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MORNING ENERGY NEWS  |  07/30/2020
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There's only one candidate committed to recovery. 


Midland Reporter-Telegram (7/29/20) column: "What the Permian Basin needs right now is our president’s commitment to less regulation, more production and stabilized markets. This is key to recovery of the Texas oil and gas industry. President Trump’s commitment to reducing red tape and regulations on this vital industry is the next great step to recovery for not only the Permian Basin, but for all of Texas and the United States. We have all weathered an unexpected storm this year. The collapse of the oil and gas market, combined with a pandemic, has left the Permian Basin facing unthinkable challenges.  The energy sector of the world’s economy took a tremendous blow. President Trump’s commitment to reducing regulations and promoting growth in the energy sector, while expanding access to other world markets, will be vital to the industry. These steps will help the Permian Basin, Texas and America...These are uncertain times in our community and our country. We all have to make difficult choices each day as we navigate this recovery. One thing you and I can do is support President Trump today and in the future. He knows how important the work you do is to the American economy. "

"Just as Obama couldn’t take credit for the economic boom we are seeing under the Trump administration, Biden can’t claim he will oversee a resurgent economy if he plans to eliminate fossil fuel production."

 

– Adam Brandon, FreedomWorks

After outlawing all affordable, reliable sources of energy, NY authorities are now demanding wood stoves be used in a climate-conscious manner.  


E&E News (7/29/20) reports: "After EPA enforcement officials effectively sidelined themselves, regulators in a second state have faulted hardware giant Lowe's Cos. Inc. for apparently selling wood stoves that don't meet the agency's latest emission standards. In a letter sent today to the North Carolina-based retailer, New York Attorney General Letitia James' office said the company's website advertises wood-burning devices that don't meet the stricter 'Step 2' standards that took effect in mid-May. The continued sale of the older'"Step 1' devices "violates the federal Clean Air Act" and could lead to tens of thousands of dollars in fines for each violation, the letter says. Besides seeking an immediate halt to such sales, an assistant attorney general there asked Lowe's for information on the number of stoves sold both in its New York stores and to New York customers via its website since May 16. 'We are also investigating whether other retailers are continuing to sell non-compliant devices,' the attorney general's office said in a separate letter to the Hearth, Patio and Barbecue Association, an industry trade group."

How to virtue signal and send the bill to your neighbors.


Bloomberg (7/30/20) reports: "Power companies are loaning out Teslas in Washington, electrifying bus fleets in Virginia and lobbying for electric vehicle tax credits on Capitol Hill. San Diego Gas & Electric Co. even went so far as to help train salespeople on how to convince consumers to buy electric cars and then paid them as much as $500 per sale. It’s all part of a $1.5 billion effort by utilities such as Exelon Corp. and Dominion Energy Inc. to promote vehicles that run on electricity. The companies see it not just as a chance to sell more power, but to balance electricity demand and meet sustainability goals, said Max Baumhefner, a senior attorney with the Natural Resources Defense Council. 'The grid is built for the one hour of the year when electricity demand peaks,' Baumhefner said. Pushing energy consumption to after hours, when many drivers charge their cars at home, helps smooth out the swings in usage and could even reduce power costs for everyone, he said."

Looks like its time for a taxpayer bailout. 


Cleveland.com (7/27/20) reports: "A FirstEnergy customer on Monday filed what could become a class-action lawsuit in an effort to make the electricity company refund customers for rate hikes that resulted from a billion-dollar nuclear bailout now at the center of a corruption scandal. The lawsuit filed by Jacob Smith, a North Royalton homeowner, accuses the Akron-based utility of committing civil racketeering by bribing law Ohio House Speaker Larry Householder to introduce House Bill 6 and then illegally bankrolling a dark-money campaign to pressure legislators into supporting the bill and fending off a ballot initiative to repeal it. The goal of the scheme was to deprive ratepayers of money through the law that required them to pay a monthly surcharge on power the company delivered, the lawsuit says. The 34-page complaint filed in U.S. District Court in Columbus also asks a federal judge to grant class-action status, a move that would allow hundreds of thousands of customers from across the state to join as plaintiffs and seek refunds." 

Energy Markets

 
WTI Crude Oil: ↓ $40.51
Natural Gas: ↓ $1.90
Gasoline: ↑ $2.19
Diesel: ~ $2.43
Heating Oil: ↓ $123.42
Brent Crude Oil: ↓ $43.04
US Rig Count: ↑ 290

 
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