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MORNING ENERGY NEWS | 02/11/2021
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** Schadenfreude: Watching Chancellor Merkel's Energiewende collapse before our very eyes. And yet, that is exactly where the Biden crew would like to take us.
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Zerohedge ([link removed]) (2/10/21) blog: "Barely a week after Davos luminaries met with world leaders and Silicon Valley oligarchs to plot their latest phase of the Great Reset, the underlying provenance of their entire ‘climate emergency’ thesis is still struggling to correspond with reality. Their much-celebrated 'Zero Carbon' agenda which virtue-signaling leaders like Justin Trudeau, Boris Johnson and Joe Biden are currently advocating for – is proving to be a lot more difficult to achieve in reality than it is on their elaborate UN Agenda 2030 Powerpoint slides, computer-modeled projections and Zoom calls. No one is being hit with this sobering reality more than the Europe’s premier green trailblazer, German Chancellor Angela Merkel, whose country is currently in the grips of Europe’s record-breaking freeze this winter. Germany’s held up as the world’s wind and solar capital. But, at
the moment, the ‘green’ stuff can’t be purchased, at any price. Its millions of solar panels are blanketed in snow and ice and breathless, freezing weather is encouraging its 30,000 wind turbines to do absolutely nothing, at all. [Note: don’t forget about the constant supply of electricity from the grid that these things chew up heating their internal workings so they don’t freeze up solid!] So much for the ‘transition’ to an all wind and sun powered future – aka the ‘Energiewende’."


** "President Biden should recognize that the Paris Agreement violates his own ‘fair play’ objectives and his past actions in the Senate. Any aversion he may feel to admitting that President Trump was right to pull America out of the treaty should not prevent him from doing what is best for America."
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– Tom Harris, International Climate Science Coalition ([link removed])

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The better buy is Doge coin anyway, right Elon?

** Bloomberg ([link removed])
(2/9/2021) reports: "There’s a pretty good chance that any new Bitcoin generated after the cryptocurrency’s Elon Musk-aided surge toward $50,000 will be sourced using cheap coal power in China’s Xinjiang. The region that’s become notorious in recent years for complaints about abuse of Uyghur Muslim minorities is also a hub for the production of Bitcoin. Nearly two-thirds of global output took place in China as of April 2020, according to University of Cambridge researchers, and about one-third of that occurred in Xinjiang. The main draw is the cheap power needed to run the computers that perform the complicated equations for so-called 'Proof of Work' that confirm transactions without a third party, which forms the biggest part of a miner’s outlay. However, unlike the almost carbon-free mining in places like the Nordic region, most of the electricity in Xinjiang is still produced using polluting coal plants. 'Cheap and reliable electricity is really essential,' said Amanda Ahl, a
BloombergNEF analyst. 'it affects how much profit miners can make.' Electricity-intensive industries like aluminum smelting and polysilicon production have long been drawn to Xinjiang because power rates there are extremely low -- as little as 0.22 yuan ($0.03) per kilowatt-hour, compared with 0.6 to 0.7 yuan in central China, according to BloombergNEF. The main reason for that is coal. While Xinjiang has a fast-developing renewable sector, with wind turbines dotting the hills around Urumqi, it still accounted for less than a quarter of electricity generated last year."

We'll fight for you, New Mexico. Where is your Governor and soon to be Interior Secretary? Working against you, that's where.

** Real Clear Energy ([link removed])
(2/10/21) reports: "After the canceling of the Keystone XL oil pipeline the previous week, a new Executive Order dominated the oil and gas headlines the last week of January. President Biden has halted new leasing and drilling permits on U.S. lands and waters for 60 days. The order will impact Wyoming and New Mexico the most but a number of legal challenges are forthcoming, especially if the administration tries a permanent ban and/or goes after already existing leases. Currently, the U.S. gets around 20-22% of its oil and 10-12% of its natural gas from federal areas. Americans should realize that oil and gas account for 70% of our energy supply. The reality is that blocking pipelines and development does nothing to lower demand, it just makes getting access to these irreplaceable products more difficult - and more costly. Oil in particular has no material substitute, with still niche market electric cars being far more expensive and much less convenient. In addition, oil and gas revenues
offer states billions of dollars to pay for schools, hospitals, roads, bridges, and other critical infrastructure - explaining why 'blue state' New Mexico might already be fraught with buyer's remorse."

It's no wonder the Eastern Oregon and Weld County, CO want to become part of Wyoming...

** National Review ([link removed])
(2/10/21) column: "Overshadowed by the hubbub of inauguration week, a January 19 decision by an obscure federal agency quietly augured a bleak future for U.S. energy exporters. The Federal Energy Regulatory Commission (FERC) ruled against Pembina, a midstream oil and gas company, in its appeal of an Oregon state-government ruling denying the company a permit to export liquefied natural gas (LNG). Pembina’s proposal for a project at Jordan Cove, 150 miles southwest of Portland, includes a pipeline, liquefaction plant, and shipping terminal. It would be the first Pacific-facing LNG export site in the lower 48 and received a provisional green light from FERC itself in March 2020, but its hopes now appear to be dashed. The economic value of a project like Jordan Cove is obvious. The majority of the world’s population and its new energy demand are in Asia. Existing U.S. LNG-export facilities are all situated on the Atlantic and Gulf Coasts, which, while well situated for growing trade with
Europe, leaves Asia-bound cargos bottlenecked at the increasingly congested Panama Canal."

Energy Markets


WTI Crude Oil: ↓ $58.62
Natural Gas: ↑ $3.02
Gasoline: ↑ $2.49

Diesel: ↑ $2.72
Heating Oil: ↓ $175.71
Brent Crude Oil: ↓ $61.44
** US Rig Count ([link removed])
: ↑ 435



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