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MORNING ENERGY NEWS | 08/03/2021
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** People might be willing to throw their bottles in the recycling can, but they won't live in cold homes while paying higher heating prices.
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Wall Street Journal ([link removed]) (7/31/21) reports: "Massachusetts is emerging as a key battleground in the U.S. fight over whether to phase out natural gas for home cooking and heating, with fears of unknown costs and unfamiliar technologies fueling much of the opposition to going all-electric. More towns around Boston are debating measures to block or limit the use of gas in new construction, citing concerns about climate change. The measures have encountered opposition from some home builders, utilities and residents in a state with cold winters, relatively high housing prices and aging pipeline networks in need of pricey repairs. The Massachusetts debate encapsulates the challenges many states face in pursuing aggressive measures to reduce greenhouse gas emissions that may directly impact consumers. The cost of fully electrifying buildings varies widely throughout
the country and has ignited debates about who should potentially pay more, or change their habits, in the name of climate progress."
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** "Ultimately, solving the climate crisis will not be solved under the eco-apartheid conditions Van Jones warned us about, which we’re now seeing unfold. We have to ensure that everyone will benefit from the just clean energy transition and that we are all empowered to be a part of and benefit from these solutions"
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– Andreas Karelas, RE-volv ([link removed])

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The good news is that insane policies might harm political careers. Even Axios gets it.

** Axios ([link removed])
(8/2/21) reports: "Cutting oil production before we cut our demand for oil could undermine much of the progress that needs to be made on climate change. If companies cut back on producing oil but consumers don’t cut back on consuming it, demand will exceed supply and prices will shoot up. That’s bad for our pocketbooks and risks the transition to cleaner energy. This appears to be the track we’re on. Lurking in the shadows of the pandemic-induced roller coaster of oil prices we’re on now is a deeper, systemic shift within the oil industry and its investors...Instead, most countries are pursuing less politically toxic options, like regulations that indirectly (and slowly and unevenly) reduce oil consumption. 'If we curb supply but not demand, oil prices will spike well into the hundred-dollar range,' said McNally. 'Gasoline prices would follow. Such an oil price spike would harm the economy, the political careers of elected officials, and the energy transition.'"

Mass adoption is right around the corner...

** ([link removed])

Turns out people don't want to live in the pods and eat the bugs.

** Oil Price ([link removed])
(7/29/21) reports: "'The reality is that the world is set to need more energy, not less energy,' BP’s chief executive Bernard Looney said last week, explaining why the company he leads aims to grow its low-carbon energy businesses and reach net-zero emissions by 2050 or sooner. Looney’s assessment that the world will need more energy is not just a talking point for a company that continues to pump oil and gas even as it has pledged to become a net-zero business within three decades. Every forecast today, from BP to the International Energy Agency (IEA), envisages growing primary energy consumption in the world through 2050. Global economic growth, urbanization, increased access to electricity, and basic clean cooking technology for billions of people in developing countries, as well as energy demand growth in developing nations to bridge the inequalities compared to readily available first-world access to energy, are all set to drive higher primary energy consumption by 2050. Despite their
rapid growth, renewables and zero-carbon technologies are not yet capable of meeting all that growing energy demand. This leaves more room for fossil fuels to meet the remaining energy consumption growth, and in turn, complicates the efforts of the world and energy companies to reduce emissions and eventually, possibly, reach net-zero."

Energy Markets


WTI Crude Oil: ↓ $69.39
Natural Gas: ↑ $4.00
Gasoline: ↑ $3.18

Diesel: ↑ $3.28
Heating Oil: ↓ $210.21
Brent Crude Oil: ↓ $71.29
** US Rig Count ([link removed])
: ↓ 574



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