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MORNING ENERGY NEWS | 9.18.2019
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** 'Green' energy wrecks the environment.
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CNS ([link removed]) (9/18/19) column: "The recent threats by Beijing to cut off American access to critical mineral imports has many Americans wondering why our politicians have allowed the U.S. to become so overly dependent on China for these valued resources in the first place. Today, the U.S. is 90% dependent on China and Russia for many vital 'rare earth minerals.' The main reason for our overreliance on nations like China for these minerals is not that we are running out of these resources here at home. The U.S. Mining Association estimates that we have at least $5 trillion of recoverable mineral resources...The mining isn't happening because of extremely prohibitive environmental rules and a permitting process that can take five to 10 years to open a new mine. Green groups simply resist almost all new drilling. What they may not realize is that the de facto mining prohibitions
jeopardize the 'green energy revolution' that liberals are so desperately seeking. How's this for rich irony?"


** "States with renewable energy portfolios have experienced average retail electricity prices 11 percent higher than in other states. And consumers in these states have paid $125 billion more for electricity than they otherwise would."
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– Terry Jarrett, The Morning Consult ([link removed])

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Don't Panic

** Wall Street Journal ([link removed])
(9/17/19) opinion: "The attack on Saudi Arabia’s oil infrastructure last weekend took out about half of the kingdom’s production capacity. Yet the market reaction was muted, with global oil prices rising only to where they were in May. Markets seem to recognize that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries will eventually need to curtail their oil production one way or the other to make room for the explosion of U.S. production. If they don’t, prices will collapse...The real winner will be the U.S., which can thank Riyadh for supporting prices at the same time as America takes the lead as the world’s largest and fastest-growing oil producer."

American energy champions have our back.

** USA Today ([link removed])
(9/16/19) reports: "While attacks on Saudi oil facilities over the weekend have sent U.S. petroleum prices surging, America remains less dependent than ever on Saudi oil. A rise in shale oil production over the last decade catapulted the U.S. into the top spot for global oil production in 2018, according to the Energy Information Administration. America produced 18% of the world's oil last year, compared with Saudi Arabia's 12%, Russia's 11% and Canada's 5%. As a result, the United States produced more oil than it imported in 2018. Technological advancements in hydraulic fracturing, or fracking, have spurred the boom."

North Dakota's new state motto.

** E ([link removed])
** &E News ([link removed])
(9/18/19) reports: "North Dakota regulators say drillers set a record for oil production in July. The Department of Mineral Resources said the state produced an average of 1.44 million barrels of oil daily in July. That was up from the previous record of 1.42 million barrels a day set in June. North Dakota also produced a record 2.94 billion cubic feet of natural gas per day in July, up from 2.88 billion cubic feet in June."

The people on the ground understand what's at stake.

** Michigan Advance ([link removed])
(9/12/19) reports: "Enbridge’s controversial Line 5 oil pipeline is gaining support with the Michigan Association of Counties and county commissioners, according to a new report by the nonprofit Michigan Campaign Finance Network (MCFN)...Adding a pro-Line 5 amendment to their policy platform passed a voice vote by MAC members at a meeting last month, according to the report. The amendment supported a proposal to keep a functioning pipeline in its current location — the Straits of Mackinac — and construct a utility tunnel to encase it... Governor Gretchen Whitmer and Attorney General Dana Nessel — who both ran 2018 midterm campaigns highlighting the environmental hazards of Line 5 on the Straits — are trying to halt action on the tunnel...Line 5 supplies 65% of the propane used in the Upper Peninsula, according to Enbridge. Shutting down Line 5 could dramatically hinder delivery to consumers there, according to the pipeline’s supporters. 'People are scared to death that they are not going to
have propane,' Oakland County Commissioner Shelley Goodman Taub told MCFN."

Bill Gates says the climate alarmists should stop wasting their time on coal, natural gas, and oil divestment. Bill McKibben and Naomi Klein be like...

** Financial Times ([link removed])
(9/17/19) reports: "Climate activists are wasting their time lobbying investors to ditch fossil fuel stocks, according to Bill Gates, the billionaire Microsoft co-founder who is one of the world’s most prominent philanthropists. Those who want to change the world would do better to put their money and energy behind the disruptive technologies that slow carbon emissions and help people adapt to a warming world, Mr Gates told the Financial Times. 'Divestment, to date, probably has reduced about zero tonnes of emissions. It’s not like you’ve capital-starved [the] people making steel and gasoline,' he said. 'I don’t know the mechanism of action where divestment [keeps] emissions [from] going up every year. I’m just too damn numeric.'...Mr Gates questioned the divestment movement’s 'theory of change', arguing that investors who want to use their money to promote progress will have better results by funding innovative businesses such as Beyond Meat and Impossible Foods, two alternative protein
companies he has backed."

Bill Gates says it's time to ditch wind and solar subsidies. Tom Kiernan and Abby Hopper be like...

** Fortune ([link removed])
(9/17/19) reports: "It’s time wind and solar passed their subsidies along to emerging technologies that need them more, Microsoft Corp. co-founder Bill Gates says. After decades of government incentives, wind and solar have been deployed widely enough for manufacturers and developers to become increasingly efficient and drive down costs. Now they can probably survive without them, Gates said in an interview with Bloomberg Television...'The progress in solar and wind is very helpful,' Gates said. 'But the sun doesn’t shine 24 hours a day.'"

Energy Markets


WTI Crude Oil: ↓ $58.97
Natural Gas: ↑ $2.68
Gasoline: ↑ $2.65

Diesel: ↑ $2.97
Heating Oil: ↓ $197.89
Brent Crude Oil: ↓ $64.27
** US Rig Count ([link removed])
: ~ 921



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