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MORNING ENERGY NEWS | 7.25.2019
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** Apparently, Rep. Rooney wasn't content with receiving just one yellow vest from AEA...
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Washington Examiner ([link removed]) (7/24/19) reports: "Rooney’s bill would set a carbon tax of $30 per metric ton, increasing 5% per year, leveling the tax on producers of fossil fuels at the "upstream" level of the economy, meaning coal is taxed at the mine, natural gas at the processing plant, and petroleum at the refinery. It uses most of the revenue — 70% of it — to reduce payroll taxes for employees and employers, amounting to a nearly one percentage point cut in the total payroll tax rate. The other 30% of the revenue would go into a “carbon trust fund” and be spent on research and development on clean energy technologies, energy efficiency improvements, and climate change adaptation measures."
** "Amid all the talk of an imminent planetary catastrophe caused by emissions of carbon dioxide, another fact is often ignored: global greening is happening faster than climate change. The amount of vegetation growing on the earth has been increasing every year for at least 30 years. The evidence comes from the growth rate of plants and from satellite data."
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– Matt Ridley, Human Progress ([link removed])
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It's complicated.
** Energy Wire ([link removed])
(7/25/19) reports: "The declining value of a federal tax credit is complicating Tesla's quest to expand, but so far it hasn't noticeably discouraged new buyers, the company's executives said yesterday. The $7,500 credit claimed for new purchases of an electric vehicle began to phase out for Tesla in December, when it sold its 200,000th car, triggering a gradual reduction of the credit's value under federal law. After halving in January, the credit fell again to $1,875 on July 1, where it will remain until disappearing completely at the end of this year. That's complicating the company's drive to slash prices on its vehicles, acknowledged CEO Elon Musk on an earnings call. 'In the U.S., our cars got almost $2,000 more expensive with the partial expiration of the tax credit on July 1,' he said. The company responded with price changes that included dropping $1,000 from the price of the Model 3. 'There's a tremendous amount of desire to buy our cars, but if [consumers] don't have the money to
buy them, they cannot,' said Musk. 'We have to make the cars more affordable.'"
Did they use petrochemical-free glue?
Burying the lede.
** Axios ([link removed])
(7/23/19) reports: "Environmental opposition to natural gas pipelines has grown significantly over the last decade, but the impact on actual federal approvals of such projects is limited. Driving the news: The chart above, via the Federal Energy Regulatory Commission, shows annual approvals of natural gas pipeline capacity over the past couple of decades. These approvals ebb and flow with fuel prices and other cyclical parts of the energy business...Yes, but: Pockets of the country exist where far fewer natural gas pipelines are being built, especially New England as this recent Wall Street Journal article explains."
Bursting Inslee's climate bubbles.
** ([link removed])
Energy Markets
WTI Crude Oil: ↑ $56.46
Natural Gas: ↑ $2.24
Gasoline: ↓ $2.75
Diesel: ↓ $2.99
Heating Oil: ↑ $192.11
Brent Crude Oil: ↑ $63.89
** US Rig Count ([link removed])
: ↑ 983
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