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MORNING ENERGY NEWS | 08/09/2021
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** “Democracy must be something more than two wolves and a sheep voting on what to have for dinner.”
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Washington Examiner ([link removed]) (8/6/21) reports: "In Pennsylvania, it has become evident that there is no consensus on the role human activity plays in climate change. In fact, scientists who have testified before the state legislature have informed elected officials that natural influences are largely responsible for recent warming trends...That’s not what Gov. Tom Wolf wants to hear as he continues to push for new regulations that would enroll Pennsylvania into a multistate climate change agreement known as the Regional Greenhouse Gas Initiative. But that’s what geologists and climatologists made clear during a Pennsylvania House hearing in July...The testimony disputing Wolf’s climate change prognostications comes at a time when a growing number of lawmakers are questioning the economic feasibility of RGGI and the legality of unilateral executive actions on climate
change...'Pennsylvania has become a premier energy state in the past decade, and the benefits of that distinction redound across the commonwealth,' Jordan McGillis, the deputy director of policy with the Institute for Energy Research. 'That this bill was supported by six of Gov. Wolf's own Democrats in the state Senate speaks to the broad appreciation Pennsylvanians have for the ability to produce, refine, and, of course, utilize affordable energy products.'"
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"Welcome to the Biden administration’s energy policy: Block U.S. oil & gas production so we have to buy it from our adversaries."
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–Sen. John Barrasso (R-WY) ([link removed])
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It looks like China is already cashin' in on the "Infrastructure" bill.
** Mining.Com ([link removed])
(8/6/21) reports: "China Molybdenum will invest $2.51 billion to double copper and cobalt production at its giant Tenke Fungurume mine (TFM) in the Democratic Republic of Congo. The project, expected to be completed and online in 2023, includes building three ore production lines. They are forecast to rise average annual copper output at the mine by 200,000 tonnes and increase cobalt output by 17,000 tonnes, the company said in a filing to the Shanghai Stock Exchange. China Moly started in July trial production at a separate expansion at the mine, which is slated to produce 88,500 tonnes of copper cathode and 7,280 tonnes of cobalt hydroxide. It also has a designed capacity to process 3.3 million tonnes of ore per year. The new investment, to be financed with the Chinese miner’s own funds and through bank loans, comes as prices for both metals have soared this year as economies rebound from the covid-19 pandemic, positively affecting demand. "
The science is settled!*
*Give or take a few centuries of guesswork...
** The Guardian ([link removed])
(8/5/21) reports: "Climate scientists have detected warning signs of the collapse of the Gulf Stream, one of the planet’s main potential tipping points. The research found “an almost complete loss of stability over the last century” of the currents that researchers call the Atlantic meridional overturning circulation (AMOC). The currents are already at their slowest point in at least 1,600 years, but the new analysis shows they may be nearing a shutdown. Such an event would have catastrophic consequences around the world, severely disrupting the rains that billions of people depend on for food in India, South America and West Africa; increasing storms and lowering temperatures in Europe; and pushing up the sea level off eastern North America. It would also further endanger the Amazon rainforest and Antarctic ice sheets. The complexity of the AMOC system and uncertainty over levels of future global heating make it impossible to forecast the date of any collapse for now. It could be within a
decade or two, or several centuries away."
And yet the man with the world's largest carbon footprint can easily buy off the greens...
** The Hill ([link removed])
(8/6/21) reports: "The bipartisan Climate Leadership Council announced Friday that it has suspended ExxonMobil months after a lobbyist for the company told an undercover activist it only backed a carbon tax for the good publicity. 'After careful consideration, we have decided to suspend ExxonMobil's membership in both the Council and Americans for Carbon Dividends, our advocacy arm,' CEO Greg Bertelsen said in a statement Friday. 'We continue to believe that we will establish lasting climate solutions by bringing together a broad and diverse group of stakeholders who can work together to address this enormous challenge. This will continue to be our guiding principle.' In the June recording, senior lobbyist Keith McCoy told a Greenpeace activist 'the cynical side of me says, yeah, we kind of know that but it gives us a talking point that we can say, well what is ExxonMobil for? Well, we’re for a carbon tax.' Exxon was a founding member of the organization in 2017. The announcement also comes
amid reports that the nation’s largest oil producer is considering announcing a net-zero carbon emissions target by 2050."
Energy Markets
WTI Crude Oil: ↓ $66.33
Natural Gas: ↑ $4.06
Gasoline: ↓ $3.19
Diesel: ↑ $3.29
Heating Oil: ↓ $203.28
Brent Crude Oil: ↓ $68.81
** US Rig Count ([link removed])
: ↑ 590
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