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MORNING ENERGY NEWS  |  10/20/2020
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Only one candidate is committed to unleashing the power of the free market. 


NPR (10/19/20) reports: "During his first term, President Trump rolled back environmental regulations and claimed that he was going to bring back the fossil fuel industry. But he did not find that easy. We're going to take a look at what has changed and what might change if Trump wins a second term with NPR energy reporter Jeff Brady and environment reporter Nate Rott...Well, as you might guess, fossil fuel industries, they have wish lists. I talked with Tom Pyle. He's president of the American Energy Alliance. And he has close ties to the Trump administration. He wants to overhaul federal offshore oil drilling. Pyle doesn't like drilling bans such as the ones off the west coast of Florida. THOMAS PYLE: There's too much politics involved in that process. And we should be leasing areas where it makes economic sense to do so. And we shouldn't have these blanket bans. BRADY: In a second Trump term, Pyle also would like to end special tax benefits for solar and wind. And he wants to relitigate something called the endangerment finding. That was a really key 2007 Supreme Court decision that allows the EPA to regulate carbon dioxide under the Clean Air Act. Overall, he says, markets, and not the government, should regulate energy."

"Expect the obscuring of the truth and duplicity to continue. A Biden-Harris administration will continue to claim they’re for fracking—except on public lands—where 300,000 oil and gas jobs are at risk along with oil production equaling roughly one million bbls/day per the Department of the Interior."

 

– Dan Doyle,
Reliance Well services

If the choice doesn't seem clear, you aren't paying attention.


Shale Magazine (10/2/20) column: "In about two months, the election will be upon us. Television, radio, direct mail, and digital ads are in the air (or on your screen). Unfortunately, so is the aroma of political posturing. Pollsters and pundits would have you believe that there is no chance Joe Biden loses to our sitting president, Donald J. Trump, on November 3. The oil and gas industry found itself in a similar position four years ago when those same pundits were not only predicting Hilary Clinton as the winner of the White House but also speculating on her cabinet choices. In 2016, the choice between Clinton and Trump was sharp. Clinton, a lifetime politician with direct experience in the White House, cabinet and U.S. Senate, was up against Trump, a self-made billionaire businessman – who had never sought elected office (ever). The contrast today between Trump and Biden is even sharper. Biden has unveiled his climate plan; we only need to look back to 2009 and his failed “green jobs” policy to know what the future of energy will look like if he’s elected. Biden helped spin the Democrats’ $787 billion stimulus package as a transition to a greener future and a new job creator. Five million new green jobs were promised, and natural gas would serve as a bridge fuel and reign supreme until renewable energy could eventually take hold, many, many years into the future."

Oh wait, you didn't read the fine print?


Houston Chronicle (10/19/20) reports: "Two years ago, a group of the world's largest oil companies announced a major commitment to fight climate change, promising to reduce methane emissions from their operations by 20 percent within seven years. But the Oil and Gas Climate Initiative, whose members include Exxon Mobil, Royal Dutch Shell and Occidental Petroleum, inserted a little-noticed footnote explaining that the commitment only extended to their 'operated oil and gas assets.' That designation, in many cases, excluded more than half the companies' oil and gas production, which comes from joint ventures in which their partners manage day-to-day operations, according to a new report by the Environmental Defense Fund. That largely leaves national oil companies in the Middle East, Africa and Russia, with which American and European companies often partner, a license to pollute at will. 'They essentially created a loophole on methane targets,' said Ben Ratner, a senior director at EDF. 'They are taking the profit from those joint ventures, but they're ignoring the emissions.'" 

Apple no longer including the charger with your phone purchase to "cut down on its carbon footprint". Call it greenwashing through hidden costs.


CNBC (10/12/20) reports: "Apple just wrapped up its big iPhone 12 event, where it announced four new iPhone 12 models, all of which support new faster 5G networks. It also announced a new smart home speaker, called the HomePod Mini, and some fun accessories for the new iPhones that use magnets to attach to them. Here are some of the highlight announcements from the event, but scroll down to see even more...Apple said the new iPhone 12 models won’t include a charger or headphones in the box. This is in an effort to cut down on its carbon footprint. It will still include a new higher-power charging cable, but not the brick you need to plug that cable into the wall. If you want the brick that plugs into the wall, you’ll have to buy it separately. You can also buy one of Apple’s new magnetic chargers."

Energy Markets

 
WTI Crude Oil: ↓ $40.46
Natural Gas: ↑ $2.93
Gasoline: ↓ $2.16
Diesel: ~ $2.37
Heating Oil: ↓ $115.52
Brent Crude Oil: ↓ $42.36
US Rig Count: ↓ 325

 
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