View this email in your browser
MORNING ENERGY NEWS  | 05/11/2021
Subscribe Now

What was that they said about the end of oil?


Bloomberg (5/10/21) column: "Friday’s jobs numbers threw everyone for a loop. But they were unambiguously good for the oil and gas business: Payrolls jumped by more than 12,000 in March, the biggest monthly gain in more than 30 years of data. This is the season for big comebacks; it’s only just over a year since crude oil posted negative prices on Nymex. For the benighted E&P sector, though, this rebound depends a lot on restraint; around spending and growth, chiefly. Combined oil and gas production peaked in December 2019. Having plunged last May, it has since recovered much of that ground but in March was still about 8% below the peak. Employment, however, was running roughly 17% below where it ended 2019 — even including the big hiring spree in March. What’s more, layoffs had started at the beginning of 2019, a year before Covid-19 swept the globe."

"Paving rural America with forests of giant wind turbines and oceans of solar panels won’t solve climate change. It will, however, cost trillions of dollars, blight landscapes, kill untold numbers of bats and birds, make people sick, and lead to more economic pain in rural towns and counties." 

 

– Robert Bryce,
Wall Street Journal

Joe Biden meets with Jimmy Carter and one week later we have gas lines.  


CBS News(5/11/21) reports: "Drivers along parts of the East Coast are feeling the immediate effects of the shutdown of the Colonial Pipeline following a ransomware attack, reports CBS News' Laura Podesta. Some waited an hour or more on lines at gas stations before filling up or learning the pumps had run dry. In Marion, South Carolina, Yasheeka Wiggins said, 'It was unbelievable. When I was driving today, I thought it was a catastrophe coming! I've seen all these cars waiting and I was like, "OMG. I have to fill my tank up!"' CBS Florence, South Caroline affiliate WBTW-TV reported lines at stations from Marion and Mullins to Myrtle Beach. The South was being hit hardest. Late Monday night, almost six-and-a-half percent of gas stations in Virginia were out of fuel, according to travel app GasBuddy. It said more than 1% of stations in North Carolina and Florida had no gas."

Remember, Joe Biden killed a pipeline with the stroke of his pen.


NBC (5/10/21) reports: "Several gas stations along the Grand Strand are drying up as the Carolinas feel the impact of the Colonial Pipeline shutdown. On Friday, the Colonial Pipeline system reported a ransomware cyberattack which resulted in the temporary shutdown of that line. The Colonial Pipeline is a primary fuel pipeline for the Carolinas. The FBI said the breach was done by a gang of criminal hackers named DarkSide. The group’s members are Russian speakers, and the syndicate’s malware is coded not to attack networks using Russian-language keyboards. Parts of the Grand Strand are already feeling the impact of the shutdown. Many places are seeing a rise in gas prices, but viewers have told WMBF News that gas stations along Highway 9 in Cherry Grove are out of gas. WMBF News spoke to Boulineau’s Express on Highway 9 where a clerk told us that they’ve been out of gas since 1 p.m. Monday. Meanwhile, a WMBF News crew saw plastic bags covering the pumps at a Shell gas station off Highway 9. But despite this shortage, gas experts are telling drivers to not panic, stating that it could make matters worse if people rush to the gas pumps."

A tax on energy doesn't harm who you think it does. And by the way, America's air is cleaner than ever.


Boston Globe (5/7/21) column: "What air will your grandchildren breathe? Your answer to this question is likely to be influenced by the economic conditions you currently experience. Too often, academic and privileged circles engage in strategic discussions around climate change and how we can achieve 'net zero' carbon emissions over the next 30 years, while ignoring the existing and worsening health conditions of communities that are neighbored by pollution generating industries...Carbon taxes have been proposed as a means to generate revenue and contribute to a reduction in carbon emissions, but there’s little thought to environmental justice. The carbon tax revenues collected annually in 40 countries around the world have been used to subsidize research, support green infrastructure, and to dispense corporate tax-breaks for 'green companies' — they are not allocated toward improving the lives of the people most affected by pollutants. Rather than fight to reallocate revenue from carbon taxes, perhaps it’s time for a new tax instrument to protect vulnerable communities from the negative impact of fossil fuel, chemical processing, and other pollution-generating industries. Imposing a 'harm tax' on these companies would be a first step towards environmental justice."

Energy Markets

 
WTI Crude Oil: ↓ $64.36
Natural Gas: ↓ $2.89
Gasoline: ↑ $2.98
Diesel: ↑ $3.12
Heating Oil: ↓ $201.35
Brent Crude Oil: ↓ $67.77
US Rig Count: ↓ 533

 
Donate
Subscribe to AEA's Unregulated Podcast Subscribe to AEA's Unregulated Podcast
Subscribe to IER's Plugged In Podcast Subscribe to IER's Plugged In Podcast
Friend on Facebook Friend on Facebook
Follow on Twitter Follow on Twitter
Forward to a Friend Forward to a Friend
Our mailing address is:
1155 15th Street NW
Suite 900
Washington, DC xxxxxx
Want to change how you receive these emails?
update your preferences
unsubscribe from this list