View this email in your browser ([link removed])
MORNING ENERGY NEWS | 08/23/2021
Subscribe Now ([link removed])


** Natural gas bans will hurt American consumers.
------------------------------------------------------------
Hart Energy ([link removed]) (8/20/21) reports: "Restrictions on new natural gas hookups are a costly and unnecessary imposition on American energy consumers and the bans are contributing to problems of energy reliability and affordability in states where they are prominent, according to a recent report by the Institute for Energy Research (IER). On May 17, the Biden administration announced a building decarbonization policy to accelerate electrification of the nation’s residential and commercial buildings. The next day, the International Energy Agency urged policymakers to ban fossil fuel furnace sales by 2025 and adopt building codes that would eliminate the use of natural gas use in buildings."
[link removed]


** "Politics is about managing contradictions. And there sure are a lot of them in Mr. Biden’s desire to make climate policy a central focus of his administration, while keeping oil cheap and plentiful."
------------------------------------------------------------


– ([link removed]) Editorial Board The Globe and Mail ([link removed])

============================================================

Business ain't easy even with the governments helping to sell your product.

** Wall Street Journal ([link removed])
(8/23/21) reports: "The world’s appetite for green energy is greater than ever, but that isn’t translating into big profits for some of the companies behind the boom. Top wind-turbine makers are struggling with lower earnings as rising raw- material costs, problems shipping the hulking machines, and uncertainty over the future of U.S. subsidies pressure their businesses. Siemens Gamesa Renewable Energy SA and Vestas Wind Systems A/S, two of the largest global manufacturers, reduced profit forecasts for the remainder of the year. General Electric Co. GE 0.63% , another leading turbine manufacturer, reported year-over-year growth in turbine sales but hasn’t turned a profit in that segment this year."

We have been making this point for years, Europe’s energy prices are a drag on their economy.

** Mises Institute ([link removed])
(7/12/21) opinion: "Despite an endless chain of monetary and fiscal stimuli, the eurozone consistently disappoints in growth and job creation. One of the reasons is demographics. No monetary and public spending stimulus can offset the impact on consumption and economic growth of an aging population, as Japan can also confirm. However, there is an especially important factor that tends to be overlooked: the lack of competitiveness of the eurozone industry due to rising and noncompetitive power prices. Residential electricity prices in the European Union between 2010 and 2014 averaged nearly $240 per megawatt hour (MWh), whereas the US averaged nearly $120/MWh, or less than half of EU prices. The EU average gasoline and gasoil prices were also ** twice as high ([link removed])
compared with the United States. This trend has not improved. In 2020, the average residential consumer’s electricity price in Europe showed an increase of 13 percent over the average price ten years before."

How is getting rid of reliable baseload working out for you?

** Bloomberg Green ([link removed])
(8/22/21) reports: "One of Germany’s biggest challenges in the fight against climate change is to keep the lights on. As Europe’s biggest economy shuts its last nuclear reactor next year and utility RWE AG warns that coal plants may close earlier than planned, critics say green energy isn’t being added quickly enough. Germany’s ability to meet peak demand is poised to shrink rapidly over the next two years, increasing the risk of blackouts. In a last push to save her fading reputation as ‘The Climate Chancellor’ before stepping down after next month’s election, Angela Merkel announced Europe’s strictest emissions goals. But the green power revolution she fronted for almost two decades is running out of steam just as the electrification of the economy will increase demand."

Energy Markets


WTI Crude Oil: ↑ $64.74
Natural Gas: ↓ $3.89
Gasoline: ↓ $3.16

Diesel: ↓ $3.28
Heating Oil: ↑ $197.67
Brent Crude Oil: ↑ $67.80
** US Rig Count ([link removed])
: ↑ 593



** Donate ([link removed])
** Subscribe to AEA's Unregulated Podcast ([link removed])
** Subscribe to AEA's Unregulated Podcast ([link removed])
** Subscribe to IER's Plugged In Podcast ([link removed])
** Subscribe to IER's Plugged In Podcast ([link removed])
** Friend on Facebook ([link removed])
** Friend on Facebook ([link removed])
** Follow on Twitter ([link removed])
** Follow on Twitter ([link removed])
** Forward to a Friend ([link removed])
** Forward to a Friend ([link removed])
Our mailing address is:
** 1155 15th Street NW ([link removed])

** Suite 900 ([link removed])

** Washington, DC xxxxxx ([link removed])
Want to change how you receive these emails?
** update your preferences ([link removed])

** unsubscribe from this list ([link removed])