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MORNING ENERGY NEWS | 07/26/2021

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John and Joe are going to take us into the abyss alone.

Reuters (7/23/21) reports: "Energy and environment ministers from the Group of 20 rich nations have failed to agree on the wording of key climate change commitments in their final communique, Italy's Ecological Transition Minister Roberto Cingolani said on Friday. The G20 meeting was seen as a decisive step ahead of United Nations climate talks, known as COP 26, which take place in 100 days' time in Glasgow in November. The failure to agree common language ahead of that gathering is likely to be seen as a setback to hopes of securing a meaningful accord in Scotland. Cingolani told reporters that the ministers could not agree on two disputed issues which would now have to be discussed at a G20 summit in Rome in October. 'Commitments made today lack substance and ambition. It is now up to G20 heads of state and government to discard this document at the October leaders' summit,' said online activist network Avaaz...Cingolani said that in the end China and India had declined to sign the two contested points. One of these was phasing out coal power, which most countries wanted to achieve by 2025 but some said would be impossible for them."

"Supposed ‘bipartisanship’ has been used as a Trojan horse to convince Republicans to support policies that are antithetical to small-government principles...Republican members should see this infrastructure deal for what it is and strongly voice their opposition to these socialist policies."

– Adam Brandon, FreedomWorks

What do you call a deal you have no authority to implement?

Politico (7/22/21) reports: "A day after the U.S. and Germany announced a deal allowing the completion of the controversial Nord Stream 2 gas pipeline, top officials conceded that neither the White House nor the Chancellery have the authority to implement some of its most crucial components. As a huge outcry went up from opponents of the Russia-led pipeline project, Chancellor Angela Merkel acknowledged that her agreement with President Joe Biden hardly settled their political disagreements, and that much remained uncertain. 'The agreement with the U.S. government does not cement the differences, but it does not overcome all differences either,' Merkel said at a news conference. 'The differences remain.' Of the deal, she added: 'It is an attempt between the U.S. government and us to set certain conditions that also have to be implemented. 'I am glad that we have succeeded so far,' Merkel continued. 'And we also have a lot of tasks ahead.' Those tasks are hardly small and include overcoming fierce opposition from some members of the United States Congress, persuading some extremely dubious EU countries to get on board, and convincing Russia to liberalize its energy sector, divest itself of the €9.5 billion pipeline, and pay Ukraine some additional €20 billion through 2034 to make up for the loss of gas transit fees — which the new pipeline would effectively render unnecessary."

Above the Law!!! Send in Nico!!!

Wall Street Journal (7/23/21) column: "A federal judge in Louisiana last month blocked President Biden’s suspension of new oil and gas leasing on federal land and ordered the Administration to resume auctions. Interior Secretary Deb Haaland on Thursday gave the judge the back of her hand. The Biden Administration in January imposed a 'pause' on oil and gas leasing on public lands nationwide while the Interior Department performed an environmental review of the program. The review still isn’t done, and Interior still hasn’t announced leasing sales despite federal Judge Terry Doughty’s ruling that the pause violated the law. Ms. Haaland’s line has been that the department needs to complete its review of the program first, though the judge held otherwise. Attorneys for energy producers say the government could be held in contempt of court if it doesn’t announce new sales soon...A de facto ban would devastate Western states with large amounts of federal land since they share royalty payments with the feds. North Dakota noted in a lawsuit it filed this month that it has already lost $80 million in revenue from Interior’s cancellation of March and June leasing auctions, which it says could grow into billions of dollars."

Pay no attention to the data; Man Bear Pig is very, very real.

Global Warming Policy Forum (7/23/21) article: "The annual data on coral cover for the Great Barrier Reef, produced by the Australian Institute of Marine Science, was released on Monday showing the amount of coral on the reef is at record high levels. Record high, despite all the doom stories by our reef science and management institutions. Like all other data on the reef, this shows it is in robust health. For example, coral growth rates have, if anything, increased over the past 100 years and measurements of farm pesticides reaching the reef show levels so low that they cannot be detected with the most ultra-sensitive equipment. This data is good news. It could hardly be better. But somehow, our science organizations have convinced the world that the reef is on its last legs. How has this happened? One reason is that occasionally colossal amounts of coral are killed, mostly by cyclones, but also by crown of thorns starfish and bleaching. So the media, with its predilection for bad news, can be fed a regular diet of doom. Our scientists are always happy to oblige. The quiet recovery is generally downplayed or ignored."

Energy Markets

WTI Crude Oil: ↓ $71.95
Natural Gas: ↑ $4.14
Gasoline: ↑ $3.15

Diesel: ↑ $3.27
Heating Oil: ↑ $213.79
Brent Crude Oil: ↑ $74.10
US Rig Count: ↑ 569

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