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MORNING ENERGY NEWS | 05/25/2021
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** What do the politicos in Sacramento think is going to pick up the slack?
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L.A. Times ([link removed]) (5/18/21) reports: "The twin reactors along California’s Central Coast were nearing completion, and tens of thousands of people had gathered to protest. It was 1979, just months after a partial nuclear meltdown at Pennsylvania’s Three Mile Island, and a young Jerry Brown — serving his first stint as California governor — earned a standing ovation when he declared, 'No on Diablo Canyon.' Four decades later, Pacific Gas & Electric is finally preparing to shut the nuclear power plant...The plant is California’s largest power source, generating nearly 6% of the state’s electricity in 2019. That energy is emissions-free, meaning it doesn’t produce planet-warming greenhouse gases or lung-scarring air pollutants. And unlike solar panels and wind turbines, Diablo Canyon can make electricity around the clock, regardless of the weather — a key attribute for a state that suffered brief rolling
blackouts last summer. But with just three years until the plant begins to power down, California has no plan to directly replace it. That’s despite a state law, overwhelmingly approved by the Legislature and signed by Brown, ordering regulators to 'avoid any increase in emissions of greenhouse gases' as a result of Diablo’s closure."


** “Maybe people will one day flee New York because of climate change — right now, they are fleeing it because of crime, anarchy, filth, dysfunction, and the policies of Bill de Blasio, who, like so many of his ilk, manages to be heavy-handed even as he causes chaos. Mayor de Blasio would rather talk about the average temperature 80 years from now than, say, Manhattan vacancy rates today, and what those tell us about his governance.”
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– Kevin D. Williamson, National Review ([link removed])

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Building back better...everywhere but here.

** Reuters ([link removed])
(5/25/21) reports: "U.S. President Joe Biden will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on processing them domestically into battery parts, part of a strategy designed to placate environmentalists, two administration officials with direct knowledge told Reuters. The plans will be a blow to U.S. miners who had hoped Biden would rely primarily on domestically sourced metals, as his campaign had signaled last autumn, to help fulfill his ambitions for a less carbon-intensive economy. Rather than focus on permitting more U.S. mines, Biden's team is more focused on creating jobs that process minerals domestically into electric vehicle (EV) battery parts, according to the people...The approach would see the United States rely on Canada, Australia, and Brazil - among others - to produce most of the critical raw materials needed, while it competes for higher-value jobs turning those minerals into computer chips and batteries, according to
the two sources. Securing the full supply chain from metals to batteries does not require the United States to be the primary producer of the raw materials, said one of the sources."

Secretary Jenny already said that pipelines are the best, so what exactly is the point of this "new" environmental review?

** Bloomberg ([link removed])
(5/21/21) reports: "A federal district court won’t force the Dakota Access pipeline to shut down while federal regulators conduct a new environmental analysis. The oil project -- at the center of a years-long battle between oil companies and the Standing Rock Sioux tribe -- may remain in service even though it lacks a valid federal easement for a water crossing in North Dakota, the U.S. District Court for the District of Columbia said Friday. The pipeline’s easement was scrapped in an earlier court ruling for inadequate environmental review. The ruling, which may be appealed, is a relief for operator Energy Transfer LP, which has faced an unending stream of legal threats to Dakota Access since 2016. It’s also seen as a rare victory for the pipeline industry as a whole amid rising opposition from environmental watchdogs and activists over the past few years."
** ([link removed])

Giving away the farm to save the planet. Interesting strategy.

** Oil Price ([link removed])
(5/19/21) reports: "An immediate halt to oil exploration is one of the steps that need to be taken in order for the world to reach Paris Agreement climate change commitments. That’s what the International Energy Agency said in a first-of-its-kind roadmap to net zero. The roadmap features a lot of fascinating changes that our species would need to make to their way of life by 2050, and most of them are already popular enough with various forecasters: a massive increase in electric car sales is there and an equally massive shift to wind and solar power as sources of electricity. Yet an immediate stop of new oil exploration has so far not been on the agenda of anyone but environmentalist groups on the radical end of the activism spectrum. With its call for the end of all new oil exploration, however, the IEA may have given OPEC a huge gift...The prediction is global, but of course, there is no way the IEA or any other single agency could force countries to stop boosting their oil production
until demand for it subsides. This is exactly what the Gulf members of OPEC and Russia are doing. They are building their oil production capacity in a bid to monetize their natural resource assets while there is still demand for them. But here’s the twist: roadmaps are not factual information. They are general projections at best, and wishful thinking with figures thrown in at worst."

Energy Markets


WTI Crude Oil: ↓ $65.98
Natural Gas: ↑ $2.91
Gasoline: ~ $3.03

Diesel: ~ $3.17
Heating Oil: ↓ $202.93
Brent Crude Oil: ↓ $68.17
** US Rig Count ([link removed])
: ↓ 505



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