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MORNING ENERGY NEWS | 12/08/2020
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** 'Eco justice' is just the latest veneer for cronyism.
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American Spectator ([link removed]) (12/7/20) column: "The incoming Biden administration has made climate change a signature issue, deeming its importance on par with the COVID-19 recovery and racial inequality. According to the Biden transition website, climate change poses an existential threat to our environment, our health, our communities, our national security, and our economic well-being. It comes as no surprise then that the Biden administration will require every federal agency, department, and program to articulate a climate angle and that it has implemented an informal climate and environmental justice litmus test for candidates for positions ranging across government. But for all its rhetoric on these issues, Team Biden has already run afoul of the Democratic Party’s environmentalists. Because instead of rallying around the Green New Dealers and climate strikers, the Biden camp has turned instead toward the party’s climate
neoliberals...The Kerrys, Yellens, and Deeses of the world have been coronated by Davos, Wall Street, and Silicon Valley because they don’t really constitute a threat to them. To people in the communities of Texas, New Mexico, North Dakota, and Louisiana, for which independent oil and gas producers are the economic backbone, Kerry, Yellen, and Deese most certainly do constitute a threat. Climate neoliberalism is infected by the hubris of a class of people who are insulated from the effects of their recommendations."


** "The U.S. shale sector might be down but is by no means about to go out. Shale companies know it, and have been busy consolidating their operations so as to be better primed for the oil price recovery."
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– Alex Kimani, Oilprice.com ([link removed])

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With Joe's 'no leasing plan' revenues won't exist, period.

** E&E News ([link removed])
(12/8/20) reports: "Federal energy revenues took a dive in 2020 amid the coronavirus pandemic, closing out the "energy dominance" era of the Trump administration on a low note far removed from the highest returns of the Obama years. While the Trump administration has touted federal energy income to jab at President Obama's management of natural resource production, experts say markets are the primary driver for revenue, and Interior Department data shows this year was no different. Interior's Office of Natural Resources Revenue said it disbursed $8.08 billion in fiscal 2020 from energy production on federal lands and waters, a 75% drop compared with the highest annual level in the last decade: 2013, the first year of Obama's second term. The revenue is split among more than a dozen states and tribes where the U.S. leases acreage to energy developers, and a large portion of offshore oil and gas returns goes to the Land and Water Conservation Fund for public land restoration and maintenance.
In many years, energy revenues in the U.S. are second only to taxes in the net income they bring to federal coffers. Interior Secretary David Bernhardt said in a statement that those energy dollars represent 'critical funding for schools, public services, conservation improvements and infrastructure projects that create good-paying American jobs.'"

The dogs don't like the green dog good...Who can blame them?

** Wall Street Journal ([link removed])
(12/4/20) reports: "About 150 General Motors Co. dealers have decided to part ways with Cadillac, rather than invest in costly upgrades required to sell electric cars, according to people familiar with the plans, indicating some retailers are skeptical about pivoting to battery-powered vehicles. GM recently gave Cadillac dealers a choice: Accept a buyout offer to exit from the brand or spend roughly $200,000 on dealership upgrades—including charging stations and repair tools—to get their stores ready to sell electric vehicles, these people said. The buyout offers ranged from around $300,000 to more than $1 million, the people familiar with the effort added. About 17% of Cadillac’s 880 U.S. dealerships agreed to take the offer to end their franchise agreements for the luxury brand, these people said. Most dealers who accepted the buyout also own one or more of GM’s other brands—Chevrolet, Buick and GMC—and sell only a handful of Cadillacs a month, the people familiar with the effort said.
The skepticism from some Cadillac dealers underscores that, even as investors bid up the value of electric vehicles, questions persist about interest among consumers and the retailers who serve them."

Saudi who?

** Bloomberg ([link removed])
(12/2/20) reports: "American refiners received the least oil from Saudi Arabia since 1985 as a slump in volumes shipped out by the desert kingdom in October are finally reaching U.S. shores. In October, Saudi Arabia sent just under 100,000 barrels a day of oil to U.S. refineries as shipments to China surged at that time. Tankers from Saudi Arabia take about six weeks to reach either the Gulf or Pacific coasts of the U.S. Hence, the delivery of just 73,000 barrels a day to U.S. customers last week, as preliminary U.S. Energy Information Administration data show. The volume is the lowest in weekly data available through June 2010, but using monthly figures it would be the least since 1985 when Saudi imports fell to zero for several months. The drop in Saudi crude imports comes against the backdrop of OPEC and its partners struggling to agree whether to walk back from the biggest-ever output cuts made earlier this year. A virtual meeting of OPEC oil ministers on Monday failed to reach an
accord on whether to maintain the current level of production cuts, or proceed as planned with a second easing of the restrictions."

Energy Markets


WTI Crude Oil: ↓ $45.37
Natural Gas: ↑ $2.41
Gasoline: ↓ $2.15

Diesel: ↑ $2.45
Heating Oil: ↓ $139.82
Brent Crude Oil: ↓ $48.45
** US Rig Count ([link removed])
: ↑ 407



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