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MORNING ENERGY NEWS  | 04/05/2021
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Is there anything genuine about this guy?

"Creating a recycled content mandate will drastically increase, by decree, the demand for recycled plastic. Yet if advanced recycling cannot scale up to meet demand, we could see a situation where demand rapidly outpaces supply, which will only serve to drive prices upwards." 

 

– David Clement,
Consumer Choice Center

Taxpayers fleeced and government lawyers have raised their profile. Mission accomplished. 


Reuters (4/1/2021) reports: "A federal appeals court on Thursday rejected New York City’s effort to hold five major oil companies liable to help pay the costs of addressing harm caused by global warming. Ruling in favor of BP Plc, Chevron Corp, ConocoPhillips, Exxon Mobil Corp and Royal Dutch Shell Plc, the 2nd U.S. Circuit Court of Appeals in Manhattan said the regulation of greenhouse gas emissions should be addressed under federal law and international treaties. It rejected the city’s efforts to sue under state nuisance law for damages caused by the companies’ 'admittedly legal' production and sale of fossil fuels, and said the city’s federal common law claims were displaced by the federal Clean Air Act. 'Global warming presents a uniquely international problem of national concern,' Circuit Judge Richard Sullivan wrote for a three-judge panel. 'It is therefore not well-suited to the application of state law.' Sullivan added that while the Clean Air Act did not address emissions from outside the country, foreign policy concerns and the risk of courts 'stepping on the toes of the political branches' barred the city’s lawsuit."

Save the planet! Repeal NEPA!


Wall Street Journal (4/1/21) column: "President Biden’s infrastructure plan proposes to spend trillions of dollars toward achieving zero greenhouse emissions by 2050. It won’t reach that goal, for two reasons. First, Democrats refuse to accept that natural gas and nuclear power have to be part of any green-energy plan. Second and even more daunting, every new energy project has to go through the same federal approval process as any other infrastructure project—a process so convoluted, costly, time-consuming and unpredictable that it’s a wonder any infrastructure project gets built in America. Many don’t. The system requires every agency with authority over a project to grant a separate permit after an independent environmental review. Project sponsors routinely spend hundreds of millions of dollars without knowing when or whether a decision will ever be made... Lawmakers should empower the lead federal agency to coordinate the interagency approval process and ensure its adherence to a predicable timetable. The current system is abusive, wasteful, and bad for the Earth if saving it requires new renewable-energy projects."

The plant will be named the Bai-den industrial complex.


Reuters (4/1/21) reports: "Chinese nickel and stainless steel giant Tsingshan Holding Group said on Thursday it will invest 10.3 billion yuan ($1.57 billion) to build a lithium-ion battery plant in Guangdong province, which will be operated by the group’s battery unit. Tsingshan’s battery manufacturing unit REPT Energy Co aims to expand its annual production capacity for lithium batteries from 6 gigawatt currently to 200 gigawatt capacity by 2025 and the new plant in Foshan city will be part of that expansion, the group said. The plant will have an expected annual capacity of 30 gigawatt when it is completed in 2024, Tsingshan said in a statement. The first phase of construction, to build capacity of 15 gigawatt a year, is expected to begin in mid-2021 with operations due to start in 2023, the company said. The second will begin in 2022 and start operations two years later, according to the statement. The project aims to meet demand for lithium-ion battery power and storage in southern China and contribute to China’s development of new energies, Tsingshan said."

Energy Markets

 
WTI Crude Oil: ↓ $60.22
Natural Gas: ↓ $2.55
Gasoline: ↑ $2.87
Diesel: ~ $3.09
Heating Oil: ↓ $180.29
Brent Crude Oil: ↓ $63.62
US Rig Count: ↓ 497

 
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