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MORNING ENERGY NEWS | 12/16/2020
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** The only equality they're interested in is everyone being equally poor.
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Forbes ([link removed]) (12/15/20) column: "California is a First World province that depends on a Third World electric grid. Blackouts are so common that thousands of Californians have bought small generators to assure reliable power. Electricity prices, which are already among the highest in the country, are soaring. Despite the decrepitude of California’s electric grid, on December 1, San Jose became the largest city in America to ban the use of gas. Some 40 communities in California have now passed bans or restrictions on the use of natural gas, which will, of course, force residents to buy even more of the state’s high-priced juice...Timothy Alan Simon, the chairman of the California Black Chamber of Commerce, and a former member of the California Public Utility Commission, told me by phone that CalPA’s 'mission is very clear: keep costs low.' Gas, he said,
is a cheaper energy source than electricity. Despite that fact, he said, 'CalPA has joined an environmental group that doesn’t give a rat’s ass about the consumer.'..About 86 percent of all the homes in California use natural gas. Banning the direct use of the fuel for cooking, home heating, water heaters, and clothes dryers, will force consumers to instead use more electricity which, on an energy-equivalent basis, costs four times as much as natural gas. That’s an unconscionable energy tax in California, which has the highest poverty rate of any state in America. When accounting for the cost of living, 18.1% of the state’s residents are living in poverty. For perspective, that means that roughly 7 million Californians — a population about the size of Arizona’s — are living in poverty. Californians also pay some of America’s highest energy prices."
** "This is a moment of tremendous opportunity—to create jobs, meet the climate challenge, and enhance equity for all."
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– Pete Buttigieg, former mayor of Mayor of South Bend ([link removed])
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Democrats aren't sending their best people...
America is going to be exporting freedom for decades more.
** Department of Energy ([link removed])
(12/10/20) reports: "Today, the U.S. Department of Energy (DOE) extended the terms of seven long-term liquefied natural gas (LNG) export authorizations through 2050. Today’s actions follow 10 LNG export term extensions issued in October pursuant to an export term policy statement DOE finalized in July. 'The success story of U.S. LNG continues to be written, and these extended authorizations will ensure that the benefits from these exports continue for decades to come,' said U.S. Secretary of Energy Dan Brouillette. 'The United States just set a new all-time high record for LNG exports in November 2020, and the monthly rate of LNG exports has now quintupled since the beginning of the Trump Administration.' The term extensions issued today extended terms for the Golden Pass facility currently under construction in Sabine Pass, Texas, as well as the Texas LNG project proposed for Brownsville, Texas, the proposed Magnolia and Driftwood projects in Louisiana, and the Delfin LNG export project
proposed for offshore Louisiana. Today’s approvals also include an extended export term for Sempra Energy’s Costa Azul project in Mexico. Costa Azul, which recently reached a final investment decision for its mid-scale project, has DOE authorization to import and liquefy U.S.-sourced natural gas for export from Mexico. "
The twelve most terrifying words in the English language are: "I'm from the government, and I'm here to help manage your 401k."
** Wall Street Journal ([link removed])
(12/14/20) column: "Democrats accuse President Trump of politicizing the Federal Reserve, and sometimes not without cause. But look who’s now demanding that the central bank and other financial regulators accommodate their plans to politically allocate capital. The Senate Democrats’ Special Committee on the Climate Crisis recently issued a report detailing how the Fed and eight other regulatory agencies should penalize investment in fossil fuels and promote green energy. They claim financial institutions are underpricing the risk that carbon-intensive assets will become 'stranded.' Mind you, their worry isn’t about how climate change per se would devalue investments, which financial institutions already account for. They want a warning about the costs of government climate policies. For starters, Democrats want the Fed to use capital and liquidity standards and annual stress tests to make banks—and potentially also insurers and asset managers—price in these unknowable political risks. They
want regulators to assign carbon-intensive assets higher risk weights, so banks would have to hold more capital against them. This would discourage banks from financing such investments, while “green” investments would be deemed lower risk."
Energy Markets
WTI Crude Oil: ↓ $47.45
Natural Gas: ↓ $2.64
Gasoline: ↑ $2.19
Diesel: ↑ $2.49
Heating Oil: ↓ $145.70
Brent Crude Oil: ↓ $50.59
** US Rig Count ([link removed])
: ↓ 397
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