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MORNING ENERGY NEWS  |  10.31.2019
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And in California, you can't even keep a night light on.


ABC News (10/31/19) reports: "Over 80,000 Southern California Edison customers across the Southland were without power Wednesday evening as the utility preemptively shut off electricity and considered turning off services for more than 318,000 others to reduce the risk of fire. The 'public safety power shutoff' is aimed at lowering the threat of blazes erupting amid expected windy conditions, SCE said. The most widespread outages in Southern California were in Los Angeles, Ventura and San Bernardino counties, with 14,682, 33,095 and 8,601 customers affected, respectively. In the central region, 12,879 customers in Kern County were without power. The outages are planned as the region braces for the high potential of fire danger with the strongest Santa Ana wind event of the season expected through Thursday. Over 95,000 customers in Los Angeles County could be in the dark, and power could also go out for more than 98,000 customers in Ventura County and 56,000 in San Bernardino County."

"As the United States inches closer to becoming completely energy self-reliant, it is imperative that energy producers and communities across the country have the necessary flexibility to bring energy to the market."

 

– Oliver McPherson-Smith,
American Consumer Institute

Looks like Elon tried on a couple of different costumes this year.


Pro-Market (10/30/19) blog: "For years, SolarCity was the forgotten part of Tesla. Who cared about Elon Musk’s promises to help save the universe by selling affordable solar roofs when the Model S was making automotive history? But all of a sudden, SolarCity is back in the news. The question is this: Are there any coincidences in life?...Right around the same time, the transcript of Musk’s deposition in a lawsuit filed by aggrieved Tesla shareholders over the 2016 acquisition of SolarCity also became public. In it, Musk reveals himself much as you’d expect: combative, thin-skinned, clever with language, and grandiose...His deposition, which is posted on plainsite.org, is worth reading in its entirety. I can’t resist a few little excerpts: Musk as Trump! He tells plaintiffs’ lawyer Randy Baron that he is 'reprehensible' for 'attacking sustainable energy.' He went on to say, 'Just, you seem like a very, very bad person. Just a bad human being.' Musk as prevaricator! As Baron asked Musk questions about his statements at the time of the deal that acquiring SolarCity would increase Tesla’s cash flow and not add to its debt, Musk said, 'People like you make me sad about the future and sad about America.' He added, 'I think you should reconsider your life.'"

A little light humor that Californians wouldn't get.


Babylon Bee (10/29/19) 'reports': "New billboards have been popping up in California with the slogan 'Move to Texas: We have electricity!' Many see this as a play to lure jobs away from California, as many jobs rely on electricity, especially in the modern economy. This could especially be attractive to jobs in the tech sector.  Roy Rivera, a tech analyst with decades of experience in cutting edge technology, explained that 'a lot of tech uses electricity.' He then pointed to a chart showing that tech businesses can be at least 300% more effective when they have power. California Governor Gavin Newsom was dismissive of Texas's claims, though. 'They’re making false claims of being able to deliver electricity 24/7,' Newsom said, 'but it just can’t be done.' Newsom was also dismissive of the Lone Star State's other claims, such as affordable housing, plenty of water, cheap gas, plastic straws, and not constantly being on fire. 'It sounds made up,' said Newsom. 'I don’t even think there is a Texas.'"

Rep. Grijalva is putting in a lot of work to make his "Chinese Operative" costume convincing. 


Forbes (10/27/19) column: "Advanced by the Democrat-controlled House Natural Resources Committee last week, Rep. Raul Grijalva’s (D-Tucson) mining bill threatens our 'three E’s' of U.S. national security: Energy, Economy, and Environment. The 8% and 12.5% federal royalties involved are overly expensive, and the banning of so many possible mining sites would worsen our already dangerous over-dependence on foreign suppliers...Raul Grijalva’s burdensome royalties and reduced mining is sure to violently collide with the booming natural resources demand to install the renewable energy and battery storage systems that we know is coming in a carbon-constrained world...Bluntly put, China has had much greater foresight. China at home controls about 50% of mine supply for the key battery metals. China in 2018 produced some 90% of the cobalt chemicals needed for battery production... Unfortunately, the very same politicians that are demanding a rapid U.S. pivot to wind, solar, electric cars, and their required batteries have been silent on the supply challenges inherent to the transformation. In fact, of the Democratic presidential candidates, only Mayor Pete has included mining in his climate plan. Elizabeth Warren, for instance, has gone so far as to suggest she wants to ban mining of all kinds on federal land – surely music to China’s ears." 

They really want to turn Alaska, and the rest of the country, into a horror movie.


Daily Caller (10/29/19) reports: "Rep. Alexandria Ocasio-Cortez dismissed Alaska Gov. Mike Dunleavy’s concerns that the New York Democrat’s climate policies would wreck his state’s economy. 'Yeah that’s kind of the point,' Ocasio-Cortez wrote Tuesday on Twitter in response to a tweet from RealClearPolitics reporter Phillip Wegmann, who noted that Dunleavy told him the so-called Green New Deal 'would impact our civilization as we know it.' 'The climate crisis threatens our way of life, and we must decarbonize our economy & way of life to save the planet,' Ocasio-Cortez added in a follow-up tweet...Alaska’s oil and gas industry has exploded in recent years by some estimates, producing more than 17 billion barrels of oil, accounting for roughly 20% of U.S. oil and gas production between 1980 and 2000."

Energy Markets

 
WTI Crude Oil: ↓ $54.66
Natural Gas: ↑ $2.71
Gasoline: ↑ $2.61
Diesel: ↑ $3.00
Heating Oil: ↓ $189.90
Brent Crude Oil: ↓ $60.45
US Rig Count: ↓ 850

 
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