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MORNING ENERGY NEWS  5/4/2021
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Not so fast.


Reason (4/30/21) reports: "Many officials and climate activists claim we have only 12 years to act on global warming. Where does this figure come from? A 2018 Special Report by the Intergovernmental Panel on Climate Change (IPCC). The second sentence of that document reads, 'Global warming is likely to reach 1.5 degrees C between 2030 and 2052 if it continues to increase at the current rate.' The 12-year figure comes from subtracting the year of the report, 2018, from the earliest possible date of 1.5 degrees C warming, 2030. The problem is that this was a statement about the past, dressed up to suggest that it's about the future. It's not about what will happen; it's extrapolating from what has already happened. Actual temperatures in 2030 will depend on whether warming speeds up or slows down, and also on whether the year is warmer or colder than the long-term trend."

"The production of natural resources represents an increase in national wealth, the division of which under market competition is driven by contributions to productivity, including the value of public services provided. A leasing ban, accordingly, will impose losses upon a large number of market participants generally, and upon state and local governments in particular."

 

– Benjamin Zycher, American Enterprise Institute 

If it had been the most tornadoes since 2000, you probably would have heard about it already.


Washington Post (5/3/21) reports: "After the busiest March on record for tornadoes in Alabama, April proved the most quiet for twisters nationwide since at least 2000. A preliminary count suggests only 73 tornadoes touched down throughout the month, coming at a time when tornado activity is usually ramping up as the spring severe weather season approaches its peak. The 73 tornadoes that touched down make up less than half the April average of 155 that ordinarily swirl through the Plains, South and Southeast. Meteorologists only received half as many severe weather reports as is typical, according to the National Weather Service Storm Prediction Center."

That's why they call him the Oracle of Omaha.


Reuters (5/1/21) reports: "Berkshire Hathaway Inc. shareholders on Saturday easily rejected proposals requiring the company run since 1965 by Warren Buffett to disclose more about its efforts to address climate change and promote diversity and inclusion in its workforce. The rejections were not a surprise, given that Buffett controls nearly one-third of Berkshire's voting power and opposed both proposals."

Belgium is building 2.3 GW of natural gas plants to replace the CO2-free nukes they are closing... 


The Brussels Times (4/30/21) reports: "The CRM organises a system of electricity production capacity auctions to phase out nuclear power in 2025. In October, about 2.3 GW of new capacity will be auctioned during the first action. This concerns two to three gas-fired power plants. By then, the European Commission will, in principle, have given its opinion on the compatibility of the MRC with the rules on state aid. Previously, Prime Minister Alexander De Croo’s federal government had already confirmed the closure of all seven Belgian nuclear power plants by 2025."

Shutting down a pipeline that is 99 percent completed doesn't make sense to the Army Corps of Engineers.


Reuters (5/3/21) reports: "The U.S. Army Corps of Engineers said it does not believe a judge should order the Dakota Access oil pipeline shut while environmental review continues, according to court filings on Monday. The Dakota Access Pipeline (DAPL), which came into service in 2017, has been the subject of a lengthy court battle between Native American tribes seeking its closure and the pipeline operators, led by Energy Transfer. The Corps’ position is consistent with statements it made before the court last year."

Energy Markets

 
WTI Crude Oil: ↑ $65.26
Natural Gas: ↑ $2.98
Gasoline: ↑ $2.91
Diesel: ↑ $3.09
Heating Oil: ↑ $197.98
Brent Crude Oil: ↑ $68.42
US Rig Count: ↑ 533

 
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