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MORNING ENERGY NEWS | 7.22.2019
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** They were dead wrong on peak oil, so I'm not too worried about peak beef.
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CNN ([link removed]) (7/17/19) reports: "Americans will need to cut their average consumption of beef by about 40% and Europeans by 22%, for the world to continue to feed the 10 billion people expected to live on this planet in 2050, according to a new report. That means each person could have about a burger and a half each week. This calculation comes from the World Resources Institute...The authors suggest there are several ways to keep people from starving and to keep the climate crisis at bay, but the most impactful way to do this may be to cut the consumption of ruminant meat...Governments could also take steps to make other menu items more desirable, according to the report. For example, governments could phase out subsidies for meat and dairy products or start taxing beef, making it more expensive."


** "Given that electricity is indispensable to our economy, health, and way of life, its value is so great that it simply can't be measured. That means ditto for our domestic gas supply."
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– ([link removed]) J ([link removed]) ude Clemente, Forbes ([link removed])

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Temperatures are high, but prices are low.

** E ([link removed])
** nergy In Depth ([link removed])
(7/18/19) reports: "Summer natural gas prices are forecast to hit 20-year lows, according to the Energy Information Administration’s latest Short-Term Energy Outlook. The agency predicts an average natural gas price of $2.37 per million British thermal units at Henry Hub for June, July, and August – the lowest since 1998."

Award for the least self-aware newspaper goes to...

** ([link removed])

If only the madness stopped with "people holes."

** Wall Street Journal ([link removed])
(7/21/19) editorial: "The Berkeley, California, City Council is getting headlines for its decision last week to ban supposedly gendered language from its city code. 'Manhole' and 'manpower' are now out in favor of 'maintenance hole' and 'human effort.' Somewhere George Orwell is crying, but the city’s progressive lords were even more destructive when they also moved to ban natural gas from nearly all new buildings...Berkeley claims in its ordinance that 'all-electric heating technologies are cost-competitive substitutes to their natural gas counterparts.' If that’s true in California it is only because the state’s climate regulations have increased the cost of fossil fuels. Electric heaters are generally less expensive than gas furnaces, but in most places gas is less expensive than electricity. Residential natural gas prices have risen 16% in California over the last five years while falling 8% on average nationwide."

This is why the media is having issues regaining the public's trust.

** Reason ([link removed])
(7/19/19) reports: "Americans east of the Rockies are sweltering as daytime temperatures soar toward 100 degrees or more. It is now customary for journalists covering big weather events to speculate on how man-made climate change may be affecting them, and the current heatwave is no exception. Take this headline in The New York Times: 'Heat Waves in the Age of Climate Change: Longer, More Frequent and More Dangerous.' As evidence, the Times cites the U.S. Global Change Research Program...As it happens, chapter six of 2017's Fourth National Climate Assessment reports that heatwaves measured as high daily temperatures are becoming less common in the contiguous U.S., not more frequent."

Energy Markets


WTI Crude Oil: ↑ $56.36
Natural Gas: ↑ $2.28
Gasoline: ↓ $2.76

Diesel: ~ $3.00
Heating Oil: ↑ $191.27
Brent Crude Oil: ↑ $63.44
** US Rig Count ([link removed])
: ↓ 997



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