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MORNING ENERGY NEWS  | 02/03/2021
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If you sweeping abandoned land mines isn't your thing, you can always work on a government mandated solar assembly line.


Fox News (2/2/21) reports: "While opponents of the long-controversial Keystone XL Pipeline cheered its cancellation by President Biden's administration, others like Nebraska truck driver Chris Olsen shook their heads in dismay. 'Any of these people that work on the pipeline, all the sudden they're not making money so they're not spending money,' Olsen told Fox News. 'So the community they live in is going to have less money coming in.' On his first day in office, Biden signed an executive order revoking federal permits for the project, which would bring heavy Canadian crude from the Alberta tar sands through Montana and South Dakota to link up with existing pipelines at Steele City, Neb...'What President Biden wants to do is to make sure those folks have better choices, that they have alternatives, that they can be the people who go to work to make the solar panels,' Kerry said. That messaging doesn't sit well with many in the affected regions. 'How's that guy that has 30, 40 years of welding experience putting pipelines in, how does he transfer that to solar?' Olsen asked. 'You going to reeducate everybody that was on the pipeline? That's not going to happen.'"



"It’s clear: The Biden Administration is launching a war on our energy industry and jobs." 

 

– Congressman Ken Buck,
CO 4th District

The Strange Case of Dr. Elon and Mr. Musk: Government intervention in markets is horrible/wonderful.


L.A. Times (2/2/2021) reports: "Elon Musk has a long history of run-ins with the local, state and federal officials who oversee his growing empires at Tesla Inc. and SpaceX. The world’s richest person shows no signs of changing his ways as President Biden bolsters the regulatory agencies defanged by his predecessor. In the last week alone, Musk has tangled with the Federal Aviation Administration over a December rocket test flight that ended in flames and begrudgingly agreed to recall some Tesla cars at highway-safety officials’ urging. And although he announced Tuesday that he was taking a break from Twitter — the platform where his behavior previously got him fined by the Securities and Exchange Commission — Musk had already used his favorite social-media megaphone in the preceding days to roil stocks of companies including Etsy Inc. and Shopify Inc. during a retail-trading frenzy. The potential for more conflict is building as Biden works to confirm his cabinet secretaries and reinvigorate agencies following the Trump era. Democratic administrations have historically been tougher on industry regulation, and Musk’s empire intersects with government oversight of automobiles, spaceflight, energy, telecommunications and medical equipment."

Socialism can destroy a country with more totality than any war.

Do you think Biden even knows this isn't how it works, or is he just signing whatever they put in front of him?


Hoover Institution (2/1/21) blog: "On January 20, beneath an imposing array of solar panels, President Biden issued an executive order declaring that the United States would rejoin the Paris agreement on climate change. The order stated in full: 'I, Joseph R. Biden Jr., president of the United States of America, having seen and considered the Paris Agreement, done at Paris on December 12, 2015, do hereby accept the said agreement and every article and clause thereof on behalf of the United States of America.' This executive order raises issues of huge constitutional import. Does the president of the United States have the constitutional power to 'accept' the Paris agreement by unilateral action? The correct answer is a decided no. The Paris agreement should be understood first and foremost as a treaty. As such, it should be governed by Article II, Section 2, Clause 2 of the Constitution, which requires treaty ratification by two-thirds of the senators present. President Obama knew that he did not have the votes in the Republican-controlled Senate to ratify the treaty in 2016—hence the initial entry into the agreement via executive order. The simple question here is whether the obligation to secure Senate approval can be avoided by rebranding the treaty as an 'agreement,' as was done in Obama’s and Biden’s executive orders...But don’t take all this from me. Last week, the New York Times wrote a candid editorial with the provocative title 'Ease up the Executive Actions, Joe,' which insisted that executive orders are 'no way to make law.' Even with the Democrats’ fragile control of Congress, it cautions that these directives 'are a flawed substitute for legislation.' The Times editorial brought forth a rebuke from Biden’s communications director, Kate Bedingfield, suggesting that Biden still has a tin ear to the problem. But the stakes are still high. In the case of the Paris Treaty, the approach of the Biden administration is not just flawed but deeply unconstitutional."

Energy Markets

 
WTI Crude Oil: ↑ $55.31
Natural Gas: ↓ $2.84
Gasoline: ↑ $2.43
Diesel: ↑ $2.65
Heating Oil: ↑ $168.68
Brent Crude Oil: ↑ $58.04
US Rig Count: ↑ 440

 
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