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MORNING ENERGY NEWS  | 09/15/2021
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How many of these AGs are on Bloomberg’s payroll?


Bloomberg (9/14/21) reports: "A coalition of Democratic state attorneys general on Tuesday urged House and Senate chairs to prioritize funds for climate, clean energy, and environmental justice programs. Congress needs to pass the Infrastructure Investment and Jobs Act as well as budget legislation that “provides the funding necessary to respond to the climate crisis and provide long-overdue environmental justice for our most vulnerable communities,” according to the letter co-signed by attorneys general from California, Vermont, Massachusetts, and 17 other states. 'New York has taken great strides in combating the threats of environmental injustice that have plagued our communities, but the federal government must now take immediate action to support Americans in every corner of the nation,' New York Attorney General Letitia James (D), who led the effort, said in a statement on the letter. The attorneys laid out steps they say Congress must take in order to address climate inequity and prioritize funding for marginalized groups, such as investing in zero-emission transportation and bolstering air quality monitoring."

"I really am taken aback by this all-out, enthusiastic support of fossil fuels." 

 

– Rep. Anna Eshoo (D-CA)

While Congress tries to imitate Europe, Europe falls apart... 


Wall Street Journal (9/14/21) column: "Energy prices are soaring in Europe, and the effects are rippling across the Atlantic. Blame anti-carbon policies of the kind that the Biden Administration wants to impose in the U.S. Electricity prices in the U.K. this week jumped to a record £354 ($490) per megawatt hour, a 700% increase from the 2010 to 2020 average. Germany’s electricity benchmark has doubled this year. Last month’s 12.3% increase was the largest since 1974 and contributed to the highest inflation reading since 1993. Other economies are experiencing similar spikes. Europe’s anti-carbon policies have created a fossil-fuel shortage. Governments have heavily subsidized renewables like wind and solar and shut down coal plants to meet their commitments under the Paris climate accord. But wind power this summer has flagged, so countries are scrambling to import more fossil fuels to power their grids...Europe is showing the folly of trying to purge CO2 from the economy. No matter how heavily subsidized, renewables can’t replace fossil fuels in a modern economy. Households and businesses get stuck with higher energy bills even as CO2 emissions increase. Europe’s problems are a warning to the U.S., if only Democrats would heed it."

No worries. Nat gas prices in Europe are now the equivalent of $150 a barrel of oil. 

If they can't outlaw natural gas outright they'll do everything possible to artificially drive up the prices and run producers out of business. 


E&E News (9/15/21) reports: "Natural gas could still count as a clean power source under House Democrats’ $150 billion clean electricity proposal, but only with the widespread adoption of technologies like carbon capture and storage, according to analysts. Yesterday, the House Energy and Commerce committee advanced plans for a Clean Electricity Performance Program (CEPP), which would be implemented through the Department of Energy...While the CEPP under consideration doesn’t bar the use of any electricity source, it defines clean electricity as generation with a carbon intensity of less than 0.1 metric ton of carbon dioxide equivalent per megawatt-hour — effectively ruling out natural gas on its own...But some Republicans outside of Congress said that even if gas could meet the CEPP standard with assisting technologies, other provisions in the House plan would affect the industry, including a proposed methane fee. 'If you look at the sum total, it is clear that gas is not their friend,' said Tom Pyle, who oversaw former President Trump’s transition for the Department of Energy and is now president of the American Energy Alliance, referring to Democrats. Pyle noted that the push comes as California has said five temporary gas-fueled generators are needed to boost the state’s grid. 'This product they [Democrats] need to back up the energy sources that they prefer, they just assume [the industry] will figure out a way to keep making it,' he said. He warned that there could be a break-even point where it won’t make economic sense to continue to develop gas."

Energy Markets

 
WTI Crude Oil: ↑ $72.48
Natural Gas: ↑ $5.59
Gasoline: ↑ $3.18
Diesel: ↑ $3.29
Heating Oil: ↑ $221.25
Brent Crude Oil: ↑ $75.49
US Rig Count: ↑ 611

 
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