Your Morning Energy News
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MORNING ENERGY NEWS | 11/03/2020
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** Kiddo . . . look in my eyes: I guarantee you a Biden administration would be a disaster for American energy producers.
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Real Clear Politics ([link removed]) (11/2/20) reports: "Throughout the presidential campaign, Joe Biden has attacked the oil and gas industry before some audiences and tried to walk back his statements before others. 'I am not banning fracking, no matter how many times Donald Trump lies about me,' he said during a campaign stop in Pittsburgh in August. But then, during his October 22 debate with President Trump, Biden explicitly said that he would 'transition away from the oil industry.' By openly acknowledging his hostility toward one of the most reliable and affordable sources of energy, Biden may have made the most serious misstep of his campaign. Where does the former vice president stand on energy? Voters deserve to know, because so much of our economy relies on oil and natural gas – especially in swing states like Pennsylvania. Is Biden simply presenting a different face to
different constituencies? In September 2019, Biden told a young girl, 'Kiddo . . . look in my eyes: I guarantee you, we are going to end fossil fuels.' But the Pennsylvania voters who rely on affordable energy aren’t looking for the same message as Green New Deal idealists."
** Vote!
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** "Why would Americans want to return to the failed energy and national security policies of the past? Energy lies behind everything. You’re reading this article because of fossil fuels: electricity, plastics, mining of materials, manufacturing, powering of the Internet. The first things you did this morning involved energy: turn off the alarm, turn on the light, brew the coffee, take a hot shower."
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– Daniel Turner, Power The Future ([link removed])
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POTUS isn't the only race that is going to have lasting impacts...
** E&E News ([link removed])
(11/2/20) reports: "The battleground states of Minnesota, Pennsylvania and North Carolina could be pivotal in determining who occupies the White House in 2021. The pace of the transition away from fossil fuels in all three states is also on the ballot tomorrow with Democrats vying for party control of state government. Enough wins could give Democrats control of governorships and state legislatures, and a clearer path for more aggressive carbon emissions reductions in energy and transportation...While Democratic presidential nominee Joe Biden has pledged to eliminate carbon from the power sector by 2035, whether and how he could do so remains unclear, even if Democrats take control of the Senate. That could put the spotlight on state action on low-carbon targets...Tom Pyle, president of the Institute for Energy Research, said a Democratic majority would be 'bad all around for Pennsylvania.' 'The voters in Pennsylvania won’t have the protection of their Legislature as a check on their
governor with respect to [the Regional Greenhouse Gas Initiative],' he said."
Build Back Better
** Oil Price ([link removed])
(10/30/20) reports: "Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 10 to 221. The total number of active oil and gas rigs increased for the week by 9, with oil rigs rising by 10 and gas rigs falling by 1. Total oil and gas rigs in the United States are now down by 526 compared to this time last year. The EIA’s estimate for oil production in the United States rose in the week ending October 23—rebounding from 9.9 million barrels in the week prior to 11.1 million barrels of oil per day. U.S. oil production has been bouncing around between just under 10 million bpd to 1.1 million bpd for months now as the pandemic continues to sap demand for crude oil. Canada’s overall rig count rose this week as well, by 3. Oil and gas rigs in Canada are now at 86 active rigs, and down 56 year on year. "
No mandates, no subsidies, no production tax credits. How is it possible that demand for American LNG continues to grow around the world?
** Business Mirror ([link removed])
(11/2/20) reports: "THE race is on for the country’s first LNG (liquefied natural gas) terminal. Four LNG players were given the green light by the Department of Energy (DOE) to pursue their capital-intensive projects, with total investments reaching P64.632 billion. These are Texas-based Excelerate Energy L.P, Batangas Clean Energy Inc. of the Lucio Tan group, Australian firm Energy World Corporation (EWC), and Lopez-led First Gen LNG Corporation and partner Tokyo Gas. They all received a Notice To Proceed (NTP) from the DOE. Based on DOE’s status of proposed LNG projects in the Philippines as of October 1 this year, Tan’s group would spend the biggest for its LNG Storage and Regassification Terminal in Pinamucan Ibaba, Batangas City, at P37.553 billion ($735 million), but could be the last to go online in the first quarter of 2025. Batangas Energy’s partner in the LNG project is American firm Gen X Energy, which is affiliated with private equity firm The Blackstone Group. Excelerate and
local partner Topline Energy and Power Development Corp. could be the first to finish its LNG project ahead of the others."
Energy Markets
WTI Crude Oil: ↑ $38.22
Natural Gas: ↓ $3.12
Gasoline: ~ $2.12
Diesel: ~ $2.36
Heating Oil: ↑ $113.54
Brent Crude Oil: ↑ $40.26
** US Rig Count ([link removed])
: ↑ 349
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