Your Morning Energy News

View this email in your browser ([link removed])
MORNING ENERGY NEWS | 03/30/2021
Subscribe Now ([link removed])


** It's as if none of us were around the first time these guys promised all those good, high-pahy.
------------------------------------------------------------
New York Times ([link removed]) (3/29/21) reports: "The Biden administration on Monday announced a plan to vastly expand the use of offshore wind power along the East Coast, aiming to tap a potentially huge new source of renewable energy that has so far struggled to gain acceptance in the United States. The plan sets a goal of deploying 30,000 megawatts of offshore wind turbines in coastal waters nationwide by 2030, enough to power 10 million homes. To help meet that target, the administration said it would accelerate permitting of projects off the Atlantic Coast and prepare to open up waters near New York and New Jersey for development. The administration also plans to offer $3 billion in federal loan guarantees for offshore wind projects and invest in upgrading the nation’s ports to support wind construction. The moves come as President Biden prepares a roughly $3 trillion economic recovery package that will focus heavily on
infrastructure to reduce greenhouse-gas emissions and tackle climate change, an effort he has framed as a jobs initiative. Officials made a similar case on Monday, saying offshore wind deployment would create 44,000 new jobs directly in the offshore wind sector, such as building and installing turbines, as well as 33,000 new indirect jobs."


** "The Governor is proud of California, through its dysfunctional energy policies imports more electricity than any other state– currently at 32 percent from the Northwest and Southwest, and being the only state in contiguous America that imports most of its crude oil energy from foreign countries, And dysfunctionally HOPES that other states will continue to be able to generate enough power to meet the demands of the state."
------------------------------------------------------------


– Ronald Stein, CFACT ([link removed])

============================================================

Great, another rerun.

** American Spectator ([link removed])
(3/29/2021) column: "In February 2009, the last time Democrats controlled the White House and both chambers of Congress, President Barack Obama and Vice President Joe Biden flew to Colorado to sign their $787 billion stimulus package into law. The plan was to invest $150 billion over 10 years that would advance a 'clean energy' economy built around biofuels, hybrid cars, low-emission coal plants, and renewable sources such as solar and wind. Obama and Biden promised to create five million green jobs that would specifically benefit low-income earners, claiming that the stimulus package included 'help for those hit hardest by our economic crisis.' A decade later, we now know that the 2009 green jobs program was a complete failure. The Department of Labor (DoL) and the Bureau of Labor Statistics (BLS) issued several reports on the green jobs program. Each report was an indictment on the program, as job placement met only 10 percent of the targeted level, and many of those who were hired
remained employed for less than six months...Fast forward to today, and we again see an emphasis on green jobs by the Biden administration. Throughout his campaign and early into his presidency, President Joe Biden has emphasized that one of the goals of his administration’s energy policy will be to replace jobs in the natural gas, oil, and coal value chains with jobs in wind and solar create green jobs."

What's wrong with this picture:

** Natural Gas Intelligence ([link removed])
(3/19/21) reports: "New York City-based New Fortress Energy LLC (NFE) continues to pursue rapid growth in underserved natural gas markets across the world, announcing plans to enter the offshore liquefaction space and build an import terminal in Southeast Asia. The company, which is focused on delivering liquefied natural gas (LNG) to markets that lack access to the fuel, has sanctioned a 1.4 million metric ton/year (mmty) floating LNG (FLNG) facility that could be deployed anywhere there’s stranded gas. The company purchased two jackup oil rigs for $30 million that it plans to outfit with small-scale modular liquefaction trains. NFE said the project, dubbed 'Fast LNG,' would come at a lower cost and could be deployed quicker than conventional FLNG technology, which uses larger trains on newbuild or converted vessels. 'Our innovative Fast LNG liquefiers should allow us to produce LNG between an expected $3-4/MMBtu for our growing portfolio of terminals around the world,' said NFE CEO Wes
Edens. 'This technology can be installed quickly and cheaply to access stranded, low-cost natural gas at a fixed price to meet the global demand for more affordable, reliable and cleaner energy.'"

With every crisis, the Fed pushes the envelope to a new brink.

** Wall Street Journal ([link removed])
(3/25/21) column: "The Federal Reserve has lost sight of a fundamental truth: Monetary policy is about money. Instead, the central bank is pushing for major changes in policy areas that have nothing to do with money or financial markets. It’s time for Congress to rein in the Fed. Consider the Fed’s new forays into climate activism. The Fed recently formed two climate committees, one focused on individual banks and the other on the financial system as a whole. This could be the start of a regulatory ratchet effect. Even more concerning, the Fed recently joined a consortium dedicated to 'greening the financial system.' In recent Senate testimony, John Cochrane of the Hoover Institution cited this as an example of 'regulatory subterfuge.' This isn’t what central banks are for. Even in its more conventional activities, the Fed regularly oversteps its bounds. In 2008 it used interest payments on excess reserves to upend the operating framework for monetary policy, and its balance sheet exploded.
During the early days of Covid-19, the Fed made emergency loans to large nonfinancial corporations, as well as to state and local governments. Supporting these entities has nothing to do with taming the business cycle or staving off financial panic. It’s mission creep, plain and simple."

Energy Markets


WTI Crude Oil: ↓ $60.59
Natural Gas: ↓ $2.63
Gasoline: ~ $2.86

Diesel: ~ $3.09
Heating Oil: ↓ $179.60
Brent Crude Oil: ↓ $64.15
** US Rig Count ([link removed])
: ↓ 483



** Donate ([link removed])
** Subscribe to AEA's Unregulated Podcast ([link removed])
** Subscribe to AEA's Unregulated Podcast ([link removed])
** Subscribe to IER's Plugged In Podcast ([link removed])
** Subscribe to IER's Plugged In Podcast ([link removed])
** Friend on Facebook ([link removed])
** Friend on Facebook ([link removed])
** Follow on Twitter ([link removed])
** Follow on Twitter ([link removed])
** Forward to a Friend ([link removed])
** Forward to a Friend ([link removed])
Our mailing address is:
** 1155 15th Street NW ([link removed])

** Suite 900 ([link removed])

** Washington, DC xxxxxx ([link removed])
Want to change how you receive these emails?
** update your preferences ([link removed])

** unsubscribe from this list ([link removed])