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MORNING ENERGY NEWS | 05/12/2021
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** A painful reminder of what infrastructure actually is.
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National Review ([link removed]) (5/11/21) column: "The shutting down of a key pipeline makes clear how important actual infrastructure — not the stuff Joe Biden thinks is infrastructure — is. Seventeen states and — oh, glorious irony! — the District of Columbia have declared states of emergency after the closure of the Colonial pipeline, which brings fuel from Gulf Coast refineries to eastern cities. Gasoline prices already are rising and are expected to rise sharply in the immediate future. Atlanta’s Hartsfield-Jackson International Airport, fresh off the indignity of losing the title of world’s busiest airport to Bai Yun International in Guangzhou, is nervously watching its fuel stores, as are other airports (including Charlotte Douglas and Raleigh-Durham) served by the pipeline. The population centers of the East Coast are at risk of significant disruption to everything from deliveries to travel — because almost half the
fuel used in the most densely populated part of the country travels through a single pipeline that runs from Houston to Linden, N.J., currently out of service after an apparent act of extortion through cyberterrorism. 'Hey, dummy — pay attention.' President Joe Biden is no friend of pipelines. Practically his first act in office was unilaterally stopping a multi-billion-dollar pipeline project that already was under way. Biden proposes to be President Infrastructure, so long as expanded welfare benefits and subsidized childcare for two-income professionals in Washington qualify as 'infrastructure,' while his administration micturates from a great height upon actual infrastructure — e.g., the pipelines, refineries, and transportation networks that connect our workers and factories and trucks with the actual fuel our economy runs on, as opposed to the imaginary unicorn-juice economy that exists in the fantasy world of President Biden, Senator Bernie Sanders, Representative Alexandria
Ocasio-Cortez, et al."


** "Today the oil-and-gas market is characterized by supply diversity. The top three producers, among them the U.S., account for less than half of world supply. The top three producers for three key energy transition materialss, however, control more than 80% of global supply. Here we find China utterly dominant while the U.S. isn’t even a player."
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– Mark P. Mills, The Manhattan Institute ([link removed])

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For a business tycoon, Bloomberg sure has been wasting a lot of cash these days. First there was the disaster of a presidential campaign. Now it seems all that money he's shoveling into blue state AG offices isn't amounting to much either...

** Real Clear Energy ([link removed])
(5/11/21) column: "For President Biden and his allies, climate change—now called a 'climate crisis'—has grown from being a widely accepted, incredibly important public policy challenge into a mantra in support of a fundamental transformation of our economy from top to bottom. They talk often of a coordinated climate agenda that includes deploying the full capacity of federal agencies in partnership with state and local governments. Much of this agenda will be fought out in the halls of Congress, international settings, and the ballot box. But that hasn’t stopped an alliance of local officials, trial lawyers and activists from running to court, in hopes of convincing individual judges to impose their preferred climate policies. Fortunately, last month a federal appeals court in New York shot a dagger through one part of this courtroom strategy, tossing out a suit by New York City against five international oil companies that sought to recover, as the Court put it, 'damages caused by those
companies’ admittedly legal commercial conduct in producing and selling fossil fuels around the world.'"

Speaking of Bloomberg funded projects...

** Legal News Wire ([link removed])
(5/10/21) reports: "An open government, non-profit organization has sued the U.S. Department of Interior (DoI) for failing to immediately respond to its Freedom of Information Act (FOIA) request regarding a former Michael Bloomberg-funded lawyer turned senior counselor to Interior Secretary Deb Haaland. Energy Policy Advocates complains in its federal lawsuit that the DoI unlawfully denied a speedy processing of ethics/recusal memoranda and documents involving Elizabeth Klein, who had served as co-director of State Energy & Environmental Impact Center (SEEIC) at New York University’s School of Law, a Bloomberg project that has paid the salaries of special assistant attorneys general, or SAAGs, in many blue states pursuing climate change litigation against Big Oil. The suit claims that due to 'real and/or potential conflicts,' memoranda involving ethics or recusal are 'of tremendous public importance.' At issue is whether Klein disclosed to the DoI before she was hired that she had
previously worked for the SEEIC as an attorney representing approximately 17 states and the District of Columbia on particular matters adverse to the DoI or her former clients, according to Energy Policy Advocates."

Didn't Jenny Granholm just say pipelines are important? I guess she's just talking about the ones that are already built....

** U.S. News World Report ([link removed])
(5/11/21) reports: "A day before Michigan's deadline to close down a key crude oil pipeline, Canada on Tuesday issued its strongest remarks so far about the move, warning that it could undermine relations with the United States, its closest ally and trading partner. Canadian company Enbridge Inc is preparing for a legal battle with Michigan and courting protests from environmental groups, betting it can ignore the state's Wednesday deadline to shut down Line 5, which runs under the Straits of Mackinac. The Canadian government, intervening in the case to back Enbridge, said in a U.S. federal court filing that Michigan had no right to act unilaterally since a 1977 Canada-U.S. pipeline treaty guarantees the free flow of oil between the two nations. 'This case raises concerns regarding the efficacy of the historic framework upon which the U.S.-Canada relationship has been successfully managed for generations,' Ottawa said. Michigan's move 'threatens to undermine important aspects of that
cooperative international relationship', it added. The brief said Canada would suffer 'massive and potentially permanent disruption' from a shutdown. Line 5 brings 540,000 barrels-per-day of oil from western Canada to Ontario, Quebec, Michigan, Ohio and Indiana."

Energy Markets


WTI Crude Oil: ↑ $66.10
Natural Gas: ↑ $2.95
Gasoline: ↑ $3.00

Diesel: ↑ $3.13
Heating Oil: ↑ $206.04
Brent Crude Oil: ↑ $69.37
** US Rig Count ([link removed])
: ↓ 533



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