Your Morning Energy News
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MORNING ENERGY NEWS | 06/01/2021
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** Phil Kerpen with American Commitment and the Committee to Unleash Prosperity joins Tom and Mike for a wrap-up on COVID. We also talk taxes, infrastructure, and remind folks that Memorial Day is more than a long weekend. Give a listen to the latest Unregulated Podcast. And give us a review, too.
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** "While Californians sick of paying more than $100 to fill up their tank can move to another state, the refuge may prove fleeting. Progressives are clamoring for the Environmental Protection Agency to emulate California’s low-carbon fuel standard as a way to subsidize electric vehicles."
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– Allysia Finley, Wall Street Journal ([link removed])
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Much like skydiving without a parachute, mandating an energy 'transition' without a secure supply chain is going to end exactly how you think.
** National Review ([link removed])
(5/31/21) column: "While Joe Biden was out for a spin in Ford’s new electric F-150 earlier this month, the International Energy Agency (IEA) was sounding the alarm on the mismatch between policies forcing an energy transition and the availability of the critical minerals that would make it feasible. The IEA’s report, 'The Role of Critical Minerals in Clean Energy Transitions,' presents a sobering account of the geopolitical and environmental risks arising out of this mismatch, undercutting the credibility of wind, solar, and battery storage in turn. These technologies, often hailed as clean and abundant, are in some ways more resource-intensive than the electricity sources and vehicle types they would replace...A forced energy transition presents tangible, resource-acquisition challenges that cannot be solved easily. Vague recommendations to 'mainstream' standards and 'strengthen' cooperation are analytical malfeasance."
“Humans chose 1.5 degrees...It’s not a tipping point.”
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Jobs, Jobs, Jobs!!! Guess what Rosneft is doing with all the money they're getting from Joe's approval of Nord Stream 2.
** Gizmodo ([link removed])
(5/28/21) blog: "Russia’s national oil company has begun construction on a massive project in the Arctic that officials say will produce 25 million tons of oil each year by 2024. The new operation is possible only because the Arctic is now traversable in places and at times it previously wasn’t, due to sea ice levels plummeting as the planet warms. Hahahahha everything is fine!... The proposed project is dauntingly huge. Rosneft said that it anticipates exporting 25 million tons of oil a year by 2024, 50 million tons by 2027, and 115 million tons by 2030. (The company plans to make 15 entirely new towns for the estimated 400,000 workers needed.)...Rosneft has said that oil that will be produced from the Vostok project is 'environmentally friendly,' the Barents Observer reported. Apparently, the company said the oil will have 'a very small hydrocarbon footprint' (they didn’t provide any further details on how they’re calculating this, although they have bragged about developing
'environmentally friendly' drilling fluids), and Rosneft said it’s planning to power its extraction with wind turbines."
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Energy Markets
WTI Crude Oil: ↑ $68.59
Natural Gas: ↑ $3.11
Gasoline: ~ $3.04
Diesel: ↑ $3.18
Heating Oil: ↑ $210.49
Brent Crude Oil: ↑ $71.14
** US Rig Count ([link removed])
: ↑ 538
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