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MORNING ENERGY NEWS  | 08/17/2021
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Dear Joe, thank you for increasing our profits. Best regards, your friends at the CCP.


Real Clear Energy (8/16/21) reports: "China stands to benefit from the green energy mandates in the 1.2 trillion-dollar infrastructure bill the U.S. Senate approved on Tuesday while American energy consumers can expect to face higher costs associated with a carbon border tax that will reportedly be folded into the upcoming, budget busting reconciliation package. The 19 Republican senators who provided the critical votes have put anti-energy interests in a stronger position to secure extra spending in the form of reconciliation to the tune of $3.5 trillion. The siren call of bipartisanship will prove costly to the American people, but beneficial to the regime in Beijing...One item that stands out in the text of the infrastructure legislation is $7.5 billion in taxpayer subsidies for electric vehicle charging facilities. The American Energy Alliance, a nonprofit consumer and taxpayer advocacy group, asks why taxpayers should foot the bill for electric vehicles rather than the electric vehicle owners themselves. Apparently, anyone who toes the line with the Biden administration’s efforts to replace domestic energy sources with green energy supplies from foreign sources can expect to receive preferential treatment. So can China since the country controls 80% of the critical minerals that are used to manufacture the electric vehicle batteries. China also operates eight of the 14 largest cobalt mines in the Democratic Republic of Congo, which makes use of child labor to extract the minerals used to power electric vehicles."

"The Biden energy policy has been a failure. It's failed the American people. It's failed American businesses. It's failed union oil workers. Hopefully, this OPEC plea for more oil will be a wake-up call for the administration. It should start to realize that the best energy producer in the world is a U.S. energy oil and gas producer. " 

 

– Phil Flynn, Fox Business

Dear Joe, thank you for increasing our profits. Best regards, your friends at OPEC+.


Reuters (8/16/21) reports: "OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise, four sources told Reuters. The price of international benchmark Brent crude has risen 35% this year towards $70 a barrel, driven by economic recovery from the pandemic and supply restraint by the Organization of the Petroleum Exporting Countries and its partners in the alliance known as OPEC+. Last week, U.S. President Joe Biden's administration urged the producer group to boost output to tackle rising gasoline prices it sees as a threat to the global economic recovery. read more OPEC+ agreed in July to boost output by 400,000 barrels per day a month starting in August until its current oil output reductions of 5.8 million bpd are fully phased out. One of the four sources, speaking on condition of anonymity, told Reuters there was no need to release extra oil more quickly, while another said there was no concern that the planned schedule of increases would leave any demand unmet. Two other OPEC+ sources said the latest data from OPEC and from the West’s energy watchdog - the International Energy Agency (IEA) - also indicated there was no need for extra oil. Calling for more can be seen as at odds with the United States' efforts to lead efforts to fight climate change and its action to discourage increased domestic oil drilling."

Dear Joe, thank you for increasing our profits. Best regards, your friends at Big Green, Inc.


Forbes (8/10/21) column: "During the 2011 session of the Texas legislature, an advocacy group that I helped lead worked with then-Lt. Governor David Dewhurst to enact SB 20, a bill that targeted some state funds to incentivize the installation of new compressed natural gas fueling infrastructure to help serve the state’s growing fleet of natural gas vehicles. Lt. Gov. Dewhurst was at the time roundly criticized by many in the Texas news media for engaging in an exercise in 'corporate welfare,'...Given that experience, it has been more than a little interesting to observe how little similar criticism has been directed by the news media towards President Joe Biden and congressional sponsors of the federal “infrastructure” bill that has made its way through Congress over the past week...Then there’s the $73 billion earmarked in the bill for the installation of major new power lines on grids around the country to move electricity generated by wind and solar farms to major markets...Texans are quite familiar with this particular sort of renewable boondoggle. Over the first decade of this century, the state forced taxpayers to foot the bill for what it called the CREZ lines, a system of power lines that would bring wind power generated out in West Texas to major retail markets in Dallas and Houston. In 2001, the wind generators assured the legislature the cost of the lines would amount to about $1 billion. But by the time they finally went into service a decade later, the final cost had risen to $7 billion. It doesn’t take a math major to do similar math on that initial promised cost of $73 billion."

Dear America, having second thoughts? Best regards, someone who helped American energy win bigly. 

Energy Markets

 
WTI Crude Oil: ↓ $66.79
Natural Gas: ↓ $3.86
Gasoline: ~ $3.18
Diesel: ~ $3.29
Heating Oil: ↓ $204.35
Brent Crude Oil: ↓ $69.22
US Rig Count: ↓ 577

 
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