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MORNING ENERGY NEWS  |  11.13.2019
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Who needs NOPEC?  We've got the shale, baby.


Wall Street Journal (11/12/19) reports: "Unceasing U.S. shale-oil production will reshape global energy markets in the years to come, bolstering the country’s influence over nations in the Organization of the Petroleum Exporting Countries, the International Energy Agency said Wednesday. In its annual World Energy Outlook report, the IEA said that even as annual U.S. production growth slows from the pace seen in recent years, its forecast scenario for policies already announced mean that the country will account for 85% of the increase in global oil production to 2030."

"What angers most people about climate activists is not their goals, but their elaborate system of doublethink, their profound cognitive dissonance, and the truly fascinating ability to rationalize their own behavior; they ignore their own seriously harmful actions while praising themselves for the meager and largely inconsequential benefits of their climate activism." 

 

– Joakim Book, American Institute for Economic Research

American. Energy. Dominance. 


CNBC (11/12/19) reports: "The U.S. has undergone an 'unprecedented energy transformation' and is changing international energy market dynamics to such an extent that other countries are only just accepting it, according to Frank Fannon, the U.S. assistant secretary of state for energy resources.  Speaking to an audience at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) Tuesday, Fannon said that the U.S.′ evolution into a global leader in energy production offered new opportunities, and challenges, to consumers and producers around the world.  'Governments around the world are still coming to terms with this new reality and reconciling the implications, this is understandable. The U.S. shift from scarcity to abundance occurred with unprecedented speed and scale,' Fannon said."

Shot: Climate Leadership Council wants to assure everyone that carbon taxes are a win-win.


The Hill (11/13/19) reports: "A bipartisan group backed by a number of environmental and fossil fuel companies is launching a six-figure digital ad campaign Wednesday aimed directly at Washington’s movers and shakers.  The thirty-second online video titled 'All sides win' aims to sell a carbon tax as a win-win solution for Democrats and Republicans in Congress.  The campaign, pushed by Americans for Carbon Dividends, the political arm of the Climate Leadership Council, is being launched at a moment when lawmakers are feeling pressure from constituents to address climate change.  The group is hoping to seize on growing support for action on climate change to convince lawmakers that a carbon tax on power plants and fossil fuel emitters is a solution."

Chaser: Ask the farmers in Saskatchewan how it's goin' for them.


CBC (11/11/19) reports: "As leaders in the legislature squabble over how to save farmers from the carbon tax after a wet harvest, the province's grain dryers are working overtime.  September and October brought heavy rain that wreaked havoc on crops, forcing farmers to harvest acres of wet product.  Natural gas grain driers are one of the last resorts for salvaging crops. The bill is adding to farmers' bottom line and the federally-imposed carbon tax adds to it.  Since Saskatchewan has not come up with a plan to tax its emissions, farmers face the federal tax by default.  The Supreme Court of Canada is expected to hear Saskatchewan's challenge to the carbon tax in December.  In the meantime, provincial NDP leader Ryan Meili has sent a letter to the prime minister asking for a tax rebate to farmers using natural gas driers."

Let's check back in on the forced energy transition in California.  


E&E News (11/12/19) reports: "To stave off a future power shortage, California utility regulators have ordered electricity providers in the state to secure an extra 3.3 gigawatts of low-emission generation resources by 2023.  Half of those resources will need to be in place by 2021, according to the decision adopted Thursday by the California Public Utilities Commission.  CPUC cited tightening electricity supplies and uncertainty created through historically high reliance on imports. The regulatory body also pointed to an increased amount of wind and solar — which aren't always available during peak times — as well as the retirement of older natural gas plants."

Energy Markets

 
WTI Crude Oil: ↓ $56.55
Natural Gas: ↓ $2.60
Gasoline: ↓ $2.61
Diesel: ↑ $3.01
Heating Oil: ↓ $187.65
Brent Crude Oil: ↓ $61.62
US Rig Count: ↓ 829

 
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