Your Morning Energy News
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MORNING ENERGY NEWS | 09/09/2021
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** Building back better to bypass Biden's blackouts (if you can afford it).
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Wall Street Journal ([link removed]) (9/7/21) column "Generac Power Systems, a company that produces home generators and other equipment, announced in July record sales of $920 million during the second quarter, a 68% jump over last year. But what’s good for Generac is bad for America. That’s no slam on the Wisconsin-based company, which manufactures about three-quarters of the home standby generators sold in the U.S. Instead, Generac’s soaring sales are evidence that the U.S. electric grid is becoming less reliable, which will make Americans less wealthy and less secure...Blackouts are deadly and create costly drags on the economy. Bad policies and lack of oversight contributed to the February blackouts in Texas. The final tally: about $200 billion in damage and some 700 people dead from hypothermia, carbon monoxide poisoning and other causes. In California—a
state that is hemorrhaging residents—blackouts have become a near-daily event...The decline in reliability is especially important because President Biden has said he wants to 'decarbonize' the power industry by 2035, a move that will likely require retiring all coal- and gas-fired generators in the country. In addition, activists are demanding more reliance on renewables and 'electrifying everything,' including industry and transportation. Yet the grid is struggling even under existing loads."
** "The health threat posed by climate change is therefore far outweighed by the benefits to health of economic development. Better healthcare services, better sanitation and improved nutrition will do far more to improve people’s health than carbon-emission reduction targets."
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– Tim Black, Sp!ked ([link removed])
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Your daily reminder that this has never been about the environment.
** CNN ([link removed])
(9/8/21) reports: "President Joe Biden wants to corner the market on electric vehicles. In August, he announced a target that by 2030, half of the vehicles sold in the United States will be battery-electric, fuel-cell electric or plug-in hybrid. It would be a seismic shift for an auto industry dominated by gas-powered vehicles. But resistance to Biden's ambitious goal is coming from a surprising stakeholder: the United Autoworkers Union, one of Biden's oldest political allies. The union has long been wary about the shift to electric vehicles and its implication for jobs, with electric vehicles taking about 30% less labor to assemble than traditional internal combustion engine vehicles, industry experts have told CNN. 'Our concerns were what that impact would be for our membership, what those products would actually look like, [and] potential volumes around those products,' UAW President Ray Curry told CNN in August, adding his union wanted assurances from the administration that EVs coming
from the Detroit automakers would be built by union workers."
Death by bureaucracy.
** E&E News ([link removed])
(9/8/21) reports: "The Biden administration will review a Trump-era decision to greenlight oil drilling access in most of the National Petroleum Reserve of Alaska, the Interior Department revealed in a court filing yesterday. Management of the NPR-A has become a challenge for the administration, which aims to reform the federal oil and gas program to reduce climate impacts but also recently supported a contested $6 billion oil and gas project within its boundaries. The Trump administration expanded oil and gas developers’ access last year to 84% from 50% of the 23 million-acre reserve. Environmental groups promptly sued, claiming Interior failed to conduct a sufficient analysis under the National Environmental Policy Act and performed a weak assessment of its climate implications."
California’s energy transition is going so well that the grid operator is asking for an emergency order to keep some fossil plants running in order to [DEL: save Newsom’s job :DEL] keep the lights on.
** ([link removed])
Energy Markets
WTI Crude Oil: ↓ $68.08
Natural Gas: ↓ $4.88
Gasoline: ~ $3.18
Diesel: ~ $3.29
Heating Oil: ↓ $210.00
Brent Crude Oil: ↓ $71.51
** US Rig Count ([link removed])
: ↑ 607
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