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MORNING ENERGY NEWS | 07/21/2021
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** Now get ready for "If you give a global cabal an international tax on energy"
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E&E News ([link removed]) (6/1/21) reports: " Europe made waves last week when its leaders released a blueprint for the world’s first border tax on carbon emissions. But experts say the United States would have a tough time following in Europe’s wake — despite Democratic plans to do just that. The main reason? Unlike Europe, the United States does not have a broad system for trading carbon emissions. That would make it exceedingly difficult for American policymakers to figure out how to tax carbon-intensive products that cross the U.S. border, experts said. It’s not just an academic problem, either...Congressional Democrats have tried to fill in the gap. Under a bill released yesterday by Sen. Chris Coons (D-Del.) and Rep. Scott Peters (D-Calif.), the United States would impose a fee on carbon-intensive products at the border. But the tax only would apply to a few select products. And the price would not be based on a
system for trading carbon emissions...Other experts said that trying to pass a border tax without a carbon price ultimately becomes an exercise in trying to figure out an alternate way to impose a carbon price. Take the new Democratic proposal. In the absence of a carbon price, the bill calls on the Treasury Department — in coordination with other U.S. agencies, including the Office of Management and Budget and the U.S. trade representative — to determine annually what carbon costs producers face under current climate-relevant regulations."
** "The ESG divestment movement bears the ultimate contradiction: working to hurt Western oil companies on moral grounds while advancing the cause of some of the planet’s most repressive regimes."
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– Jude Clemente, Real Clear Politics ([link removed])
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If only TC Energy were owned by Russians…
** Wall Street Journal ([link removed])
(7/20/21) reports: "The U.S. and Germany have reached an agreement allowing the completion of a controversial Russian natural-gas pipeline, according to officials from Berlin and Washington, who expect to announce the deal as soon as Wednesday, bringing an end to years of tension between the two allies. The Biden administration will effectively waive Washington’s longstanding opposition to the pipeline, Nord Stream 2, a change in the U.S. stance, ending years of speculation over the fate of the project, which has come to dominate European energy-sector forecasts. Germany under the agreement will agree to assist Ukraine in energy-related projects and diplomacy. U.S. officials under the previous two presidential administrations opposed Nord Stream 2, out of fears it would heighten Moscow’s economic and political sway across Europe. The pipeline would allow the Kremlin to increase European dependence on its natural gas, then use it to blackmail U.S. allies, critics have said, charges Russia
has dismissed."
We've got to destroy the economy to save ourselves from...checks notes... rarer and less destructive natural disasters?
** ([link removed])
Maybe we’ve reached peak energy independence?
** EIA ([link removed])
(7/20/21) reports: "Despite volatility in global oil markets, U.S. crude oil exports reached a record high in 2020. So far this year (as of July 9, 2021), U.S. crude oil exports have averaged 3.00 million barrels per day (b/d). The most recent four-week rolling average of U.S. crude oil exports reached 3.51 million b/d, according to our Weekly Petroleum Status Report. In 2013, the U.S. government lifted export restrictions on minimally processed ultra-light oil. In the summer of 2015, the United States and Mexico entered into an oil exchange agreement, and the restrictions on oil exports were fully lifted in December 2015. U.S. crude oil exports have increased significantly since 2015 and have averaged around 3.00 million b/d every year since 2019. The four-week rolling average of U.S. crude oil export volumes has not fallen below 2.00 million b/d during the past three years, despite the COVID-19 pandemic, which caused significant crude oil price drops, reduced demand, and reduced
production in U.S. and global oil markets. High oil prices have contributed to steady crude oil exports recently. During the week of July 9, 2021, the international crude oil benchmark (Brent) spot price averaged $76.13 per barrel (b), and the domestic crude oil benchmark (West Texas Intermediate, or WTI) spot price averaged $73.35/b."
Energy Markets
WTI Crude Oil: ↑ $69.06
Natural Gas: ↑ $3.92
Gasoline: ~ $3.16
Diesel: ~ $3.27
Heating Oil: ↑ $205.92
Brent Crude Oil: ↑ $71.14
** US Rig Count ([link removed])
: ↑ 552
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