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MORNING ENERGY NEWS  |  12/02/2020
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Two more energy champions in the Senate? That'd be just peachy.


E&E News (12/1/20) reports: "The American Energy Alliance is endorsing Republican incumbents David Perdue and Kelly Loeffler in next month's Senate runoffs in Georgia. The conservative think tank, which has ties to fossil fuel interests, said Perdue and Loeffler are the last stand against a Democratic-majority Senate that could be disastrous for oil, natural gas and coal. Perdue has a 92% score on AEA's legislative scorecard, which rewards lawmakers for voting against proposals like the Green New Deal, the Great American Outdoors Act and the resolution that aimed to overturn EPA's Affordable Clean Energy rule. Loeffler has no score because she was appointed to the seat by Gov. Brian Kemp (R), so AEA does not grade her. 'On January 5, Georgians will make a very important decision that will likely impact the direction of our great Republic. They can support Senators David Perdue and Kelly Loeffler, who will continue to promote policies that have helped make America energy independent for the first time in 62 years,' AEA President Tom Pyle said in a statement."

"The internal combustion engine has dominated the transportation sector for more than a century because it meets consumers’ needs on the critical issues of cost and convenience. "

 

– Robert Bryce, Real Clear Energy

Build Back Better Alert: Unreasonably expensive building codes make essential buildings unreasonably expensive. 


Press Herald (11/18/20) reports: "The Green New Deal for Portland approved by voters this month could add as much as $6 million to three city school renovation projects already reduced in scope because of elevated construction costs. The new costs would come largely from a requirement in the ordinance that projects must exceed the energy-efficiency standards currently spelled out in city building codes. School district officials must first determine, however, whether the square footage of the projects at Reiche, Longfellow and Presumpscot elementary schools surpass a threshold that triggers the requirements. If they do, the Green New Deal could add $2 million to the Longfellow project, $1.5 million at Presumpscot and $2.5 million at Reiche. The total combined budget for the three projects is currently $48 million. All three were approved as part of a $64.3 million, four-school bond approved by voters in 2017 that also included Harrison Lyseth Elementary School, where renovations started in 2019 and are largely complete. Last month, the district reduced the scope of the renovations and has been unable to make all the efficiency and system upgrades that were in the original plans because of rising construction costs that would have put them $41 million over budget."

Get on board, pal. Don't you know Biden is going to change the laws of physics. 


E&E News (12/2/20) reports: "President-elect Joe Biden's plan for a 100% carbon-free power sector by 2035 could endanger grid reliability and carry an 'extremely high' cost that makes such a time frame unlikely, the CEO of Texas-based Vistra Corp. said yesterday. Curt Morgan, who has led the power producer and retailer since October 2016, called Biden a 'smart guy' and a 'moderate person.' Once experts are able to explain practical realities, he suggested, the incoming administration may aim for electricity without carbon pollution by 2050. Morgan, 60, called himself an apolitical person who respects Biden. The CEO stressed that a carbon-free U.S. electricity sector could be realized, though he doesn't support trying to achieve it by 2035. 'The cost of that is extremely high that the American people would have to pay, and I think is prohibitively high,' Morgan told E&E News. 'The reliability of the grid would suffer substantially.' To be sure, Biden's plan has many defenders, and climate activists have said the former vice president's plan is challenging but achievable. Spokespeople for the Biden transition didn't respond to a request for comment by press time. But Morgan said that while a grid with wind, solar and batteries can be built, it would require far more infrastructure than is in place in order to run a reliable grid. And that could include substantial backup batteries and extra wind capacity, he said."

Add America's adversaries to a DoD blacklist? That's ludicrous!


Reuters (11/29/20) reports: "The Trump administration plans to add China’s top chipmaker SMIC and oil giant CNOOC to a blacklist of alleged Chinese military companies, escalating tensions with Beijing before President-elect Joe Biden takes office, according to sources familiar with the matter and a document seen by Reuters. The Department of Defense (DOD) is poised to designate four more Chinese companies as owned or controlled by the Chinese military, bringing the total number to 35. A recent executive order issued by President Donald Trump would prevent U.S. investors from buying securities of the blacklisted firms starting late next year. It was not immediately clear when the new additions to the blacklist would be published in the Federal Register, making the move official. But the list includes China Construction Technology Co Ltd and China International Engineering Consulting Corp, as well as Semiconductor Manufacturing International Corp (SMIC) and China National Offshore Oil Corp (CNOOC), according to the document seen by Reuters and four sources."

Freedom molecules flowing again. 


Hellenic Shipping News (11/27/20) reports: "Gas flowing to U.S. LNG (liquefied natural gas) export plants was on track for a record high on Wednesday as Cheniere Energy’s Corpus Christi plant in Texas pulled in enough fuel to supply its three liquefaction trains. Corpus had been receiving small amounts of gas in recent weeks as it prepares to put the third train into commercial service during the first quarter of 2021. On Wednesday, Corpus was on track to pull in a record 2.0 billion cubic feet per day (bcfd), preliminary data from Refinitiv showed, which would be enough to supply gas to all three of its 0.66-bcfd trains. That boosted total feedgas to all six big U.S. LNG export plants to a preliminary 10.4 bcfd on Wednesday, which would top the current record of 10.3 bcfd set on Nov. 13. One billion cubic feet of gas can supply about 5 million U.S. homes for a day. Before hitting several fresh highs since late October, the previous LNG feedgas record was 9.5 bcfd on March 31. That was before buyers started canceling cargoes as coronavirus demand destruction caused prices in Europe and Asia to sink to record lows. U.S. exports fell each month from March to July as LNG buyers canceled around 175 U.S. cargoes. Feedgas to the U.S. LNG export plants hit an 18-month low of 2.3 bcfd in August. But as global gas prices started rising over the summer, LNG buyers began buying U.S. gas again." 

Energy Markets

 
WTI Crude Oil: ↓ $44.43
Natural Gas: ↑ $2.92
Gasoline: ↑ $2.15
Diesel: ↑ $2.43
Heating Oil: ↑ $134.83
Brent Crude Oil: ↓ $47.33
US Rig Count: ↑ 398

 
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