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MORNING ENERGY NEWS | 04/01/2021
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** I don't think I've ever given a more positive endorsement than this...
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Bloomberg ([link removed]) (4/1/21) reports: "The U.S. auto industry sees President Joe Biden’s infrastructure package as accelerating a global shift toward electric vehicles, thanks to the $174 billion proposed for charging stations, planned consumer rebates for American-made EVs and a pledge to electrify the government’s fleet. The proposal, which requires congressional approval, is likely to be targeted by progressives as too little in scope and by Republicans as unfairly using taxpayer funds to help the alternative energy sector while harming others, such as the oil industry. Market researchers, oil-energy advocates and other critics warn that it may not be enough to make a dent in the sale of gas guzzlers in the U.S. any time soon...Some critics of Biden’s plan questioned whether the scope will even come close to what is needed to shift consumers from gas-powered vehicles. The 500,000
charging stations 'wouldn’t even amount to 50% of what is needed in California alone,' said Tom Pyle, a former Trump adviser and the president of the American Energy Alliance ([link removed]) , a free-market advocacy group. 'The notion it would be built in the U.S. with union paying jobs is also a fantasy when you consider the entire supply chain is based in China.' 'It’s a pipe dream built on a foundation of lies,' Pyle said."


** "It is impossible for us to protect our environment without freedom and prosperity, and our global environment will benefit the most when our governments allow energy producers and consumers, not regulatory bureaucracies, to determine our energy future."
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– Tyler Corder, Texas Public Policy Foundation ([link removed])

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Calling this monstrosity an "infrastructure bill" would be funny if it wasn't so scary.

** Wall Street Journal ([link removed])
(3/31/2021) editorial: "Sens. Elizabeth Warren and Bernie Sanders lost the Democratic presidential nomination, but you wouldn’t know from President Biden’s first two months in office. First came $1.9 trillion in social spending under the cover of Covid-19, and now comes $2.3 trillion more for climate and political spending dressed as 'infrastructure.' Most Americans think of infrastructure as roads, highways, bridges and other traditional public works. That’s why it polls well, and every President has supported more of it. Yet this accounts for a mere $115 billion of Mr. Biden’s proposal. There’s another $25 billion for airports and $17 billion for ports and waterways that also fill a public purpose. The rest of the $620 billion earmarked for 'transportation' are subsidies for green energy and payouts to unions for the jobs his climate regulation will kill. This is really a plan to build government back bigger than it has ever been...Then there’s $174 billion for electric vehicles,
including money to build 500,000 charging stations and for consumer 'incentives' on top of the current $7,500 federal tax credit to buy an EV. Electric cars are fine with us if they can compete on their own merits. But they are still too expensive for most Americans, and their limited battery range makes them impractical outside metropolitan areas."

Here's a guy with a good sense of humor.

** BBC ([link removed])
(4/1/2021) reports: "Sharp divisions between the major global emitters have emerged at a series of meetings designed to make progress on climate change. India lambasted the richer world's carbon cutting plans, calling long term net zero targets, 'pie in the sky.' Their energy minister said poor nations want to continue using fossil fuels and the rich countries 'can't stop it' China meanwhile declined to attend a different climate event organized by the UK. Trying to lead 197 countries forward on the critical global issue of climate change is not a job for the faint-hearted, as the UK is currently finding out. As president of COP26, this year's crucial climate meeting due to take place in Glasgow in November, Britain is charged with ensuring a successful summit of world leaders and their negotiators. To that end, the UK team have embarked on a series of meetings to find the building blocks of agreement, so that the world keeps the temperature targets agreed in Paris in 2015 within reach."

All aboard! Or maybe not...

** Reuters ([link removed])
(3/31/21) reports: "U.S. President Joe Biden’s sweeping $2.3 trillion plan to rebuild America’s crumbling infrastructure proposes doubling federal funding for mass transit and spending $80 billion to expand and modernize passenger rail service. Public transit systems have suffered through the COVID-19 pandemic as tens of millions of Americans worked from home and curbed business and tourism travel. Many avoided subways and buses due to health concerns over traveling in confined spaces. But even with widespread vaccinations, it is unclear if demand will return any time soon. Work-from-home arrangements initially seen as temporary pandemic measures now appear to be a long-lasting phenomenon for millions of U.S. workers. In several cities with the largest, often most decrepit public transit systems, residents have literally headed for the hills to places beyond mass transport networks. Lower-income workers reliant on public transportation are at risk of being at a permanent disadvantage if
investment lags in those systems. In 2019, Americans took 9.92 billion trips on buses and rail systems. It is a figure that fell 53% to 4.64 billion trips in 2020, according to the American Public Transportation Association. Fourth-quarter demand fell 62% in 2020 from the previous year, while in Washington, D.C., transit fell 86% in the same period."

Vehicle mileage taxes? We don't need no stinking vehicle milage taxes...

** CNBC ([link removed])
(3/26/21) reports: "A vehicle mileage tax could be on the table in talks about how to finance the White House’s expected multi-trillion-dollar infrastructure proposal, according to Transportation Secretary Pete Buttigieg. Buttigieg, who spoke with CNBC’s Kayla Tausche on Friday, also contended that President Joe Biden’s forthcoming plans to rebuild the nation’s roads, bridges and waterways would lead to a net gain for the U.S. taxpayer and not a net outlay. 'When you think about infrastructure, it’s a classic example of the kind of investment that has a return on that investment,' he said. 'That’s one of many reasons why we think this is so important. This is a jobs vision as much as it is an infrastructure vision, a climate vision and more.' He also weighed in on several potential revenue-generating options to fund the project. He spoke fondly of a mileage levy, which would tax travelers based on the distance of the journey instead of on how much gasoline they consume. 'A so-called
vehicle-miles-traveled tax or mileage tax, whatever you want to call it, could be a way to do it,' he said. Democrats have slowly pivoted away from a gasoline tax in favor of a mileage tax amid a simultaneous, climate friendly effort to encourage consumers to drive electric cars."

** ([link removed])

Energy Markets


WTI Crude Oil: ↑ $60.67
Natural Gas: ↑ $2.63
Gasoline: ~ $2.87

Diesel: ~ $3.09
Heating Oil: ↑ $181.12
Brent Crude Oil: ↑ $64.06
** US Rig Count ([link removed])
: ↓ 492



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