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MORNING ENERGY NEWS  5/7/2021
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The true cost of Biden's plans is at least 3x the sticker price


Fee.org (5/05/21) interview: "In just his first 100 days, President Biden has rolled out ambitious spending plans meant to vastly increase federal funding for everything from infrastructure to jobs to families. The whopping $6 trillion price tag on these combined proposals has raised many eyebrows about how a nation more than $28 trillion in debt can afford such a splurge. But one prominent economist is warning that the true cost of Biden’s plans could be more than three times higher than advertised."

“If we want others to leapfrog the dirty technology that did so much for us, then rich countries “have a moral and a practical obligation to help them do so. And that means putting our money where our mouth is.”

 

– Boris Johnson, UK Prime Minister
On Unregulated #35: Tom and Mike discuss Biden's bold, ambitious, and popular spending plans.
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China's share of emissions is on the rise


The Washington Post (5/06/21) reports: "China’s greenhouse gas emissions in 2019 surpassed those of the United States and the developed world combined, according to an analysis published Thursday by the research firm Rhodium Group. China’s share of global emissions rose to 27 percent of the world’s total, while the United States remained the second-largest emitter at 11 percent. India’s share came third at 6.6 percent, edging the 27 nations in the European Union, which account for 6.4 percent, the report found."

Renewables struggle on reliability

Forbes (5/05/21) reports: "The Biden Adminstration’s Infrastructure program encompasses a wide variety of policies and goals, many of which are laudable while others arguably could do with more scrutiny (translation: cost/benefit analysis). The expenditure of $15 billion to build 500,000 electric vehicle charging stations, and an additional $26 billion for supporting infrastructure, sounds rather Antoinettish to me, as in “Let them eat organic cake baked in solar ovens.” It has been widely noted that the cost of electric vehicles tends to limit their market to the upper middle and wealthy classes, which hardly conforms to the ‘social justice’ goal of the energy program."

Even a stopped clock

The New Republic (5/06/21) reports: "In early April, the state of Washington managed to do what once seemed impossible: successfully pass a bill establishing carbon pricing. It did so with the backing of oil giant BP, which has a lot riding on a particular piece of it: carbon offsets. Multinational oil and gas company BP has taken pains to rebrand itself as environmentally friendly in recent years. "

Big tech is begging for emissions disclosure requirements that will hurt their smaller competitors

RollCall.com (5/04/21) reports: "Ethical investing has attracted a lot of attention, and billions of funds, in recent years. However, the true impact of Environment Social and Governance (ESG) investing on portfolio returns is hotly debated. In a recent paper, researchers suggest that firms do suffer for their bad behavior, but that benefits from an ESG focus are harder to find, both in companies’ financials and their investors’ returns. This is consistent with recent research that found that favorable ESG ratings may not have been a key factor in the stocks that did well during the pandemic period."

If you oppose a carbon tax, take a stand and contact us.
Tom Pyle, American Energy Alliance
Myron Ebell, Competitive Enterprise Institute
Phil Kerpen, American Commitment
Andrew Quinlan, Center for Freedom and Prosperity
Tim Phillips, Americans for Prosperity
Grover Norquist, Americans for Tax Reform
George Landrith, Frontiers of Freedom
Thomas A. Schatz, Citizens Against Government Waste
Richard Manning, Americans for Limited Government
Adam Brandon, FreedomWorks
Craig Richardson, E&E Legal
Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Nathan Nascimento, Freedom Partners Chamber of Commerce
Isaac Orr, Center of the American Experiment
David T. Stevenson & Clint Laird, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance

Energy Markets

 
WTI Crude Oil: ↓ $64.76
Natural Gas: ↓ $2.93
Gasoline: ↑ $2.95
Diesel: ↑ $3.10
Heating Oil: ↓ $199.43
Brent Crude Oil: ↓$68.12
US Rig Count: ↓ 523

 
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