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MORNING ENERGY NEWS | 10/27/2020
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** No one can claim ignorance at this point.
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National Review ([link removed]) (10/27/20) column: "Joe Biden wants to take one of the great American success stories of the past several decades and drive it into the ground. He would turn his back on the stupendous wealth represented by proven reserves of oil and gas in this country. Rather than focusing on producing cheap, abundant energy — a key ingredient to human progress through all of human history — he’d embark on the fool’s errand of trying to adjust the world’s thermostat 80 years from now...If we think eschewing fossil fuels is going to convince other countries to do the same, we are fooling ourselves. Like in the United States, the industrial takeoff in China coincided with a jump in the use of coal. China is still building coal plants at a furious clip. The Institute for Energy Research notes that it has plans to add more than the current U.S. coal-fired capacity on top of its already prodigious use of
coal, which accounts for more than half of the world’s total. The Biden plan is an assault on American ingenuity and wealth, not to mention common sense. At least after last week, no one can say he wasn’t warned."


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"Thanks to Venezuela’s embrace of socialism and Chavismo, PDVSA has probably destroyed more economic value than any institution in world history."
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– Steve H. Hanke, Cato Institute ([link removed])

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See Bright Bulb. 👆

** Bloomberg ([link removed])
(10/22/20) reports: "President Andres Manuel Lopez Obrador bolstered his defense of Mexico’s embattled state-run companies, calling private rivals hypocritical and floating a constitutional change to reverse the country’s energy opening to foreign investors. The president said Monday that he intends to take serious action to protect the interests of state oil producer Petroleos Mexicanos and electricity firm Comision Federal de Electricidad, known as CFE. Foreign companies ransacked the country and bribed officials in recent years, something the current administration is not allowing anymore, Lopez Obrador said, without offering any proof. 'If necessary, I will present a constitutional initiative to affirm this principle: that in energy matters, the interest of the nation will always be predominant,' he said during his daily press conference. 'Using the current margins we have, without nationalizing or expropriating, we will rescue Pemex and Comision Federal de Electricidad for the
people’s good.' Lopez Obrador’s comments underline growing tension between the president’s nationalistic approach toward the energy industry and private companies that have invested billions since the end of the state monopoly in 2014."

In the span of one week, Hanoi Jane said that Covid was God's gift to the Left and the Green New Deal would have saved us from it.

** ([link removed])

Lizzie Fletcher has failed the simplest of tasks for a Texas legislator: Embrace American Energy.

** Houston Chronicle ([link removed])
(10/24/20) reports: "Democrats, encouraged by President Donald Trump’s flagging approval and the emphasis on health care in this year’s election, have grown confident in U.S. Rep. Lizzie Fletcher’s re-election odds, though a recent fundraising surge by Republican Wesley Hunt has injected some concern into the battleground Houston race...What could power Hunt to victory, Cross said, is his focus on framing himself as a champion for the oil and gas industry, which drives the district’s economy. In numerous ads, Hunt has sought to tie Fletcher to progressives such as Pelosi and U.S. Sen. Bernie Sanders, including in one released just after the March primaries that features a clip of Sanders saying the U.S. must 'transition away from fossil fuel,' before saying Fletcher 'will rubber-stamp Sanders’ socialist agenda.'...Hunt issued a press release Thursday highlighting Fletcher’s 37 percent approval rating from the American Energy Alliance, the political arm for the Institute for Energy Research,
a pro-fossil fuel think tank. Her score is tied for second-highest among all House Democrats, although it is worse than that of all but two Republicans. 'I think she broke her promise from day one by voting for Nancy Pelosi,' Hunt said earlier this year. 'By voting for the head of that party, that basically represents legislation that would kill jobs here in Houston.'"

Look, here's the deal. Grab ahold of your wallets, chumps, 'cause I'm gonna build back better on your dime. And that's no malarkey, folks. Not a joke!


** National Review ([link removed])
(10/26/20) column: "Much of the conflict between President Trump and Vice President Biden on the debate stage involved Biden’s position on fracking. President Trump accused Biden of announcing he would end the practice, something the former Vice President denied. Unfortunately for Biden, there is this thing called the internet, and recordings of Biden calling for the elimination of fracking are all over YouTube. But before you resort to accusing Russian intelligence of using AI to construct deep fake videos, just look at his environmental platform, which suggests that the elimination of fracking is central to his agenda, and just the tip of the possibly melting iceberg. As one considers the possible impact of a filibuster-free Senate under Democratic control, it is important to look carefully at the energy agenda that has been spelled out by their candidate. Biden’s agenda is sweeping and far more complex than the debate discussion suggested. Take a deep breath. Here comes the highlight
list. Biden calls for: restoring methane limits for oil and gas operations; ending federal leases for oil and gas drilling both onshore and offshore; ensuring that 100 percent of vehicles have zero emissions; eliminating carbon emissions from the power sector by 2035; making the entire economy net zero emissions by 2050; reparations to be paid by past polluters; $400 billion for clean energy research; rejoining the Paris agreement; reducing the carbon footprint of all buildings by 50 percent; and requiring firms to document and quantify the financial risk related to climate in their public reporting."

Energy Markets


WTI Crude Oil: ↑ $38.77
Natural Gas: ↓ $3.00
Gasoline: ↓ $2.15

Diesel: ↑↓ $2.37
Heating Oil: ↑ $113.47
Brent Crude Oil: ↑ $40.64
** US Rig Count ([link removed])
: ↑ 342



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