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MORNING ENERGY NEWS  |  10.14.2019
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Columbus gets a bad rap these days, but it's the politicians running CA that are committing the atrocities.


Wall Street Journal (10/10/19) reports: "Californians are learning to live like the Amish after investor-owned utility PG&E this week shut off power to two million or so residents to prevent wildfires amid heavy, dry winds. Blame the state’s largest blackout on a perfect storm of bad policies. Two dozen or so wildfires in the past few years have been linked to PG&E equipment, including one last fall that killed 85 people. PG&E under state law is on the hook for tens of billions of dollars in damages and has filed for bankruptcy. For years the utility skimped on safety upgrades and repairs while pumping billions into green energy and electric-car subsidies to please its overlords in Sacramento. Credit Suisse has estimated that long-term contracts with renewable developers cost the utility $2.2 billion annually more than current market power rates...Suddenly, Californians are learning to love fossil fuels. Stores have experienced runs on oil lamps—yes, those still exist—and emergency generators fueled by gasoline, propane or diesel. Napa County wineries and even the tunnel connecting San Francisco with the East Bay are operating on generators."



"When you’ve got great arguments, you make the arguments. When you don’t have decisive evidence or great arguments, you claim consensus."

 

– Jay Richards,
American Enterprise Institute

High gas prices, high utility bills, rolling blackouts. Welcome to the Green New Deal.


Fox News (10/10/19) reports: "As gas prices reached its highest level in the state of California since 2015, some Los Angeles area gas stations are charging more than $5 a gallon. The average price of a gallon of self-serve regular gasoline in Los Angeles County was $4.25 on Wednesday, according to figures from the AAA and Oil Price Information Service. The average price is 4.5 cents higher than one week ago, 57.6 cents more than one month ago and 37.1 cents greater than one year ago. It has also risen 86.4 cents since the start of the year."

This might be funny if it weren't so sad.


UnHeard (10/11/19) opinion: "At times this week Extinction Rebellion (XR) made London feel apocalyptic...London has seen cults and sects come and go since Roman days at least. But there is something about XR that is fascinating precisely because those involved both seem to be putting themselves in that lineage and yet would resist the comparison. This time — they insist — it really is the end of the world. All the earlier fanatics were just faking it...In societies such as modern Britain we have means and comforts that our forebears could never have dreamed of. But having achieved them, we don’t know what to do with them, and some people are bored. Bored with their jobs, bored with the lack of struggle, bored with the lack of heroism and purpose that security brings. So, unsure what to build next, or how else to gain purpose, a certain number of people are finding meaning in self-denial and self-blame. They’re finding ultimate meaning in the call to repent before the imminent, partly longed for, apocalypse. XR has risen — and will fade — like similar fanatical movements before it. But aside from some happy memories for the participants, the thought it most clearly leaves behind for me is the question of why, when people in modern democracies reach out, yearning for meaning, XR answers their call."

Ithica is a catch for sure, but they might get a better return on their investment by courting Shanghai.


Utility Dive (10/10/19) reports: "Ninety-four mayors announced their support of a Global Green New Deal at the C40 Climate Summit in Copenhagen, Denmark, on Wednesday. The group recognized a global climate emergency and committed to keep global heating under the Paris climate agreement goal of 1.5 degrees Celsius. The Global Green New Deal was announced by Los Angeles Mayor Eric Garcetti and Paris Mayor Anne Hidalgo, with backing from the C40 member cities. The group also announced that 30 of its cities have peaked greenhouse gas emissions, with the recent additions of Athens, Greece; Lisbon, Portugal; Venice, Italy and Austin, TX...Outside of the Global Green New Deal, smaller cities like Ithaca, NY have unveiled similar climate goals, mirroring the work being done in New York. The Green New Deal commitment in New York City includes the goal to be carbon neutral by 2050 and the 100% use of clean electricity, in addition to banning glass-walled buildings and electrifying transportation fleets." 

Trump is Making Dishwashers Great Again!


Wall Street Journal (10/13/19) reports: "The political campaign to use less fossil-fuel energy has real-world consequences, and one is that modern appliances don’t work like they used to. The Trump Energy Department wants to let manufacturers make better dishwashers, and consumers are welcoming the idea. Manufacturers, not so much. The dirty little nonsecret for years has been that modern dishwashers don’t clean dishes well. The culprit is federal efficiency standards, which have been tightened to use less energy. Dishwashers that once took an hour from wash to dry now average two hours and 20 minutes, and even then they don’t always do the job. A GE survey of 11,000 dishwasher owners reports that having to wait for hours for dishes to be done is a major consumer annoyance. The proposed new rule would not force anyone to change current dishwasher models. If the machines are as good as the industry and environmentalists claim, consumers will stick with them. If not, why not give the American people the chance to buy dishwashers that actually clean dishes? The public comment period on the draft rule remains open until Oct. 16." 

Energy Markets

 
WTI Crude Oil: ↓ $53.58
Natural Gas: ↑ $2.31
Gasoline: ~ $2.63
Diesel: ↓ $3.00
Heating Oil: ↓ $192.73
Brent Crude Oil: ↓ $59.32
US Rig Count: ↓ 878

 
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