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MORNING ENERGY NEWS | 7.11.2019
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** There is not doubt PG&E must be held accountable, but California politicians are complicit in this whole tragedy.
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Bloomberg ([link removed]) (7/10/19) reports: "PG&E Corp. was ordered by a federal judge overseeing its probation to respond to a Wall Street Journal story claiming the utility knew its power lines could cause wildfires and failed to perform upgrades. PG&E 'must provide a fresh, forthright statement owning up to the true extent' of the article, U.S. District Judge William Alsup said in Wednesday’s order...Alsup has pushed to reform what he’s called the company’s 'dismal' management of vegetation near transmission lines that led to wildfires in 2017 and 2018. He ultimately backed off an aggressive fire-prevention plan he proposed in January, conceding to the utility’s complaint that it was unrealistic. But Alsup continues to keep the company under close watch. His order also cited an ABC News report about recent political campaign contributions, and demanded that the company disclose the full
amounts and recipients of the donations. The judge also returned to a target he previously backed away from: dividend payments. He’s making PG&E explain why $5 billion of dividend payments were distributed before its bankruptcy filing. For both the campaign contributions and the dividends, Alsup wants to know why the expenditures took precedence over trimming hazardous trees or managing vegetation that posed a fire threat."


** "Some Republicans have seized on the idea that a carbon tax could serve as a free market alternative to sweeping environmental regulations and reforms such as those in the Green New Deal. This is troubling: If enough Republicans are beguiled into striking a deal with Democrats who favor restrictions on the use of fossil fuels, they could become complicit in an exercise that greatly expands the power of the government while reducing America’s economic output."
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-Kevin Mooney, Washington Examiner

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Irish government on climate action: Go way outta that.

** Offshore Magazine ([link removed])
(7/9/19) reports: "The Irish Offshore Operators’ Association (IOOA) has applauded the decision by Ireland’s government not to proceed with the proposed Climate Emergency Bill. There were widespread concerns that the bill could have stalled future E&P activity in the country’s offshore basins. The Kinsale and Corrib gas fields offshore southeast and northwest Ireland currently supply 60% of the gas consumed by Irish homes and businesses, the IOOA pointed out. Mandy Johnston, the association’s CEO, said: 'Government has recognized that using our own natural resources is not only good for energy security but also good for the environment and jobs.'"

A reminder that there are still some sensible people in this world:

This is probably the first rational thing a politician in California has done in years.

** The Orange County Register ([link removed])
(7/10/19) op-ed: "On June 12 the Trump administration proposed easing environmental regulations for forest-thinning on federal land to speed up wildfire prevention. Before accusing President Trump of clearcutting California, it’s important to note that Gov. Gavin Newsom is quietly taking similar actions, an admission that environmental mandates are fueling catastrophic wildfires. Cal Fire has begun work on 35 fast-tracked community projects across California to eliminate excess fuels through thinning, prescribed burns, and creation of fire breaks. But these projects have proceeded only because the governor issued an 'emergency proclamation' granting special waivers of state environmental regulations, such as the California Environmental Quality Act (CEQA), which requires impact reviews."

Democrats in New York are exceptionally adept at hurting the poor.

** Forbes ([link removed])
(7/10/19) column: "Thanks to Governor Andrew Cuomo, we have a clear view of what dogmatic opposition to traditional energy truly means: Lost jobs, missed economic opportunity and investment, high consumer costs and volatility in the energy markets. In 2014, Gov. Cuomo banned hydraulic fracturing in the Empire State. While the decision may have scored points with eco-activists, many of the state’s working-class communities condemned it as hurting the economy and energy affordability. In 2015, the Associated Press reported that several towns seriously proposed seceding from the state to realize the benefits of shale development. Between 2005 and 2018, neighboring Pennsylvania enjoyed a more than 600 percent increase in GDP contribution from oil and gas, which equated to nearly $600 billion in economic activity. New York achieved less than 10 percent of that."

Energy Markets


WTI Crude Oil: ↑ $60.54
Natural Gas: ↑ $2.47
Gasoline: ↑ $2.76

Diesel: ↑ $3.00
Heating Oil: ↑ $200.07
Brent Crude Oil: ↑ $67.06
** US Rig Count ([link removed])
: ↓ 987



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