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MORNING ENERGY NEWS  |  12/11/2019
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#WeAllKnew that the New York AG was full of it.


Forbes (12/10/19) column: "As I explained last month in Exxon Knew. Did They, Though?, perceptions outside of an oil company are often at odds with what is happening inside the company. I provided several examples. I explained that the things I have seen as an insider frame my opinion of the climate change investigations involving ExxonMobil. To recap, the company is under investigation by several states and was being sued by the state of New York, which charges that the company engaged in 'a longstanding fraudulent scheme' on the economic risks of climate change. Today the verdict came down. It was my expectation that outside perceptions would give way to reality, and that’s what happened. ExxonMobil was found not guilty of fraud in the case. Manhattan Supreme Court Justice Barry Ostrager’s ruling in favor of ExxonMobil stated in part: 'The Office of the Attorney General failed to prove, by a preponderance of the evidence, that ExxonMobil made any material misstatements or omissions about its practices and procedures that misled any reasonable investor.'"

"We are long past due for a blowback, even a revolution against this nonsense. Give me a toilet that flushes, a shower that is satisfying, a washing machine that washes clothes, and you can take your civic piety and flush it."

 

– Jeffery A. Tucker,
American Institute for Economic Research

The expert "environmental justice" witness called on by the Dems getting a police escort to the hearing.


E&E News (12/10/19) reports: "More than a dozen Senate Democrats are asking environmental justice advocates for input on legislation to address climate change impacts. The lawmakers, led by Sen. Tammy Duckworth (D-Ill.), want advocates to weigh in on both legislative and regulatory solutions by early next year. 'It is well past time for Congress to partner with you and your communities in taking action to address the risks and impacts associated with climate change,' the Democrats wrote in a letter released yesterday. 'We must commit to justice in our Nation's environmental and economic policies by ensuring that climate change solutions benefit the hardest hit workers and communities,' it said. 'Simply put, special attention must be given to the industries and communities that are most likely to be impacted by the effects of climate change and the transition to a clean economy.' Duckworth helped launch the Environmental Justice Caucus and is a member of the Senate Democrats' special climate committee."

Not even Stalin was this ambitious in his efforts to control every aspect of human life. 


American Institute for Economic Research (12/10/19) blog: "The European Union is radically overhauling its economy in an attempt to combat climate change. Europe’s Green Deal appears slightly more modest than the proposed Green New Deal in the United States, but cost estimates still run as high as $13 trillion by 2050. That’s the year when the EU aims to be a net-zero carbon emitter, the flagship goal of the proposal. This isn’t Cold War–era socialism with comprehensive and totalitarian central planning. Rather, the EU seeks to remain a union of 28 largely democratic member states with market-based economies. A complete overhaul of the way every person, household, business, and organization uses energy would be challenging enough for a totalitarian state like the former Soviet Union. Europe’s politicians have far fewer direct levers to control millions of individual decisions, not to mention the small matter of being reelected. Opinions vary wildly about whether the EU should take such radical steps toward carbon neutrality. But economists across the ideological spectrum should pay rapt attention to what will be the most significant test case of economic planning since the end of the Cold War."

EV makers are loosing out in China so they want the U.S. taxpayers to make up the difference. 


Wall Street Journal (12/10/19) reports: "Chinese auto sales fell for the 17th straight month in November, though the pace of decline eased, as the world’s biggest auto market becomes more saturated and a slowing economy sees buyers cut spending. Auto sales fell 3.6% last month from a year earlier to 2.46 million vehicles, the government-backed China Association of Automobile Manufacturers said Tuesday. It marked a slight improvement from October’s 4.0% year-over-year drop. The prolonged slump in auto sales underscores a new reality in a market where car sales grew constantly for nearly three decades—at times by double-digit percentages from the year before. Industry executives, analysts and dealers have cited various factors for the industry doldrums, including a saturation of cars in the market, policy changes such as a recent shift to tougher emissions standards and a sluggish economy where consumers are paying more for other necessities and have less to spend on cars. The pain has been pronounced for U.S. auto makers. Through the first 11 months of the year, the combined market share for American companies—most notably Ford Motor Co. and General Motors Co. —shrank by 1.5 percentage points, while those of German and Japanese car makers grew, CAAM data showed. Chinese auto makers’ combined share fell 3 percentage points during the same period." 

Energy Markets

 
WTI Crude Oil: ↓ $58.54
Natural Gas: ↑ $2.29
Gasoline: ~ $2.57
Diesel: ~ $2.99
Heating Oil: ↓ $193.00
Brent Crude Oil: ↓ $63.45
US Rig Count: ↓ 839

 
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