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MORNING ENERGY NEWS | 1/19/21
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** We too urge this of Ol' Joe.
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RTO Insider ([link removed]) (1/17/21) op-ed:
** "These realities demonstrate that the opposition to Keystone XL is almost wholly ideological, driven by a quasi-religious abhorrence of fossil fuels and the wealth, human wellbeing, and independence from government coercion that they facilitate."
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– Benjamin Zycher, AEI ([link removed])
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Biden wants to cancel American energy prosperity on day one.
** Reuters ([link removed])
(1/17/2021) reports: "U.S. President-elect Joe Biden is planning to cancel the permit for the $9 billion Keystone XL pipeline project as one of his first acts in office, and perhaps as soon as his first day, according to a source familiar with his thinking. President Donald Trump, a Republican, had made building the pipeline a central promise of his presidential campaign. Biden, who will be inaugurated on Wednesday, was vice president in the Obama administration when it rejected the project as contrary to its efforts to combat climate change. The words 'Rescind Keystone XL pipeline permit' appear on a list of executive actions likely scheduled for the first day of Biden's presidency, according to an earlier report by the Canadian Broadcasting Corp (CBC)."
No surprises here...
** E&E News ([link removed])
(1/19/2021) reports: "Newly released financial disclosure forms for Energy secretary nominee Jennifer Granholm depict a stock portfolio and work career deeply invested in the future of electric vehicles. Sent to the Senate Energy and Natural Resources Committee yesterday morning, the financial records for the former Michigan governor now enable the committee to schedule a confirmation hearing as soon as the week of Jan. 25. Granholm vowed in the documents that she would resign her positions on various boards and divest any potentially problematic stock options within 180 days of her confirmation."
Oil and gas to the rescue!
** Washington Examiner ([link removed])
(1/18/2021) column: "The oil and gas industry is the recipient of plenty of ire, but critics ought to realize that without it, the COVID-19 vaccination campaign would have no chance. For one, vaccines must be moved from manufacturing sites to administration sites, and figures from the Energy Information Administration show that 95% of the U.S. transportation system is fueled by oil and gas. Beyond that, Pfizer’s vaccine must be kept extremely cold at minus 70 degrees Celsius,while Moderna’s vaccine must be kept at minus 20 degrees Celsius. Some of the more common hydrocarbons such as propane, isobutene, and propylene are used as refrigerants. Without oil and gas, the refrigeration necessary for the storage of the vaccines would not be possible either. Then, there are the plastics and glass products needed to develop the vaccine and treat patients that are all products of the oil and gas industry. These unrecognized achievements typically get overlooked, but the Institute for Energy
Research, a nonprofit group based in Washington, D.C., that favors free market policies, has just released a policy paper detailing how energy is rising to the challenge of COVID-19."
Energy Markets
WTI Crude Oil: ↓ $52.84
Natural Gas: ↓ $2.59
Gasoline: ↑ $2.39
Diesel: ↑ $2.63
Heating Oil: ↓ $160.33
Brent Crude Oil: ↑ $55.82
** US Rig Count ([link removed])
: ↑ 421
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