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MORNING ENERGY NEWS  |  11/02/2020
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Can't get fooled again.


Forbes (10/31/20) column: "On February 17, 2009 – less than one month into their first term – then-President Barack Obama and Vice President Joe Biden both flew to Colorado to sign their $787 billion stimulus package into law. They had decided to move the signing venue from Washington, D.C. to Denver in order to emphasize the green-jobs provisions contained in the legislation. Remember, this was at a time when the Democratic Party controlled not just the executive branch of government, but also held super majorities in both houses of congress. They could basically do whatever they wanted, and this is what they chose to do...So, how did that Obama/Biden “Green Jobs” plan work out for us? A few years after its passage, Obama/Biden’s own Department of Labor issued four reports on the Green Jobs Program. The first report, issued in September of 2011, was titled “Recovery Act: Slow Pace Placing Workers into Jobs Jeopardizes Employment Goals of the Green Jobs Program.” Its findings were quite telling: Nearly three-fourths of the way through the anticipated time frame, only 1/3rd of the allotted funding had been expended; Just 42% of the desired 124,000+ participants had even been signed up for the program’s training in “green jobs”; Half of the training programs provided five or fewer days of training. Hardly a robust training for a full career; Over twenty percent of the “degrees” and certificates went to people with only one day of training; and Only 1,336 participants retained employment for at least 6 months, a miniscule 2 percent of the targeted employment retention of 69,717 participants."


"You don’t have to ban fracking to kill the industry; mandating the use of the alternatives has the same effect. This won’t end well."

 

– Mark P. Mills, Manhattan Institute

We should be removing regulations, not handing out money.


Real Clear Energy (11/2/20) reports: "The nuclear power industry may be getting a new lease on life, thanks to a $1.4 billion taxpayer subsidy from the Trump administration. The U.S. Nuclear Regulatory Commission (NRC) in August approved the design of a new kind of nuclear power reactor invented by NuScale Power, a startup company with offices in Corvallis and Portland, Oregon. The new design is called a 'small modular reactor' (SMR). The approval of the SMR design does not mean construction can begin; nevertheless, it is a significant step toward NuScale’s goal: to deploy up to 1,682 small (60-megawatt) reactors across the U.S. and beyond starting in 2023, essentially reviving the moribund nuclear power industry. Successful deployment of 1,682 60-megawatt SMRs in the U.S. would more than double domestic nuclear power capacity, which currently stands at about 98,000 megawatts. Globally, nuclear power is in decline; in 1996, it produced 17.5 percent of global electricity, but today only 10 percent. In the U.S., only one new nuclear plant has started operating since 1996. The only nuclear plant currently under construction has suffered major delays and cost overruns."

Do you think shifty Schiff will be investigating this real foreign interference?


Capital Research Center (10/30/20) reports: " Several well-funded, environmental advocacy groups lobbied and advised the Obama administration on joining the Paris Climate Agreement without disclosing their close ties to the communist government in Beijing. The agreement would have constrained and restricted U.S. energy use—and the American military and economy—leaving China largely unfettered to pursue its geopolitical ambitions. The very day after this year’s U.S. elections, President Donald Trump’s decision to withdraw from the U.N.’s Paris Climate Agreement will become official. Former Vice President Joe Biden has vowed to rejoin the agreement if elected president. But if Trump has his druthers, the U.S. will remain free and independent of what are effectively international anti-emissions regulations. China is officially part of the agreement, but like all good communists, Beijing government figures only feign support for the agreements that they have signed, while not following through on their stated commitments to the U.N. Results from Freedom of Information Act (FOIA) requests show China made shrewd use of environmental advocacy groups that lobbied the Obama State Department to join the Paris Agreement. The agreement would have constrained and restricted U.S. energy use—and the American military and economic power that energy use makes possible. Meanwhile, China would be completely unfettered to pursue its geopolitical ambitions."

To Biden's backers, every appointment is a weapon.


Reuters (10/27/20) reports: "A climate advocacy group comprised of high-profile backers of Democratic presidential candidate Joe Biden on Tuesday urged the former vice president to consider using U.S. financial regulation as a tool to fight global warming if he is elected. Evergreen Action, a group of former staffers of Washington Governor Jay Inslee and Senator Elizabeth Warren who have advised the Biden campaign on a range of issues, handed the campaign a policy memo detailing how he could use the U.S. financial system to counter climate change within his first 100 days in office if he defeats Republican President Donald Trump. 'We can’t just focus on the Environmental Protection Agency or the Interior Department. We really need to start thinking more expansively about tackling climate change,' said Maggie Thomas, political director of Evergreen Action. The recommendations here include appointing nominees to key posts like the Treasury secretary, a new Federal Reserve chair in 2022, and others, who prioritize climate action and are likely to support measures to increase transparency around the financial risks posed by global warming. Progressive policy groups have pushed for Warren or Sarah Bloom Raskin, former deputy Treasury secretary under Democratic President Barack Obama, as candidates for Treasury secretary under a possible Biden administration. Raskin consulted on the Evergreen Action memo." 

Energy Markets

 
WTI Crude Oil: ↓ $35.40
Natural Gas: ↓ $3.23
Gasoline: ↓ $2.12
Diesel: ~ $2.36
Heating Oil: ↓ $107.33
Brent Crude Oil: ↓ $37.53
US Rig Count: ↑ 343

 
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