bill to issue a record of decision for the proposed Pebble Mine project in Alaska; and A provision from Rep. Tom Malinowski (D. N.J.) to increase funds by $25 million to advance the development and use of plug-in electric vehicle charging infrastructure." 

Energy Markets

 
WTI Crude Oil: ↓ $41.47
Natural Gas: ↓ $1.77
Gasoline: ↑ $2.18
Diesel: ~ $2.43
Heating Oil: ↓ $124.80
Brent Crude Oil: ↑ $43.56
US Rig Count: ↓ 284

 
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