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MORNING ENERGY NEWS  |  10.30.2019
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Then they should have no problem returning all that federal disaster aid.


Wall Street Journal (10/28/19) editorial: "Democrats in California believe they can impose their laws on the rest of the country, and they even think they can ignore the Constitution when it conflicts with their progressive policies. Credit to the Justice Department for attempting to make clear that California isn’t a separate nation under the law, and that climate change isn’t a license for a state to conduct its own foreign policy. Last week the Justice Department sued California for entering a cap-and-trade agreement with Canada’s Quebec province. Since 2013 California and Quebec have jointly held auctions in which businesses may buy permits to emit carbon if they exceed their regulatory cap. Businesses across the two jurisdictions can also trade permits. The problem for California is the small legal detail known as the U.S. Constitution. Article I grants Congress the authority to 'regulate Commerce with foreign Nations' and prohibits states 'without the Consent of Congress' from 'enter[ing] into any Agreement or Compact . . . with a foreign Power.' Under Article II the President has exclusive power to conduct foreign affairs."



"Under the weight of the truth, New York’s case against ExxonMobil is starting to unravel at the seams. That’s because it was never constructed with the facts in hand or the truth in mind."

 

– Andrew Langer, Institute for Liberty

How inconsiderate of asthmatics. Don't they know we are facing a climate emergency?


BBC (10/30/19) reports: "Many people with asthma could cut their carbon footprint and help save the environment by switching to 'greener' medications, UK researchers say. Making the swap would have as big an 'eco' impact as turning vegetarian or becoming an avid recycler, they say. It's because some inhalers release greenhouse gases linked to global warming. But the Cambridge University team told BMJ Open patients must check with a doctor before changing medication. Some patients will not be able to switch and should not be made to feel guilty, they add...Switching to a different type of inhaler can be complicated for people with asthma, as it involves learning a new inhaler technique, so it should be done with support from a GP or asthma nurse only, Asthma UK says. NICE has also created a decision aid to help patients make choices."

Jones Act supporters are the real Russian assets.


Cato Institute (10/23/19) blog: "In the coming days a Spanish-flagged ship, the Catalunya Spirit, will deliver a shipment of Russia-originated liquefied natural gas (LNG) to Puerto Rico. Bizarrely, the United States—a leading exporter of LNG—is nonetheless importing it from a geopolitical rival. And this isn’t a first. Last year a supply of Russian LNG arrived in Boston amidst a spike in demand to fight off the winter cold. So what gives? Basically, the Jones Act. This 1920 law mandates that vessels transporting cargo within the United States must be U.S.-registered, at least 75 percent U.S.-owned, at least 75 percent U.S.-crewed, and U.S.-built. But no ships capable of transporting LNG in bulk quantities that meet these requirements exist. Of the world's more than 525 LNG carriers, not a single one is Jones Act-compliant. And so even as ships laden with U.S. LNG voyage to countries as distant as India and Japan, it cannot be sent by water to other parts of the United States."

In the race to bow the lowest to president Pooh-bear, Volkswagon noses ahead.


Reuters (10/28/19) reports: "Volkswagen AG is ramping up production of electric cars to around 1 million vehicles by end of 2022, according to manufacturing plans seen by Reuters, enabling the German carmaker to leapfrog Tesla Inc and making China the key battleground. Volkswagen is readying two Chinese factories to build electric cars next year. The Chinese plants will have a production capacity of 600,000 vehicles, according to Volkswagen’s plans, which have not been previously reported - revealing VW’s ability to industrialise production faster than other pioneers in the electric vehicle market. Tesla is still trying to reach its goal of making more than 500,000 cars a year by building a new factory in Shanghai, China, while VW can rely on an established workforce in two of its plants in Anting and Foshun to build zero-emission cars...VW is leveraging its large infrastructure of suppliers, factories and workers, long a handicap to its profitability, more aggressively than rivals BMW, Renault SA, General Motors Co and Tesla, which were all quicker to sell a custom-designed electric car."

How to control your subjects:

1. Force everyone to switch to EVs.
2. Cut off the power.


Oil Price (10/23/19) column: "California might be blazing a trail with getting a large number of electric vehicles on the road, but the only trail California is currently blazing is the wildfire/PG&E fiasco that could once again plunge millions of Californians into the dark in the next wave of blackouts...The result? A blackout akin to the Venezuela 2019 blackouts that kept millions in the dark. The blackouts—which one might expect from a third-world or mismanaged nation such as Venezuela or even Pakistan, which leads the world in the number of annual blackouts—are life and death for some California residents, and the problem isn’t expected to be resolved anytime soon. But it also may mean life and death for California’s plan to encourage residents to adopt EVs. Unlike third-world blackouts, critical California operations such as medical facilities are all equipped with backup generators for times of outage. But residents who rely on electricity to power medical devices are at great risk. And EV owners may find themselves stranded." 

Energy Markets

 
WTI Crude Oil: ↓ $55.36
Natural Gas: ↑ $2.65
Gasoline: ↑ $2.61
Diesel: ↑ $3.00
Heating Oil: ↓ $195.42
Brent Crude Oil: ↓ $61.53
US Rig Count: ↑ 852

 
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