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MORNING ENERGY NEWS  |  09/08/2020
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Here's a good idea. Let's kill the goose that laid the golden eggs in the middle of an economy wrecked by a virus imported from China. 


Fox News (9/3/20) reports: "A fracking ban that at times has been backed by former Vice President Joe Biden would batter the U.S. economy just as it emerges from its sharpest economic slowdown of the post-World War II era, according to a new study. It could also derail U.S. energy independence, a cornerstone of the Trump administration, which has accused Biden of wanting to 'outlaw' American energy sources. 'The United States has experienced essentially a generational shift in energy security, economic security, employment and CO2 emission reductions as a result of the shale revolution,' said Frank Macchiarola, senior vice president of policy, economics and regulatory affairs at the American Petroleum Institute, a national trade group representing about 600 oil and gas members. 'A policy that would go backward from that, in our view, is the wrong direction.' A ban that would begin in 2021 and apply to the development on federal lands and waters would cause the biggest hit to employment in its first two years with job losses reaching nearly 1 million in 2022, API told FOX Business exclusively."




"Joe Biden and the radical left want to crush American energy, and American energy jobs."

 

– Vice-President Mike Pence

What became the Employment Prevention Agency has now been restored to the  


Reuters (9/3/20) reports: "The head of the Environmental Protection Agency on Thursday accused Democrats of hurting the poor with policies aimed at fighting climate change, and said the agency would keep supporting development and deregulation if President Donald Trump is re-elected. The speech, on the EPA’s 50th anniversary, laid out agency priorities if Trump wins a second term in office. It reflected the gaping ideological divide between Democrats and the administration, which has loosened regulations for pollution and vehicle fuel efficiency and promoted oil and gas drilling. 'Some members of former administrations and progressives in Congress have elevated single issue advocacy – in many cases focused just on climate change ... over the interests of communities within their own country,'  EPA Administrator Andrew Wheeler said in a speech that was streamed live on YouTube...Wheeler said if Trump were re-elected the agency would focus on community revitalization, water quality, permitting reform, Superfund cleanups, and pesticide administration. 'This will do more for environmental justice than all the rhetoric in political campaigns,' he said in the speech, given at the Nixon Library in Yorba Linda, California, whose namesake President Richard Nixon, a Republican, created the EPA in 1970."

Not only are Joe Hiden's plans terrible, they are also illegal.


Denver Post (9/7/20) reports: "If U.S. voters decide to stay the course, the current push for energy dominance through increased drilling will continue. If they elect a new president, the challenger has pledged to end new drilling on public lands and move toward a carbon-free future. Whoever wins Nov. 3, any executive-branch attempts to change existing policy are likely to face legal challenges...Biden and his running mate, Sen. Kamala Harris of California, support ending new oil and gas drilling on federally managed lands and waters. The Trump administration sees drilling on public lands as vital to maintaining the nation’s status as the world’s No. 1 oil and natural gas producer. The administration said oil production from public lands and waters topped a record 1 billion barrels in 2019. 'A president doesn’t have the power to ban fracking. He could do that on day one and it would be overturned in court,' said Kathleen Sgamma, president of the Denver-based Western Energy Alliance, which advocates for the oil and gas industry. If a president tried to yank existing leases or ban new leases on public lands, 'we would be in court the next day,' Sgamma said."

 

'Compounding climate events?' More like 'compounding decades of Democratic mismanagement.'


E&E News (9/4/20) reports: "A blistering heat wave is expected to engulf much of California this weekend, with temperatures potentially soaring as high as 115 degrees in the southern part of the state. The National Weather Service has warned of an elevated risk of wildfires, even as firefighters work to contain blazes already burning across the state. It's the second dangerous heat wave to hit California in the last few weeks. Mid-August saw triple-digit temperatures across much of the state, prompting California's first rolling blackouts in nearly two decades. The combination of sweltering heat and ongoing wildfires is a worrying double whammy, experts say. High temperatures can make it easier for wildfires to ignite and spread in the first place. And they can also affect local air quality, adding to the impact of wildfire smoke. When both occur at once, each can worsen the effects of the other — an example of what's known as a 'compound climate event.'" 

Energy Markets

 
WTI Crude Oil: ↓ $27.15
Natural Gas: ↓ $2.51
Gasoline: ↓ $2.21
Diesel: ↑ $2.42
Heating Oil: ↓ $107.14
Brent Crude Oil: ↓ $40.14
US Rig Count: ↑ 277

 
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