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MORNING ENERGY NEWS | 07/20/2021
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** Remember the promise of “Nobody making under 400,000 bucks will have their taxes raised, period, bingo” from Joe only last year?
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American Spectator ([link removed]) (7/19/21) column: "The New York Times reported Monday that Democrats intend to include a carbon border tax in the $3.5 trillion budget reconciliation bill that is linked to the sweeping infrastructure package chugging toward completion. With its advantages in both chambers of Congress, the Democratic Party has the ability to make this momentous change to U.S. policy — one that could yield more than $15 billion in additional government revenue — without a single Republican vote. Fundamentally, a carbon border tax is a mechanism by which a government raises prices for importers on goods made with affordable, carbon-based energy in other countries. Facing new costs themselves, those importers inevitably pass on higher prices to the rest of us. The plan Democrats introduced Monday includes new taxes on imports of petroleum, natural gas, and coal but also on cement, iron, steel, and aluminum — industrial staples the prices of which
factor into countless goods Americans buy each day. The New York Times reports that such products make up 12 percent of all imports to the United States...A carbon border adjustment is yet another way for politically connected companies to cushion their revenue through the power of government — and for the government to cushion its own revenue while claiming to save American industry. Though the carbon border tax is a tricky concept, the end result of the Democrats’ plan would be quite clear: higher prices for Americans."


** "Tariffs—which are, once again, nothing more than taxes on your own people and domestic industries—aren't a particularly effective tool at getting other countries to change their behavior. It's like telling your annoying neighbor that you'll smash your fist into your own front door if he doesn't stop blasting his music."
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– Eric Boehm, Reason ([link removed])

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NY Times says Biden's green jobs suck.

** New York Times ([link removed])
(7/16/21) reports: "To hear Democrats tell it, a green job is supposed to be a good job — and not just good for the planet. The Green New Deal, first introduced in 2019, sought to 'create millions of good, high-wage jobs.' And in March, when President Biden unveiled his $2.3 trillion infrastructure plan, he emphasized the 'good-paying' union jobs it would produce while reining in climate change. 'My American Jobs Plan will put hundreds of thousands of people to work,' Mr. Biden said, 'paying the same exact rate that a union man or woman would get.' But on its current trajectory, the green economy is shaping up to look less like the industrial workplace that lifted workers into the middle class in the 20th century than something more akin to an Amazon warehouse or a fleet of Uber drivers: grueling work schedules, few unions, middling wages and limited benefits...For workers used to the pay standards of traditional energy industries, such declarations may be jarring. Building an electricity
plant powered by fossil fuels usually requires hundreds of electricians, pipe fitters, millwrights and boilermakers who typically earn more than $100,000 a year in wages and benefits when they are unionized. But on solar farms, workers are often nonunion construction laborers who earn an hourly wage in the upper teens with modest benefits — even as the projects are backed by some of the largest investment firms in the world."

So far "Build Back Better" hasn't meant funding for green energy.

** Axios ([link removed])
(7/20/21) reports: "Two new analyses show that governments' economic responses to COVID-19 haven't been remotely as climate-friendly as multilateral agencies and advocates called for when the crisis took hold last year, Ben writes. Driving the news, part 1: An International Energy Agency report finds that as of this year's second quarter, 2% — or $380 billion — of the $16 trillion worldwide fiscal response has been allocated to clean energy measures. A lot of that $16 trillion went toward emergency support and relief to people and companies. But even looking at longer-term recovery and growth-related spending, clean energy is still a fraction of the $2.3 trillion in that category. Driving the news, part 2: The research firm BloombergNEF, in a separate analysis, concludes: 'Calls for a green economic recovery have thus far largely fallen on deaf ears, with much more funding targeted at CO2-intensive sectors.' Their findings, part of a wider new climate policy report released in partnership
with Bloomberg Philanthropies, explore measures in the G20 group of nations. Their assessment is that $363 billion has been allocated for various kinds of 'green' efforts, while over $1.2 trillion has been set aside for 'carbon-intensive sectors such as aviation and construction with no green element.'"

The Green New Deal is for the children, just not the ones needed to work the renewable energy slave mines in the Congo...

** National Center for Public Policy ([link removed])
(7/19/21) article: "President Biden’s green agenda is actually in competition with his interest in children. Which will end up being the most important to him? In an article in the Washington Examiner, investigative journalist Kevin Mooney points out that a Biden executive order on clean energy and environmental justice is problematic by the metrics of leftist greens and 'could put the children Biden champions in a compromising position.''...And when it comes to child welfare, National Center Senior Fellow Bonner Cohen, Ph.D., lent his expertise to explain how children – particularly those already living in dangerous conditions – will see their quality of life further endangered: 'The clean, green future envisioned by the Biden administration for our children will not be possible without cobalt, which is used in batteries for electric vehicles (EVs) and as backup power for wind turbines and solar arrays. Sixty percent of the world’s cobalt comes from the Democratic Republic of the Congo,
where child labor is used in the mining of cobalt. Children there are sent into the mines as young as age seven. What about these children? Their lives are being sacrificed so that Wall Street investment houses and purveyors of green energy can make out like bandits from an industry already awash in taxpayer subsidies.'"

Energy Markets


WTI Crude Oil: ↓ $66.00
Natural Gas: ↑ $3.85
Gasoline: ↓ $3.16

Diesel: ~ $3.27
Heating Oil: ↑ $198.91
Brent Crude Oil: ↓ $68.35
** US Rig Count ([link removed])
: ↓ 545



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