Your Morning Energy News

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MORNING ENERGY NEWS | 08/02/2021
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** Okay, this 'Green' stuff has gone too far....
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ABC News ([link removed]) (7/31/21) reports: "Thanks to a reworked menu and long hours, Jeannie Kim managed to keep her San Francisco restaurant alive during the coronavirus pandemic. That makes it all the more frustrating that she fears her breakfast-focused diner could be ruined within months by new rules that could make one of her top menu items — bacon — hard to get in California. 'Our number one seller is bacon, eggs and hash browns,' said Kim, who for 15 years has run SAMS American Eatery on the city’s busy Market Street. 'It could be devastating for us.' At the beginning of next year, California will begin enforcing an animal welfare proposition approved overwhelmingly by voters in 2018 that requires more space for breeding pigs, egg-laying chickens and veal calves. National veal and egg producers are optimistic they can meet the new standards, but only 4% of hog operations now comply with the new rules. Unless
the courts intervene or the state temporarily allows non-compliant meat to be sold in the state, California will lose almost all of its pork supply, much of which comes from Iowa, and pork producers will face higher costs to regain a key market."

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** "Let’s be clear: the frequent comparison of the fossil fuel and tobacco industries is nonsense. Fossil fuels are a valuable energy source that has done yeomen service for humankind. One gallon (3.7 liters) of gasoline (petrol) contains the equivalent of 400 hours of labor by a healthy adult. Fossil fuels raised living standards in much of the world."
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– James Hansen, Father of Climate Alarmism ([link removed])

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China decides to quit pretending renewable electricity is cheaper.

** Bloomberg ([link removed])
(7/30/21) reports: "China’s top policy makers urged an easing of the aggressive measures taken to reduce carbon emissions as Beijing balances economic health with its climate goals. The strict, top-down enforcement of China’s emission reduction goals is seen hampering the country’s efforts to stimulate slowing economic growth. The Communist Party’s Politburo urged a coordinated, orderly approach to reach carbon neutrality, according to a report published by the official Xinhua News Agency after a meeting chaired by President Xi Jinping. The July meeting of the 25-member Politburo is typically when they review the economy’s performance in the first half and set policy priorities for the rest of the year. The Xinhua report didn’t elaborate on what measures need to be taken on Xi’s target to reduce the top polluter’s emissions to zero by 2060. The Politburo’s recommendation comes as coal, China’s principal energy source, is in short supply as a trade spat with Australia crimped imports, whil
e a spate of fatal mining accidents has tightened safety inspections. At the same time, efforts to limit the use of the dirtiest fossil fuel have encouraged local authorities to phase out some mining operations, sharpening the deficit."

Ted Lieu supports a BAN on PUBLIC TRANSPORTATION!

** ([link removed])

Maybe the real fraud is the renewable-energy tax credit.

** Wall Street Journal ([link removed])
(6/1/21) reports: "A well-connected Turkish businessman currently sits in a Vienna jail, awaiting his fate in an extradition contest between the U.S. and Turkey. Both want him on charges of laundering proceeds from a U.S. renewable-energy tax credit fraud, and where he winds up could affect already strained relations between the U.S. and a NATO ally. Sezgin Baran Korkmaz was arrested in Austria in June at the request of the U.S. Department of Justice, which accuses him of laundering more than $133 million in tax fraud proceeds through a network of businesses he controls in Turkey. Prosecutors in Turkey want him in connection with the same alleged scheme, and have launched extradition proceedings against him in an Austrian court, which ordered him to be held until Sept. 22. Mr. Korkmaz’s prosecution in a U.S. courtroom, and the allegations of corruption among the Turkish government that could spill out, would hinder Turkish President Recep Tayyip Erdogan’s efforts to repair his government’s
reputation overseas, according to opposition lawmakers in Ankara and analysts in the U.S. and Turkey."

Energy Markets


WTI Crude Oil: ↓ $73.05
Natural Gas: ↑ $4.03
Gasoline: ~ $3.17

Diesel: ~ $3.28
Heating Oil: ↓ $217.93
Brent Crude Oil: ↓ $74.51
** US Rig Count ([link removed])
: ↑ 578



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