A ghost in a yellow vest

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MORNING ENERGY NEWS | 07/07/2021

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Wasn't Biden just yukking it up with this guy? Yes, he was.

Wall Street Journal (7/6/21) column: "President Emmanuel Macron’s climate-change amendment to the French constitution effectively died this week. Its failure is the latest example in Western democracies of the disconnect between elites obsessed with climate change and the public. Mr. Macron wanted a national referendum that would amend the constitution to “guarantee” environmental protection. This requires support from both houses of the French Parliament. The National Assembly, controlled by Mr. Macron’s party, approved the referendum this year. The Senate announced Monday that it had voted to block the process. The upper body, with a conservative majority, worried that “guarantee” meant climate change would come before other constitutional imperatives. They feared, not unreasonably, that this would stifle innovation and business. While many in France cling to its statist past, there is still a constituency for economic dynamism. This isn’t the first time Mr. Macron’s obsession with climate has wasted valuable time and political capital. Although the yellow-vest protests covered sundry domestic woes, they began as a response to a fuel-tax hike."

"The mantra of the Obama administration was 'Never let a crisis go to waste.' The apparent stance of the Biden administration is 'Never let a tragedy go to waste.' Have these people no sense of decency whatsoever?"

– Benjamin Zycher,
American Enterprise Institute

Biden's mindless pipeline policy jacked up your gasoline prices, killed your jobs, and now you're going to pay again because he broke the rules to break your back.

ABC News (7/5/21) reports: "The company behind the now blocked Keystone pipeline project wants the Biden Administration to pay $15 billion for cancelling the permit for the project. TC Energy Corporation claims the U.S. government violated free trade obligations when it withdrew the company’s permit for the pipeline. The Keystone pipeline was under construction to carry oil from Canada into the U.S. when the permit was revoked. The project has been a target for environmentalists for years who claim the pipeline will hurt the environment where it is built and encourage more use of fossil fuels. Legally, TC Energy claims it is eligible to recover losses as part of the NAFTA agreement."

It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness...

Real Clear Energy (7/6/21) column: "With President Biden pressing on with attacks against America’s oil and natural gas workers to push his environmental agenda, it’s past time to shed a little light on the failure he’s promoting. He may claim that his proposal to produce 80% of America’s electricity through non-carbon sources is a bold new idea, it’s actually a green failure that he’s trying to recycle…and we’ve got the receipts from two states to prove it. Let me introduce you to California and Arizona, two neighboring states where one has embraced the Biden Green Plan for years while the other rejected it. Rest assured, Biden, John Kerry, and their army of eco warriors are hoping you ignore the following inconvenient truths. In November 2018, Arizona voters soundly defeated Prop 127 by a margin of more than 2 to 1. The ballot measure was heavily pushed by former presidential candidate current extreme eco-leftist billionaire Tom Steyer. Similar to Biden’s plan, Prop 127 required Arizona to get 50 percent of its power from 'renewable' sources by 2030...While 70 percent of Arizonans were rejecting the (future) Biden plan, California lawmakers passed SB 100 which forced a renewable standard of 60 percent by 2030. The vastly different results speak for themselves."

Good thing the U.S. has more reserves than the next 4 countries combined.

Wall Street Journal (7/7/21) reports: "Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to countries looking to wean themselves off the dirty but reliable fossil fuel. Coal was in decline for years in many countries, but its use is now picking up in the U.S., China and Europe despite growing pressure from governments, investors and environmentalists to curb carbon emissions. The leading reason for the uptick—which has pushed coal prices to multiyear highs—is rising power demand as economies reopen rapidly from pandemic hibernation...Countries have spent billions adding renewable-power capacity at record rates, but solar and wind projects generate electricity only when the sun is shining or the wind is blowing, and can’t be ramped up when demand rises. Those limitations mean the world is still reliant on fossil fuels, especially when there is a surge in electricity demand. Analysts say this will remain the case until more renewable capacity is added, along with storage such as batteries...In Europe, coal use has risen this year in some countries, including Germany and France, according to consulting firm Energy Aspects. Its data showed the trend emerging in recent weeks in the U.K., which plans to phase out all coal power by 2024."

Energy Markets

WTI Crude Oil: ↑ $73.84
Natural Gas: ↓ $3.61
Gasoline: ~ $3.13

Diesel: ~ $3.25
Heating Oil: ↑ $212.76
Brent Crude Oil: ↑ $74.94
US Rig Count: ↓ 531

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