The need for panic

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DAILY ENERGY NEWS | 05/19/2021

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It's an extensional crisis to the future of humanity. Except when it isn't...

"After years of fearmongering and attempted indoctrination, people aren’t really that concerned about climate change when the rubber meets the road with action—or dollars in this case. This message should cause despair among the climate-alarm set, and politicians should heed it as they shape the nation’s energy policies."

– H. Sterling Burnett,
The Heartland Institute

It seems that pipelines are only good for anybody but North Americans.

Axios (5/18/21) reports: "The Biden administration will waive sanctions on the corporate entity and CEO overseeing the construction of Russia’s Nord Stream 2 pipeline into Germany, according to two sources briefed on the decision. Why it matters: The decision indicates the Biden administration is not willing to compromise its relationship with Germany over this pipeline, and it underscores the difficulties President Biden faces in matching actions to rhetoric on a tougher approach to Russia. Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for free Driving the news: The State Department will imminently send its mandatory 90-day report to Congress listing entities involved in Nord Stream 2 that deserve sanctions. Sources familiar with the drafting of the report tell Axios the State Department plans to call for sanctions against a handful of Russian ships. The State Department will also acknowledge that the corporate entity in charge of the project (Nord Stream 2 AG) and its CEO (Putin crony and former East German intelligence officer Matthias Warnig) are engaged in sanctionable activities. However, the State Department will waive the applications of those sanctions, citing U.S. national interests. This planned move seems at odds with Secretary of State Antony Blinken's statement, made during his confirmation hearing: 'I am determined to do whatever we can to prevent that completion' of Nord Stream 2."

A fresh coat of paint on the same old handout to wealthy coastal elites.

Bloomberg (5/18/21) reports: "The Biden administration wants to give consumers rebates for purchasing electric vehicles to help the U.S. compete against China in manufacturing the next generation of automobiles, White House Climate AdvisorGina McCarthy said. President Joe Biden is 'looking to invest more than $170 billion and he’s going to build out the electric charging stations that we need for consumers to buy these vehicles and feel confident that they can get where they want to go and back again,' McCarthy said in an interview. 'He’s looking at actually providing consumer rebates at the point of sale,' she said. As part of his multitrillion-dollar infrastructure package, Biden has asked Congress to help pay for 500,000 electric vehicle charging stations and provide consumers with rebates for their electric car purchases. Motorists already have some financial incentive to forgo conventional gas-powered cars for electric models. An existing tax credit is valued at as much as $7,500 for the purchase of an electric vehicle, though Tesla Inc. and General Motors Co. have already passed a 200,000-per-manufacturer ceiling at which the value of those credits phases down. Critics say the current EV tax credit has chiefly benefited wealthy Americans."

Outside the offices of international government bureaus, people in the real world understand how important reliable energy is.

Reuters (5/19/21) reports: "Asian energy officials on Wednesday disputed the International Energy Agency's (IEA) call for no new oil, natural gas and coal investments for the world to be able to reach net-zero carbon emissions by 2050, viewing that approach as too narrow. The IEA, which has previously championed the oil and gas industry, this week outlined a path to net-zero emissions that suggested stopping new investments in oil, gas and coal supply, retiring coal-fired plants in advanced economies by 2030, and banning sales of new internal combustion engine cars by 2035. Energy companies in Australia, the biggest carbon emitter per capita among the world's richest nations, and officials in Japan and the Philippines said there were many ways to get to net zero, even as the IEA said its pathway was 'the most technically feasible, cost-effective and socially acceptable'. Akihisa Matsuda, the deputy director of international affairs at Japan's Ministry of Economy, Trade and Industry (METI), said the government has no plans to immediately stop oil, gas and coal investments."

Energy Markets

WTI Crude Oil: ↓ $63.26
Natural Gas: ↓ $2.99
Gasoline: ~ $33.04

Diesel: ~ $3.17
Heating Oil: ↓ $200.20
Brent Crude Oil: ↑ $66.57
US Rig Count: ↓ 529

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