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MORNING ENERGY NEWS  |  12/18/2019
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Green tears of unfathomable sadness.


Friends of the Earth (12/17/19) bemoans: "Congressional negotiators released a spending package to fund the government for the coming year. The proposal promotes dangerous fossil fuel investments in Europe, leaves intact numerous anti-environment legacy riders and funds Trump’s racist border wall. In addition, a separate tax extenders package released in the early hours of the morning included a biodiesel credit sought by Senator Chuck Grassley but excluded incentives for solar, storage and electric vehicles. In response, Erich Pica, president of Friends of the Earth issued the following statement: 'This will be remembered as the week House leadership gave away the store for a corporate trade deal but balked at fighting for the climate. Its almost 2020 and Democrats are still passing dangerous and short-sighted year-end deals that promote dirty fossil fuels and harm our environment. Instead of negotiating for a livable climate, House leadership traded away their leverage and failed to secure any incentives for solar energy storage and electric vehicles. It’s shameful the tax extenders package includes credits for dirty biodiesel while actual clean alternative energies got next to nothing. This is a monumental failure of leadership. We call upon progressives to oppose this deal.'"

"Since 2010, the North American fracking revolution has radically affected global energy markets for the better, to the benefit of human beings who prefer prosperity to poverty."

 

– Austin Bay, Townhall

Keeping the Feds' filthy hands out of the business spells success. 


Wall Street Journal (12/17/19) reports: "Ten years ago, the U.S. ranked third in global oil production, trailing Saudi Arabia and Russia. A decade later, it leads the world in oil as well as natural-gas output, having more than doubled the amount of crude it pumps while raising gas production by roughly two-thirds, according to federal data. There is a simple reason for the surge: fracking. Horizontal drilling and hydraulic fracturing techniques spurred a historic U.S. production boom during the decade that has driven down consumer prices, buoyed the national economy and reshaped geopolitics...The shale boom, meanwhile, has supported a surge in overseas crude sales, allowing the country to become a net exporter of oil and refined products such as gasoline for the first time in decades. 'At the beginning of the decade, energy independence was still a joke for late-night television comedians,' says author Daniel Yergin, who is vice chairman at IHS Markit. 'Turn around a decade later, and we’re here.'"

Granite Staters are really living up to the hype.


The Boston Herald (12/17/19) reports: "New Hampshire has announced it won’t join the controversial regional TCI compact just hours after a draft policy was released Tuesday, with Granite State Gov. Chris Sununu citing the proposed jacking up of gas prices as a burden on drivers. 'I will not force Granite Staters to pay more for their gas just to subsidize other states’ crumbling infrastructure,' Sununu said. 'New Hampshire is already taking substantial steps to curb our carbon emissions, and this initiative, if enacted, would institute a new gas tax by up to 17 cents per gallon while only achieving minimal results. This program is a financial boondoggle and the people of New Hampshire will never support it.' The Transportation Climate Initiative, a multi-state compact that would implement a gas fee to reduce carbon emissions, could raise prices at the pump by 17 cents in just the first year, according to estimates by state officials. Massachusetts Energy and Environmental Affairs Secretary Kathleen Theoharides and officials from Maryland and Georgetown Climate Center presented estimates of the measure’s economic impact after a draft version of a memorandum of understanding was released Tuesday."

The Big Banks are upset that energy is cheap and plentiful. Can you see the single tear I'm shedding?


E&E News (12/18/19) reports: "It's not just the protesters and Greta Thunberg who were disappointed by the outcome of the United Nations climate talks in Madrid. Businesses from banks to major polluters see a missed opportunity and even some risks in the decision to shelve work on adding market mechanisms as a tool to rein in the greenhouse gases warming the planet. From JPMorgan Chase & Co. to Goldman Sachs Group Inc., executives are noticing the rising alarm from scientists and environment groups and want clarity from policymakers about how rules will change. To them, inaction means not business-as-usual but uncertainty about who will shape policies including the cost of carbon emissions...The political spotlight now moves to Glasgow, where in a year's time the U.K. will host the next round of climate talks. There will be another push for a deal on markets at that meeting. But industry and carbon trading advocates are likely to move ahead with their own efforts to deliver mechanisms that allow companies to offset their pollution. Regions like the European Union, California, the U.S. northeast and China have their own standards in place, and those will inform how others act even in the absence of a central guiding force from the U.N." 

Energy Markets

 
WTI Crude Oil: ↓ $60.67
Natural Gas: ↓ $2.28
Gasoline: ~ $2.55
Diesel: ~ $2.99
Heating Oil: ↓ $202.14
Brent Crude Oil: ↓ $65.99
US Rig Count: ↑ 848

 
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