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MORNING ENERGY NEWS | 05/28/2021

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Your daily reminder that the greens don't actually think that climate change is an existential threat to humanity.

E&E News (4/1/21) reports: "Four conservation groups today ramped up their effort to prevent a mining company from breaking ground on a lithium project in Nevada. Basin and Range Watch, the Western Watersheds Project, Great Basin Resource Watch and Wildlands Defense asked the U.S. District Court for the District of Nevada to stop construction at Lithium Americas Corp.'s Thacker Pass mine while the groups' legal challenge against the project is underway. The Trump administration gave the mine a stamp of approval in January after completing a yearlong environmental review. The conservation groups sued shortly after, alleging that the Bureau of Land Management did not adequately consider potential effects to sage grouse habitat and water quality. Lithium Americas plans to start construction early next year, according to its most recent earnings report."

"America has a massive, world-class resource waiting to be tapped beneath a tiny, remote sliver of ground in Nevada. Biden’s own agencies believe that resource can be tapped while preserving the 10 acres of buckwheat. Why not do what the President is fond of claiming he does and follow the science?"

– David Blackmon, Forbes

If all that "Green Energy" is so much cheaper and better than the stuff that runs the world, why do they have to snuff it out?

Wall Street Journal (5/27/21) column: "Progressives know they can’t pass their ambition to eliminate fossil fuels through Congress in open debate. So they’re doing it by degrees and in relative stealth via regulation across the economy. Mr. Biden also wants to enlist the trillions of dollars in American retirement accounts for his climate agenda. He directs Labor Secretary Marty Walsh to 'identify agency actions that can be taken under the Employee Retirement Income Security Act of 1974 . . . to protect the life savings and pensions' of Americans 'from the threats of climate-related financial risk.' Translation: Retirement fund managers will soon have a fiduciary duty to reduce CO2 emissions and promote green energy. All of this direction of private capital markets will presumably be done by the administrative state, with barely a fare-thee-well from Congress. Rule by the climate technocrats is coming fast."

Grassley for the win.

E&E News (5/27/21) reports: "A top Republican senator floated a potential compromise yesterday on electric vehicles as GOP negotiators prepared to unveil their latest infrastructure offer. But he might be alone. Many Republican senators still reject the idea of spending more federal money to electrify transportation, the biggest source of U.S. greenhouse gas emissions. That opposition sometimes comes from GOP lawmakers who've urged their party to take climate change more seriously — a sign of just how hard it will be for any bipartisan infrastructure bill to include climate policy...In interviews yesterday, Republican senators said their opposition stemmed from home-state economic interests, free-market ideology, the national debt and the difficulty of replacing the federal gas tax. 'For a person like me, from Iowa, if you have all electric cars there's going to be 43,000 people making ethanol and biodiesel that won't be employed,' said Sen. Chuck Grassley (R-Iowa). Such a range of complaints speaks to the challenge facing Democratic negotiators: addressing any one of those issues won't necessarily bring along GOP lawmakers, who can still point to the other factors as reasons to oppose electric vehicle subsidies."

We could be exporting freedom molecules around the globe, but 'Special' Envoy Kerry is sure this is a much better deal for everyone.

The Conversation (5/24/21) reports: "As nations gear up for a critical year for climate negotiations, it’s become increasingly clear that success may hinge on one question: How soon will China end its reliance on coal and its financing of overseas coal-fired power plants? China represents more than a quarter of all global carbon emissions, and it has spent tens of billions of dollars to build coal power facilities in 152 countries over the past decade through its Belt and Road Initiative. Roughly 70% of the coal plants built globally now rely on Chinese funding. That’s a problem for the climate. The International Energy Agency warns in a new analysis that if the world hopes to reach net zero emissions by 2050, widely seen as necessary to meet the Paris climate agreement goals, there should be no investment in new fossil fuel supply projects or in new coal-fired power plants that don’t capture their carbon emissions...But despite this progress, China is still building new coal plants. It has also made a strategic decision to export its industrial and manufacturing might across the globe under its Belt and Road Initiative. Japan and South Korea, which traditionally financed overseas coal projects, have started to abandon them, and China sees opportunity. Nearly all of the 60 new coal plants planned across Eurasia, South America and Africa –70 gigawatts of coal power in all – are financed almost exclusively by Chinese banks."

If you oppose a carbon tax, take a stand and contact us.

Tom Pyle, American Energy Alliance

Myron Ebell, Competitive Enterprise Institute

Phil Kerpen, American Commitment

Andrew Quinlan, Center for Freedom and Prosperity

Tim Phillips, Americans for Prosperity

Grover Norquist, Americans for Tax Reform

George Landrith, Frontiers of Freedom

Thomas A. Schatz, Citizens Against Government Waste

Richard Manning, Americans for Limited Government

Adam Brandon, FreedomWorks

Craig Richardson, E&E Legal

Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Nathan Nascimento, Freedom Partners Chamber of Commerce
Isaac Orr, Center of the American Experiment
David T. Stevenson & Clint Laird, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Jack Ekstrom, PolicyWorks America

Energy Markets

WTI Crude Oil: ↑ $67.04
Natural Gas: ↑ $3.01
Gasoline: ~ $3.04

Diesel: ↑ $3.18
Heating Oil: ↑ $205.75
Brent Crude Oil: ↑ $69.66
US Rig Count: ↓ 503

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