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MORNING ENERGY NEWS  | 06/14/2021
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If you plan on terrorizing people, I guess it makes sense to hire a terrorist. 


The Daily Caller (6/11/21) reports: "President Joe Biden’s nominee to lead the Bureau of Land Management, Tracy Stone-Manning, received legal immunity to testify in a 1993 criminal trial, court documents obtained by the Daily Caller News Foundation show. The trial resulted in a 17 month prison sentence for tree spiking, a violent tactic used to prevent logging. Stone-Manning testified that she sent an anonymous and threatening letter to the Forest Service in 1989 on behalf of John P. Blount, who she identified as her former roommate and a member of her circle of friends, court documents show. The letter warned that a local forest in Idaho set to be logged had been sabotaged with tree spikes, according to the documents. 'P.S. You bastards go in there anyway and a lot of people could get hurt,' the letter stated. Tree spiking, which The Washington Post and other news outlets have described as an 'eco-terrorism' tactic, is a form of sabotage in which metal spikes are nailed into trees to make them unsafe to log. If gone unnoticed, tree spikes can cause serious injuries for workers. A 23-year-old mill worker in California, for example, had his jaw cut in half in 1987 when his saw exploded upon striking an unnoticed tree spike, The Washington Post reported."

"Ratepayers need to recognize that rate increases and growing system instability are an inherent feature of any system that relies on unreliable renewable energy sources. " 

 

– Jason Hayes,  Mackinac Center

The best thing the federal government can do is get the hell out of the way.


The Hill (6/9/21) column: "After failed negotiations with congressional Republicans, President Joe Biden is now working with a Senate group to get one step closer to a bipartisan infrastructure spending deal. The agreement would, among other things, fund upgrades to traditional infrastructure such as roads, bridges and airports. But although funding traditional infrastructure has bipartisan support, the emerging deal is a bad investment for the United States.  Biden’s proposed $2.3 trillion 'infrastructure' plan also includes funding for transfer programs such as child care, elder care and education, as well as climate-change initiatives. Alternatively, paying for the infrastructure through increased taxes would discourage private investment by lowering the after-tax return on investment. Either method of finance would trade off some private investment for infrastructure. The question is which form of investment generates better returns for our country...In a mostly economically free country, like the United States, a 1 percent increase in private investment as a share of GDP generates nearly twice as much annual growth in the economy as a 1 percent increase in public investment.  Private investment is more productive than public (government) investment because it responds to market forces that signal scarcities, reward good decisions with profits and discipline bad decisions with losses. In contrast, decisions over which roads, bridges, and other infrastructure projects receive public investment funds are driven by pork barrel partisan politics. "

Remember ten years ago when warning about a global cabal going after affordable energy made you a conspiracy theorist? 


Left Foot Forward (6/11/21) blog: "Making polluters pay for emissions would shift the way the market calculates the profits of climate damaging industries and behaviours. From manufacturing to packaging and transport, it would speed the phase out of the things our planet can’t afford. That is why I went to the Treasury, to remind the government of the total emissions the UK has contributed over the last year and call for the government to make the big oil/gas polluters pay what’s due, which includes clean up costs.  We need the G7 to put in place the structure that would allow a carbon tax to function at an international level. This would ensure that tax is paid by the producers of fossil fuels and applied at the point of extraction or import. The big producers of oil and gas have made massive profits from pouring greenhouse gases into the world’s atmosphere – the top four oil companies alone have made more than $2 trillion in profit since 1990. The timescales for cutting fossil fuel usage grow shorter with every new batch of data about droughts, abnormal weather events and melting glaciers. Yet we know that as long as fossil fuels are cheap, people will burn them."

This climate policy has more holes than Swiss cheese...
 

Reuters (6/14/21) reports: "Swiss voters rejected a trio of environmental proposals on Sunday, including a new law intended to help the country meet its goal for cutting carbon emissions under the Paris Agreement on Climate Change. A new CO2 law was narrowly rejected, with 51.6% of voters opposing it in a nationwide referendum conducted under the country's system of direct democracy. The result was a defeat for the Swiss government which supported the new law that included measures such as increasing a surcharge on car fuel and imposing a levy on flight tickets. The rejection meant it would now be 'very difficult' for Switzerland to reach its 2030 goal of cutting carbon emissions to half of their 1990 levels and to be become net neutral on emissions by 2050, Environment Minister Simonetta Sommaruga said...Also rejected was a proposal which would have made Switzerland only the second country in the world to ban artificial pesticides outright, and another proposal to reduce their use by redirecting subsidies to farmers who no longer used the chemicals."

Energy Markets

 
WTI Crude Oil: ↑ $71.48
Natural Gas: ↑ $3.31
Gasoline: ↑ $3.08
Diesel: ↑ $3.21
Heating Oil: ↑ $212.59
Brent Crude Oil: ↑ $73.23
US Rig Count: ↑↓ 415

 
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