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MORNING ENERGY NEWS  |  11/05/2020
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President Trump still has a path, but the Green New Deal hit a dead end on Tuesday evening.


E&E News (11/5/20) reports: "Democrats seemingly failed to deliver a 'green wave' in races across the country, leaving Joe Biden — who was edging out President Trump in vote tallies today — facing daunting odds if elected to achieve sweeping action on energy policy and climate change. A Biden presidency without a Democratic majority in the Senate could largely be relegated to tinkering around the edges on energy policy, with his ambition to secure a transition to renewable energy a heavy lift. 'One thing is for certain: if Joe Biden shuffles into the White House, he will do so lacking any kind of mandate to make energy more expensive, restrict the use of our domestic natural resources, ban fracking on federal lands, or impose a carbon tax or other restrictive carbon policies on the American public,' Tom Pyle, president of the American Energy Alliance, who led Trump's Energy Department transition team, said in a statement. Pyle said Democrats in energy-rich states who sought to distance themselves from Biden's energy policies lost their seats, including Reps. Kendra Horn of Oklahoma and Xochitl Torres Small of New Mexico."




"Fossil fuels are inextricable from our lives. Nothing happens in our modern world without them."

 

– Steve Milloy, Real Clear Energy

I thought all that was needed to make solar panels were smiles and friendship. 


Bloomberg (11/4/20) reports: "The world’s biggest solar power company says a shortage of glass is raising costs and delaying production of new panels, throwing a wrench into China’s plans to accelerate its shift to clean power. Prices for glass that coats photovoltaic panels have risen 71% since July, and manufacturers are struggling to produce it fast enough to keep more than a week’s worth of sales in inventory, according to Daiwa Capital Markets. The shortage comes as the solar industry turns toward bifacial panels, which increase both power output and glass requirements. Solar panel producers like Longi Green Energy Technology Co. have asked the government in China, home to most solar manufacturing, to address the situation by approving new factories. Otherwise price hikes risk making solar power too expensive and halting the industry’s momentum. 'If solar power generators see solar projects as uneconomical, they will delay investing in new projects and that will drag down solar demand,' said Charles Jiang, general manager of the supply chain management center at Longi, the world’s biggest solar company by market capitalization. 'Solar power plant profits will drop below acceptable levels without government subsidies if glass makers go on to push up the costs.'"

That really snuck up on us, Bob.

Happy Out of the Paris Agreement Day! Thank you, President Trump.


Real Clear Energy (11/4/20) column: "More than Donald Trump and Joe Biden were on the ballot on Tuesday, but with the noisy election you’d be forgiven for missing what may be the most important energy policy decision in decades. Today marks the formal withdrawal of the United States from the disastrous Paris Climate Accord, exactly one year after President Trump kept his pledge to lift the 'unfair economic burden imposed on American workers, businesses, and taxpayers' by the global warming agreement. 'I was elected to represent the citizens of Pittsburgh, not Paris,' Trump announced early in his presidency. He’s correct. By one estimate based on a U.S. Energy Department model, the Paris Climate Accord could have cost the average family of four over $20,000 in lost income, raised household energy prices by as much as 20 percent, and cost the economy $2.5 trillion by 2035. And the effects on the global temperature? Were the country to cut all of its carbon dioxide (CO2) emissions, it’d amount to a decrease of less than two-tenths of a degree Celsius by the end of the century." 

Energy Markets

 
WTI Crude Oil: ↓ $38.89
Natural Gas: ↑ $3.07
Gasoline: ~ $2.11
Diesel: ~ $2.36
Heating Oil: ↓ $116.34
Brent Crude Oil: ↓ $41.08
US Rig Count: ↑ 356

 
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