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MORNING ENERGY NEWS  | 10/13/2021
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It's not easy being green.


Real Clear Energy (10/12/21) article: "ExxonMobil has not backed away from its commitment to carbon taxes contrary to what media reports built around the comments of one lobbyist suggest…But it’s not good enough for the Climate Leadership Council (CLC), a nonprofit environmental advocacy group that includes former government officials and business leaders who favor carbon taxes. Since an Exxon lobbyist in Washington D.C. contradicted the official company line during an exchange with an undercover agent of Greenpeace, the CLC  recently moved to suspend the company’s membership in the council and in Americans for Carbon Dividends, the council’s advocacy arm. That seems a tad extreme since Exxon is no less than a founding member of the CLC…There are prominent Republicans included in CLC’s membership, but that doesn’t mean they are advocates for conservative policies. Capital Research Center, a Washington-based nonprofit that examines the finances of environmental groups, identifies CLC as a member of the  'Eco-Right' : defined as self-described conservatives who embrace left-of-center positions on climate change. It would seem CLC has its own issues with how it presents itself to the public even as it criticizes Exxon…Bonner Cohen, a senior fellow with the National Center for Public Policy Research, a free market think tank in Washington D.C…continued…'Under the guise of being a free-market or conservative voice on climate, the CLC is really little more than a Beltway arm of a ruling class that is intent upon expanding its control over the nation’s energy sector, with scant regard for the effect this will have on the livelihoods of ordinary people.'”

"If the climate-policy decisions being promoted by the global ESG movement start causing rolling blackouts, lines at the gas pump, and higher consumer prices, the speed with which they will become politically unpopular will cause whiplash among sustainable-finance analysts and activists alike." 

 

– Richard Morrison,
Competitive Enterprise Institute

When you are shivering and in the dark this winter, thank Larry Fink and Brian Deese. 


Bloomberg (10/13/21) reports: "The commodity rally may be the talk of Wall Street, but old-school energy producers are still lagging the oil price big time -- a tell-tale sign the era of green investing is in full swing.  U.S. oil and gas companies are trading at less than half 2014 levels -- the last time West Texas Intermediate crude topped $80 a barrel -- while European energy equities are similarly underperforming. A key difference this time round: Trillions of investing dollars are now wedded to environmental, social, and governance rules that prohibit exposures to dirty energy. All that is capping gains in the exploration and production sector this year, even as oil rides multiyear highs, the energy crunch spreads and demand rises for raw materials in the great economic reopening...There’s also growing evidence that companies that don’t tick the ESG box are being punished. Exxon Mobil Corp.’s market value has fallen from more than $400 billion in 2014 to around $260 billion. 'The market remains skeptical,' Shaoul said. 'I think relatively large amounts of money have been happy to jump into commodities and then jump out of them.'"

We are going to be honest with you, we did not have "coal generation will grow under Biden" on our bingo card.


Bloomberg (10/12/21) reports: "Donald Trump vowed to revive the coal industry, but it’s President Joe Biden who’s seeing a big comeback of the dirtiest fossil fuel. U.S. power plants are on track to burn 23% more coal this year, the first increase since 2013, despite Biden’s ambitious plan to eliminate carbon emissions from the power grid. The rebound comes after consumption by utilities plunged 36% under Trump, who slashed environmental regulations in an unsuccessful effort to boost the fuel."

And you said Biden hasn't accomplished anything...

It's heartening to see such humility in our young leaders.


The Guardian (10/12/21) reports: "Greta Thunberg is “open” to meeting with Joe Biden at the United Nations climate summit in Glasgow, though the young Swedish activist does not expect much from either the US leader or the make-or-break summit that runs from 31 October to 12 November. In an interview with the global media collaboration Covering Climate Now, Thunberg expressed surprise at the idea that the US president, or any world leader, might want to sit down with her at Cop26, but said she was open to the possibility, if asked. 'I guess that will depend on the situation,' she said. 'I don’t see why these people want to meet with me, but yeah.' A week before she entertained the question about whether she would meet with Biden, Thunberg had accused the US president and other world leaders of offering pretty words but no real action on climate, only 'blah blah blah', in a speech to the Youth4Climate summit. That 28 September clip went viral. In the CCNow interview, conducted by NBC News, Reuters and the Nation, she complained that youth climate activists 'are not being taken seriously' by world leaders. 'They’re just saying, ‘We listen to you,’ and then they applaud us, and then they go on just like before.'"

Energy Markets

 
WTI Crude Oil: ↓ $79.63
Natural Gas: ↓ $5.41
Gasoline: ↑ $3.28
Diesel: ↑ $3.49
Heating Oil: ↓ $248.56
Brent Crude Oil: ↓ $82.46
US Rig Count: ↓ 629

 
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