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MORNING ENERGY NEWS  |  10.29.2019
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But I'm not sure the rest of New Mexico would survive without them.


New York Times (10/27/19) reports: "At the diner she manages in the heart of New Mexico’s oil country, Joni Moorhead talks to roughnecks all day long about potholed roads, cramped lodging camps, soaring rents — and state politics. 'I’d load up my guns for the fighting if we could just secede and join Texas,' said Ms. Moorhead from Loco Hills, population about 125. 'They love the money from our oil up in Santa Fe. But they treat us like dirt.' A frenetic oil boom is laying bare this divide, while suddenly lifting one of the poorest states in the country into the top ranks of global oil producers. Normally that might be cause for celebration, but Democrats now in power in New Mexico are coming under fire on two fronts: from oil patch conservatives, for pushing to hike oil royalties and spend the windfall on progressive causes, and from environmentalists on the left, for allowing the oil boom to materialize in the first place. Those bills unleashed fury in southeastern New Mexico before stalling in the State Legislature, and revealed an intensifying source of tension: Republican-controlled areas of the state produce the state’s oil wealth, while Democrats decide how to spend it.”

"There is warming, but we don’t really understand its causes. The human factor and carbon dioxide, in particular, contribute to warming, but how much is the subject of intense scientific debate."

 

– Judith Curry, Climate Forecast Applications Network

If you want to gamble, stick to the tables...


Las Vegas Review-Journal (10/27/19) editorial: "If you want to reduce your carbon emissions, don’t buy an electric vehicle. Most electric vehicles don’t eliminate carbon emissions, they displace them. Progressives have long touted electric vehicles as key to saving the world from global warming. For instance, the Green New Deal calls for replacing every internal combustion engine with electric vehicles and electric mass transit. This sounds like a logical plan to reduce emissions, even if you doubt the oft-wrong predictions of the climate doomsayers. After all, EVs don’t produce tailpipe emissions when running solely on battery power. But, as is often the case with the radical green agenda, there is a difference between what is seen and what is unseen...Global warming alarmists present electric vehicles as a cure-all. In reality, electric vehicles exchange carbon emissions you can see for those you can’t. It’d be worth addressing that inconvenient truth if you believe the world will end in 11 years absent the elimination of carbon emissions."

This is a crisis of their own making.


Independent Institute (10/24/19) blog: "As hundreds of thousands of Californians struggled with power blackouts, Gov. Gavin held a recent press conference at the state’s Office of Emergency Services. 'This can’t be the new normal,' the governor proclaimed. Embattled Californians might wonder what he is talking about. The governor appears to be forgetting a previous onslaught of power outages under governor Gray Davis. Those were described as 'rolling blackouts,' which a Sacramento band briefly adopted for its name. Davis was recalled but the state’s political establishment adopted no measures that might have prevented the current round of blackouts, broader in magnitude."

Follow @TheFrackingGuy...

They're buying if you're selling.


Energy Information Administration (10/28/19) reports: "According to the U.S. Energy Information Administration’s (EIA) latest International Energy Outlook 2019 (IEO2019) Reference case, future growth in natural gas consumption is concentrated in developing nations—those outside of the Organization for Economic Cooperation and Development (OECD)—especially in non-OECD Asian countries. Major non-OECD Asian countries include China, India, Bangladesh, Thailand, and Vietnam. EIA expects annual natural gas consumption in non-OECD Asia to reach 120 billion cubic feet per day (Bcf/d) by 2050, outpacing regional production by 50 Bcf/d. This supply imbalance widens through the projection period, resulting in non-OECD Asia’s increasing reliance on natural gas imports from other regions. Non-OECD Asian countries account for almost half of projected global natural gas consumption growth from 2018 through 2050. Natural gas consumption in non-OECD Asia is largely driven by increased economic activity stemming from higher levels of consumer demand and industrial output."

Environmental Justice?


CBSN Los Angeles (10/28/19) reports: "Los Angeles Lakers forward LeBron James and former California Gov. Arnold Schwarzenegger were among the thousands ordered to evacuate their homes Monday morning. Just before 4 a.m., James tweeted that he and his family were driving around, looking for accommodations after being displaced by the Getty Fire. As of 8 a.m., over 10,000 structures were under mandatory evacuation orders. LeBron’s Brentwood home was apparently one of those affected. No word if he and his family sought refuge in one of the many evacuation centers, but he later tweeted that they had found a place he stay. He went on to express his gratitude to first responders. Meanwhile, former Gov. Schwarzenegger confirmed that he and his family were also evacuated early Monday morning and advised others to do the same. 'Right now I am grateful for the best firefighters in the world, the true action heroes who charge into the danger to protect their fellow Californians,' he wrote. Furthermore, Paramount Pictures announced that it had canceled Monday night’ premiere of Schwarzenegger’s new movie, 'Terminator: Dark Fate,' which was scheduled to take place at the TCL Chinese Theatre."

Energy Markets

 
WTI Crude Oil: ↓ $55.06
Natural Gas: ↑ $2.53
Gasoline: ↓ $2.60
Diesel: ↑ $3.00
Heating Oil: ↓ $194.01
Brent Crude Oil: ↓ $60.87
US Rig Count: ↓ 851

 
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