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MORNING ENERGY NEWS  |  10.7.2019
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Trump bows to King Corn.


Bloomberg (10/4/17) reports: "The Trump administration is taking action to boost U.S. demand for corn-based ethanol and soybean-based biodiesel, as the president seeks to temper criticism from farmers and Midwest politicians before next year’s election. The U.S. Environmental Protection Agency and Department of Agriculture on Friday outlined several steps to aid those renewable fuels, committing to boost annual biofuel-blending quotas to make up for waivers exempting some small refineries from the mandates. The shift, which was outlined by the agencies Friday but still must be formally proposed and codified, would effectively force bigger, non-exempted refineries to take up the slack."




"The ethanol lobby is like that greedy child on Halloween who is supposed to take one piece of candy at the door, but grabs a handful and runs away."

 

–Nicolas Loris, The Heritage Foundation

What if everything you believed was a lie?


Reason (10/7/19) blog: "How would going meat-free affect an individual American's emissions? According to the U.S. Department of Agriculture, meat consumption in 2019 added up to 220 pounds per capita. Multiplying by emissions per kilogram figures from the Environmental Working Group, a D.C.-based advocacy group generally opposed to crop biotechnology and conventional agriculture, that's the equivalent of 1.4 metric tons of carbon dioxide per person. In other words, going vegetarian for one year would reduce an average American's emissions by the same amount as spending, at current prices, just over $8 to buy cap-and-trade emissions allowances through the Regional Greenhouse Gas Initiative that operates among nine Northeastern states. Hectoring American meat eaters will do almost nothing to slow climate change. In the meantime, the demand for dietary sacrifice and culinary hair shirts could discourage American consumers from considering more effective ways to address the problem of man-made warming."

When in doubt, follow the money.


Watts Up With That? (10/6/19) blog: "I became quite despondent while putting this together as I started to understand the huge, eye-watering amount of money that is dependent upon the unproven notion that atmospheric CO2 arising from the use of fossil fuels is causing catastrophic global warming/climate change/ pestilence and doom. Some headline numbers: the capitalisation of the renewable energy industry is over $1 trillion; the funding of the NGOs being used as alarmist publicity and lobbying agencies exceeds $2 billion; and the amount of government research funding committed to the issue exceeds $1billion. Good luck expecting that the resolution of some matter of scientific importance will cause these agencies to admit that their business is based upon a lie and that they will go away quietly, or at least scale back to a size more commensurate with the real market needs."

Don't be fooled by all the happy talk about renewables.  India ❤️'s coal.


Business Standard (10/7/19) reports: "Icra, a unit of Moody's Investors Service Company, said on Monday it expects the energy hungry nation's thermal coal imports to be more than 200 million tonnes in 2019-20, due to lower-than-expected production by state-run Coal India Ltd. Icra said it expects Coal India, which has missed annual production targets over the last few years, to fall short of its 2019/20 production forecast of 660 million tonnes by up to 75 million tonnes."

Energy Markets

 
WTI Crude Oil: ↑ $53.58
Natural Gas: ↓ $2.33
Gasoline: ↓ $2.65
Diesel: ↓ $3.01
Heating Oil: ↑ $191.47
Brent Crude Oil: ↑ $58.05
US Rig Count: ↓ 888

 
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