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MORNING ENERGY NEWS  |  10/29/2020
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No one needs to look for any reasons why Biden is so keen to give China the upper hand...


Washington Times (10/27/20) reports: "Democratic presidential nominee Joseph R. Biden’s plans to rejoin the Paris accord and transition to 100% renewable energy are popular with climate advocates, but perhaps nobody stands to gain more from the Biden vision than China. Not only does China lead the world in the manufacture of solar panels and wind turbines, the Chinese control an estimated 80% of the rare-earth minerals crucial to the production of lithium batteries, electric vehicles, and solar and wind equipment. The 2015 Paris Agreement is also Beijing-friendly. While the U.S. pledged to reduce emissions by 26-28% by 2025, China only agreed to reach peak carbon dioxide emissions by 2030 and increase its non-fossil fuel energy sources to 'around 20% by 2030,' according to the Climate Action Tracker...The U.S. recently became energy independent for the first time since 1957, meaning that 'we finally produce more energy than we consume,' said Dan Kish, senior vice president for policy at the American Energy Alliance...'What they’re talking about is exchanging [our former] dependence on the Middle East and OPEC, which was at one point close to 50% of our energy, for almost total dependence or twice as much dependency on China,' Mr. Kish said. 'I’ve got friends who are geologists who are saying, why are we doing this? This is crazy.'"

"With renewables, the less you use, the more it costs. And cost is the biggest wind con of all."

 

– Rupert Darwall, Real Clear Energy

PA's producers are under attack, and only one man running for POTUS has their backs.


Philadelphia Inquirer (10/28/20) column: "Pennsylvania stands out among neighboring states as an energy powerhouse that has made smart use of its vast supplies of natural resources. But that could change if Gov. Tom Wolf circumvents the commonwealth’s General Assembly to join the Regional Greenhouse Gas Initiative, a multistate compact widely known as RGGI. Pennsylvania is now the largest net exporter of electricity in the United States; it delivered an average of 58 million megawatt-hours annually between 2013 and 2017. Pennsylvanians enjoy electricity prices below the national average, largely thanks to the fracking boom started in the mid-2000s, which reinvigorated the state’s natural gas industry and helped much of Western Pennsylvania stave off the worst effects of the Great Recession. The Keystone State is also the nation’s second-largest producer of natural gas, third-largest producer of coal, 16th-largest producer of crude oil, and third-largest producer of electricity in general, according to the U.S. Energy Information Administration. Instead of having Pennsylvania join RGGI, other states now part of RGGI should follow Pennsylvania’s lead and implement pro-energy policies that would benefit average citizens who are still reeling from the economic effects of COVID-19."

What's a matter, Mike?  Couldn't you find any more spare change?  Sheesh!


Houston Chronicle (10/26/20) reports: "Billionaire Michael Bloomberg has made a late donation of $2.6 million to the Democratic nominee for railroad commissioner, Chrysta Castañeda, providing a massive fundraising boost in a race for the oil and gas regulatory board that usually does not see such big money — or attract much political interest outside Texas. Bloomberg's contribution helped Castañeda raise $3.7 million on her latest campaign finance report, according to her campaign. The filing covers Sept. 25 through Oct. 26 and is due to the Texas Ethics Commission by the end of the day Monday. 'Chrysta Castañeda will be a champion for Texans — her commitment to improving people’s lives is clear,' Bloomberg, the former mayor of New York who ran unsuccessfully for the Democratic nomination for president this year, said in a statement. 'I’m glad to support Chrysta in her campaign to be the next Railroad Commissioner, because she has the vision and experience needed to build a safer, healthier, and more environmentally prosperous future for the state of Texas.' Bloomberg gave $2.625 million total to Castañeda, $2.5 million in direct money and the rest in in-kind contributions, according to her campaign. It said her report will also show she received $500,000 from environmentalist philanthropists Richard and Dee Lawrence, and that the Sierra Club donated $90,000 and has pledged another $125,000." 

10,000 Tweets. If only there was a way back machine or something like that?


Washington Times (10/28/20) column: "In the late first century after the birth of Christ, the Roman poet Juvenal asked a simple question: 'Quis custodes ipsos custodiet?' Who will guard the guardians themselves? Juvenal was talking about sexual fidelity, but in our intellectually desiccated era, the question is most often applied to governments. However, it should most reasonably apply to those who identify themselves as the guardians of the public good in our society — the free media. Is the media the'“enemy of the people' as some have claimed? They are not. But neither are they the tribunes of civic virtue and steady, unbiased tellers of truth. In many instances, they are, unfortunately, the unwatched watchmen. Let me offer three examples, each drawn from The New York Times, which styles itself as the paper of record (whatever that means) in the United States...Second, and much less well-known but equally troubling, the leadership of The Times has remained silent as one of its top reporters has posted and then deleted tweets that — without any evidence of any kind — link a specific industry to white supremacy. At the beginning of this month, the reporter, Hiroko Tabuchi, tweeted: 'I’ve been thinking a lot about fossil fuels and white supremacy recently. Almost every single oil executive, lobbyist, spokesperson I’ve dealt with is white and male. It’s difficult not to see the link.'"

Energy Markets

 
WTI Crude Oil: ↓ $35.26
Natural Gas: ↓ $3.20
Gasoline: ↓ $2.14
Diesel: ~ $2.37
Heating Oil: ↓ $106.33
Brent Crude Oil: ↓ $36.94
US Rig Count: ↓ 340

 
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