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MORNING ENERGY NEWS  | 06/03/2021
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Big Green, Inc. is spending big in the Keystone State to try and turn it into California. Does anybody think we're just gonna sit around and let it happen? 


Capital Research Center (6/2/21) article: "Pennsylvania is ground zero for the environmental Left’s increasingly radical climate agenda. As America’s easternmost powerhouse state, a victory for 'green' special interests here would ripple throughout the country—spiking Americans’ electricity bills, threatening their way of life, and undermining hard-earned energy independence brought on by natural gas. Liberal politicians are battling to force the Keystone State into the Regional Greenhouse Gas Initiative (RGGI), a pact of largely northeastern and largely Democratic-run states created to replace fossil fuels with expensive and unreliable renewable energy. In March, Republican lawmakers reintroduced legislation to block Wolf from imposing RGGI’s carbon taxes without the legislature’s approval. Wolf plans to have Pennsylvania join the compact next year. The resolution to this ongoing debate will ultimately hinge on whether RGGI’s impositions should be considered fees or taxes, because taxes require legislative approval...Funding this web is a surprisingly small collection of foundations: the Heinz Endowments, William Penn Foundation, and the Woodtiger Fund."
 



"What’s needed to address current and future problems are freedom, brainpower, and rational optimism, not hysteria, fatalism, and anti-human nihilism." 

 

– Marian L. Tupy, Cato Institute

Much ado about nothing.


Washington Times (6/2/21) reports: "Recently, the environmental community and its allies in the media were in a tizzy over the change of two members of Exxon Mobil’s board of directors. The event, which was imagined and portrayed to be seminal in the struggle against affordable energy, boils down to this: Two very competent former CEOs were replaced by two slightly less experienced and less accomplished former senior executives from … (wait for it) … two refining companies...If you’re like me, you may be having trouble understanding why the environmentalists took a victory lap. They want to pretend that the change is meaningful because it makes a good story line...The environmentalists know all this, too. But pressure from donors gives them incentive to pretend that none of it matters. So, instead, they focus on mostly meaningless things like which former corporate apparatchik is going to have a nice title, make a bunch of cash, and go to board meetings in nice places. That will, of course, ultimately make no difference. The addition of two new directors from the refining sector is not going to change a single thing about the way Exxon goes about its business. Nor should it."

The best idea for Joe Biden's infrastructure plan is to derail it.


Wall Street Journal (6/2/21) reports: "President Biden wants to spend hundreds of billions of dollars on infrastructure, but there’s a contradiction at the heart of his ambition. His own White House Environmental Justice Advisory Council issued a report in May that blacklisted a litany of projects most Americans would think are classic public works. The council is made up of three members of the Administration and 26 progressives from the academy or activists such as Susana Almanza of People Organized in Defense of Earth and Her Resources. That’s really the group’s name. In March Mr. Biden directed them to recommend federal investments in which 40% of overall benefits would flow to disadvantaged communities. The report floats some ideas that pass progressive muster, such as renewable energy and worker training, public transportation and 'green housing.' But the report also cites more than a dozen 'types of projects that will not benefit' poor communities...The blacklist shows how detached from economic reality today’s climate-obsessed progressives are. We wish we could dismiss their work, but the White House appointed these people and solicited their advice, and in this Administration ideas from the outer banks often become official policy."

Chinese supremacy brought to you by green dreams and slave labor.


Real Clear Energy (6/2/21) column: "People disagree on climate science and the magnitude and effects of climate change. That said, there is one thing on which we should all be able to agree: Joe Biden’s climate plan will put America at the mercy of its superpower rival, China. Joe Biden’s climate agenda involves replacing the coal and gas plants powering our electrical grid with wind and solar farms. He also wants to replace gasoline-powered cars, buses and trucks with electric vehicles. A new report from the International Energy Agency (IEA), 'The Role of Critical Minerals in Clean Energy Transitions,' lays out the national security implications of this plan. The IEA reports that China is one of the top three locations for the mining of copper, nickel, rare-earths and lithium...When it comes to processing the ores, China is the leader for all of them plus cobalt, the latter of which is mostly mined in the Congo. China processes about 35% of the global nickel supply, 40% of copper, 55% of lithium, 65% of cobalt and 85% of rare-earths. So thanks to its low-wage and slave labor and lack of environmental regulations, China has successfully positioned itself to have a stranglehold on the global production of raw materials essential for the goal of the climate agenda. Does this matter to the U.S.? Yes. We get, for example, 80% of our rare-earths from China. And no 'clean energy' technology happens without rare-earths. So rare-earths alone are a potential game stopper."

Energy Markets

 
WTI Crude Oil: ↑ $69.00
Natural Gas: ↓ $3.05
Gasoline: ~ $3.04
Diesel: ~ $3.18
Heating Oil: ↑ $211.19
Brent Crude Oil: ↑ $71.58
US Rig Count: ↓ 512

 
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