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MORNING ENERGY NEWS | 08/05/2020
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** King Cuomo's campaign against affordable energy claims all of Upstate as its next victim...
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Syracuse.com ([link removed]) (7/31/20) reports: "Syracuse, N.Y. -- National Grid asked state regulators Friday for permission to raise electricity and gas delivery prices for its Upstate New York customers by $142 million starting July 2021. If approved, residential electricity customers would see an average bill increase of 4%, or $3.43 a month. Residential gas customers would see their bills rise an average of 6%, or $4.53 a month. The filing starts an 11-month review process by the New York Public Service Commission. The company’s current three-year rate agreement expires March 31, 2021...He said rate increases are necessary to 'cover the costs of providing service and we must remain financially healthy to attract the necessary capital to finance our operations, which will lower costs for customers in the long run.' The rate increases would only impact energy delivery
charges, not supply charges, on customer bills. National Grid buys electricity and natural gas from generators and suppliers and delivers them over its network to 1.6 million electricity customers and 600,000 gas customers across its Upstate New York service territory. Supply prices are set by the market, not National Grid."


** "You know, whereas Joe Biden and the Democrats propose policies that’ll stifle jobs and wages and energy, President Donald Trump and I are going to fight for a growing America. Less government, less taxes, less regulation, and more American energy."
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– Vice President Mike Pence ([link removed])

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BP: Beyond Parody.

** CNN ([link removed])
(8/4/20) reports: "BP is planning to slash oil and gas production and pour billions of dollars into clean energy as part of a major strategic overhaul unveiled on Tuesday, alongside a huge second-quarter loss and dividend cut. The London-based company said that it plans a 10-fold increase in annual low carbon investments to $5 billion by 2030 as it tries to deliver on its promise of net zero emissions by 2050 and prepares for a world that uses much less oil. BP shares rose as much as 8% in London. 'This coming decade is critical for the world in the fight against climate change, and to drive the necessary change in global energy systems will require action from everyone,' BP said in a statement. The company expects demand for fossil fuels to fall by 75% over the next 30 years if the increase in global temperatures is limited to 1.5 degrees celsius, or by 50% if warming is less than 2 degrees, BP head of strategy Giulia Chierchia told investors. BP said its oil and gas production will fall
by at least one million barrels a day by 2030, a 40% reduction on 2019 levels. The bulk of its annual capital expenditure over the next five years will, however, still be in oil and gas."

Quite the endorsement!

** The Hill ([link removed])
(8/3/20) reports: "More than 300 environmental groups are calling on senators to vote against President Trump’s nominee to lead the Bureau of Land Management (BLM), arguing William Perry Pendley should be disqualified because of his history of controversial comments and opposition to federal ownership of public lands. Pendley was nominated at the end of June but has been serving as the agency's acting director since July 2019 through a series of temporary orders that have since been challenged in court. Pendley’s presence at the BLM sparked immediate pushback from critics who cited his earlier support for selling off public lands...They added that his disqualifications include 'radical anti-conservation positions, a deeply held belief antithetical to the agency’s mission that public lands should be privatized, virtually unprecedented conflicts of interest and ethical issues, a history of supporting anti-government extremists, and a track record of dismantling the very agency he is tasked
with managing.'"

It's 'misleading' because he wasn't supposed to say that until after the election.

** E&E News ([link removed])
(8/4/20) reports: "A political action committee supporting President Trump is airing an advertisement accusing presumptive Democratic presidential nominee Joe Biden of supporting a ban on fracking. The ad from America First Action SuperPAC is launching today in Pennsylvania, a key swing state that has seen a major boom in hydraulic fracturing for natural gas in the last decade, along with an economic boom...The spot hinges on claims often made by Trump and his allies that Biden, the former vice president, wants to ban fracking. Biden has said he doesn't support an all-out fracking ban, just a ban on new permitting for fossil fuel extraction on federal lands. Biden said in a March debate that he would allow 'no new fracking' as president, but his campaign quickly walked it back...FactCheck.org called it 'misleading,' while USA Today called it 'partly false.'"

The corn mafia is looking to stack the deck.

** Agri Marketing ([link removed])
(8/5/20) reports: "Growth Energy has submitted comments on a proposed rule from the Environmental Protection Agency (EPA) that would change how the agency conducts the benefit-cost analysis (BCA) of new rules under the Clean Air Act, including the Renewable Fuel Standard (RFS). In a letter to the EPA, Growth Energy Senior Vice President of Regulatory Affairs Chris Bliley urged the agency to ensure agency calculations continue to recognize the full benefits of the RFS, including 'reduced cost at the pump, reductions in greenhouse gas emissions, reductions in harmful air toxins like carbon monoxide, and significant value-added to farmers and rural communities.'...Growth Energy also cautioned the agency against changes that could undercut the ability of regulators to consider the full benefits of the RFS, including those to the environment. 'Relatedly, we have seen numerous studies, including those done by Argonne National Laboratory and the U.S. Department of Agriculture, that confirm that
ethanol significantly reduces greenhouse gas emissions compared to gasoline,' wrote Bliley. 'However, under this proposal, limited results from a BCA could distort EPA's examination of the social cost of carbon which could then, in turn, be used to unjustly distort the greenhouse gas reductions called for in the RFS and described in the original RFS regulatory impact analysis.'"

Energy Markets


WTI Crude Oil: ↑ $42.92
Natural Gas: ↑ $2.25
Gasoline: ~ $2.17

Diesel: ~ $2.42
Heating Oil: ↑ $128.62
Brent Crude Oil: ↑ $45.66
** US Rig Count ([link removed])
: ↓ 279



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