Your Morning Energy News.

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MORNING ENERGY NEWS | 12/17/2020
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** Eternal vigilance is the price of affordable energy.
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Washington Times ([link removed]) (12/15/20) reports: "President-elect Joseph R. Biden pledged during the campaign to eliminate oil-and-gas permitting on federal lands in the name of combating climate change, but if he does, the impact would be 'devastating,' Wyoming Gov. Mark Gordon warned Tuesday. A University of Wyoming study found that such a ban would result in $670 billion in lost GDP among eight Western states by 2040 and wipe out more than 72,000 jobs annually over the next four years, with no guarantee of reduced global emissions. The study, conducted for the Wyoming Energy Authority, examined the economic hit of a ban on drilling as well as a ban on leasing. Mr. Biden has said he will prohibit 'new oil and gas permitting on public lands and waters,' although he has not said how...Kathleen Sgamma, president of the Western Energy Alliance, said she hoped the study would convince Mr. Biden 'not to
inflict economic pain on Westerners,' and warned that if he does enact a ban, her organization 'will be in court within hours.' The eight states examined were Wyoming, New Mexico, Colorado, Utah, Montana, North Dakota, California and Alaska, which account for about 97% of oil-and-gas development on federal lands."


** "Instead of wasting millions of taxpayer dollars on frivolous lawsuits and forcing energy companies to do the same, our elected officials should look for ways to work with the private sector to encourage the advancement of innovative, new power generation technologies."
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– Doug Gablinske, The Providence Journal ([link removed])

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Refreshing, and unexpected honesty.

** Wall Street Journal ([link removed])
(12/17/20) reports: "TOKYO— Toyota TM +0.61% Motor Corp.’s leader criticized what he described as excessive hype over electric vehicles, saying advocates failed to consider the carbon emitted by generating electricity and the costs of an EV transition. Toyota President Akio Toyoda said Japan would run out of electricity in the summer if all cars were running on electric power. The infrastructure needed to support a fleet consisting entirely of EVs would cost Japan between ¥14 trillion and ¥37 trillion, the equivalent of $135 billion to $358 billion, he said. 'When politicians are out there saying, "Let’s get rid of all cars using gasoline," do they understand this?' Mr. Toyoda said Thursday at a year-end news conference in his capacity as chairman of the Japan Automobile Manufacturers Association. He said if Japan is too hasty in banning gasoline-powered cars, 'the current business model of the car industry is going to collapse,' causing the loss of millions of jobs."

We just want the potholes filled in.

** ([link removed])

The Left's Civil War will be fun to watch.

** The Intercept ([link removed])
(12/11/20) reports: "ON TUESDAY, AFTER some public tokenizing and horse trading, President-elect Joe Biden’s transition team crowned dairy industry lobbyist and former Agriculture Secretary Tom Vilsack to lead the Department of Agriculture. Vilsack won out over House Majority Whip Jim Clyburn’s pick, Rep. Marcia Fudge, who was also backed by progressives. Whereas Fudge represented an opportunity to unite the USDA’s rural and urban constituents and address the agency’s long history of racial discrimination, Vilsack is a rerun of pro-corporate policies that continue to drive rural communities away from the Democratic Party. The secretary of agriculture is an underrated and important Cabinet member whose work intersects with climate change, workers’ safety, racial justice, antitrust, rural development, and of course, feeding the country...If Vilsack repeats his Obama-era strategy, we won’t see that progress. This is because Vilsack doesn’t actually speak to the totality and needs of rural
people. In his work at the Department of Agriculture and as a dairy lobbyist, Vilsack represents the powerful few of Big Ag."

Energy Markets


WTI Crude Oil: ↑ $48.43
Natural Gas: ↑ $2.69
Gasoline: ↑ $2.20

Diesel: ~ $2.49
Heating Oil: ↑ $149.79
Brent Crude Oil: ↑ $51.63
** US Rig Count ([link removed])
: ↑ 401



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