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MORNING ENERGY NEWS  | 08/12/2021
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The audacity of the regime has reached new heights.


Wall Street Journal (8/11/21) column: "We thought we’d seen everything, but there it was Wednesday morning in black and white on the White House website: Jake Sullivan, the national security adviser, imploring the cartel of oil exporting nations to pump more oil. Talk about a political climate change...Allow us to help. How about asking Congress and your own regulators to take their foot off the neck of U.S. oil and gas drillers? Before the pandemic, the U.S. had become the world’s largest oil producer. Thanks to private innovation, the end of the U.S. oil export ban passed by the GOP Congress in 2015, and President Trump’s deregulation, America has had to import far less foreign oil. The U.S. reduced the strategic leverage of foreign producers such as Russia’s Vladimir Putin. But since taking office, the Biden Administration has killed the Keystone XL pipeline to transport oil from Canada and the Bakken Shale to Gulf Coast refiners; canceled oil leasing in Alaska; suspended oil leases on federal land, even after a court ruled the moratorium illegal; increased fuel-mileage standards for cars, which favors electric vehicles; and invoked the Endangered Species Act as part of a strategy to reduce drilling on private land in the West. No doubt we’re missing something. Someone should ask Mr. Biden, on his next stop for ice cream, why the President thinks oil produced by foreign dictators in Russia, Iran or Saudi Arabia is more desirable than oil drilled by American entrepreneurs."

"Joe Biden canceled our pipeline. Now he begs OPEC for oil and supports Russian pipelines, not ours. He canceled border security.  Now more illegals cross faster than ever.  He is weak on cartels, Iran, Russia, and China, while bankrupting us.  Joe Biden is destroying America." 

 

– Rep. Warren Davidson, (R-OH8)

Rule number one of grift club: don't talk about the grift.


Washington Times (8/11/21) column: "You may have missed it or more likely not cared about it, but a few days ago, an outfit that calls itself the Climate Leadership Council suspended Exxon Mobil, which up until that moment had been a member in good standing. Companies such as Microsoft, Conoco, Shell and GM and environmental organizations like World Wildlife Fund are members. Individual members include Stephen Hawking, Janet Yellen and Ben Bernanke. In short, it was created by the rich and powerful and remains populated by the rich and powerful...The CLC and its members advocate and lobby for a tax on carbon dioxide – an energy tax – ostensibly to address climate change. Part of their plan is to take some of the revenues raised by that energy tax and send them back to some Americans. If that sounds like a ridiculous Rube Goldberg device, it is. If a regressive tax on everything made, transported or consumed sounds like a bad idea, it is. If a bunch of rich kids deciding to tax everyone else so they can redistribute the cash as they see fit seems a little … communist, it is. If such a tax seems unlikely to do anything about climate change but is really a pretense of taking your money, it is."

Speaking of grifters, these guys don't know how to stop!


The Hill (8/10/21) reports: "Nearly all of the House Democratic majority on Tuesday called on Speaker Nancy Pelosi (D-Calif.) and Majority Leader Steny Hoyer (D-Md.) to ensure any final infrastructure package includes energy efficiency and clean transportation tax incentives. The letter sent to the Speaker was led by Reps. Earl Blumenauer (D-Ore.), Nanette Diaz Barragán (D-Calif.), Jason Crow (D-Colo.), Mike Levin (D-Calif), and Donald McEachin (D-Va.) and signed by a total of more than 180 House Democrats. The letter calls such features essential to help the U.S. economic recovery. It also describes them as particularly urgent in light of the ominous report issued Monday by the United Nations’ Intergovernmental Panel on Climate Change. That report issued a 'code red' on climate change, calling warming of at least 1.5 degrees Celsius inevitable and saying immediate action is needed to prevent a further increase. Any package, the representatives wrote, should extend and update commercial and residential energy efficiency programs as well as energy-efficient transportation and renewable fuels. The letter also calls for a direct pay option in projects that face financing difficulties."

They subsidize green energy and push out affordable energy, which makes energy more expensive, which means green tech needs more subsidies to compete. Starting to get the picture?


Financial Times (8/12/21) reports: "The world faces a growing paradox in the campaign to contain climate change. The harder it pushes the transition to a greener economy, the more expensive the campaign becomes, and the less likely it is to achieve the aim of limiting the worst effects of global warming. New government-directed spending is driving up demand for materials needed to build a cleaner economy. At the same time, tightening regulation is limiting supply by discouraging investment in mines, smelters, or any source that belches carbon. The unintended result is 'greenflation': rising prices for metals and minerals such as copper, aluminium and lithium that are essential to solar and wind power, electric cars and other renewable technologies. In the past, the transition to a new energy source provided a big boost to the old one. The advent of steam power inspired the makers of sailing ships to innovate more in 50 years than they had in the previous 300. Electricity had a similar impact on gas lighting. Now, building green economies will consume more oil in the transition period, but producers are not responding the same way because political and regulatory resistance has darkened the future of fossil fuels."

Energy Markets

 
WTI Crude Oil: ↓ $63.13
Natural Gas: ↓ $4.01
Gasoline: ~ $3.18
Diesel: ~ $3.29
Heating Oil: ↓ $210.09
Brent Crude Oil: ↑ $71.45
US Rig Count: ↓ 575

 
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