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MORNING ENERGY NEWS  |  01/15/2020
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Do we really want a president whose trade policies are dictated by a bunch of children?


Washington Examiner (1/14/20) reports: "Bernie Sanders emphasized his strong opposition to the revamped North American trade deal on the Democratic presidential debate stage Tuesday night because it lacks measures to curb climate change. The Vermont senator said he won’t support any trade agreement without 'very, very strong principles to significantly lower fossil fuel emissions in the world.' He added that the new North American trade agreement, known as the United States-Mexico-Canada Agreement, or USMCA, doesn’t have the support of any major environmental group, including the youth climate group the Sunrise Movement, which recently endorsed Sanders. Sanders’s opposition to the trade deal sets him apart from the other senators vying for the Democratic nomination...Former Vice President Joe Biden questioned whether Sanders would support any trade agreement at all, adding that his administration wouldn’t pursue trade agreements without both environmentalists and labor unions at the table."

"The purpose of NEPA is noble; its application, however, has gone off the rails. The action by the Council on Environmental Quality is the first step in bringing common sense to a process that has needlessly paralyzed decision-making. We can ensure that our views are well-informed and that the public is heard without tying ourselves in knots."

 

– David Bernhardt,
U.S. Secretary of the Interior

Even the wind guys are on board with this one.


Wall Street Journal (1/13/20) editorial: "If you visit an aging American megaproject—say, the Hoover Dam—you’ll probably see a startling statistic about how quickly it was built. Congress authorized the damming of the Colorado River in 1928, construction started in 1931, and the 726-foot concrete wonder opened in 1936. That’s a 'shovel ready' job. Today even modest public works, including roads, bridges and airport runways, can spend years in limbo, no thanks to the National Environmental Policy Act, or NEPA. That 1970 law requires an environmental study of any major project that involves federal funding or permitting. NEPA hasn’t been overhauled in 40 years, which is why the Trump Administration deserves applause for moving last week to modernize it...Characterizing the Democratic response as 'knee jerk' would be an insult to knees, or jerks, or both. 'This means more polluters will be right there next to the water supply of our children,' Speaker Nancy Pelosi said. Two things she might consider: First, NEPA also slows progressive priorities, like public transit. A study of Maryland’s purple light-rail line ran for 9,225 total pages and 10 years. The American Wind Energy Association welcomed NEPA reform last week, blaming the outdated rules for 'unreasonable and unnecessary costs and long project delays.'"

New York taxpayers can breathe a sigh of relief.


Energy In Depth (1/13/20) blog: "Well, that’s all she wrote, folks! A month after losing what was once called 'the trial of the century,' the New York Attorney General has chosen not to appeal New York Supreme Court Justice Barry R. Ostrager’s ruling that found – despite the attorney general’s 'hyperbolic' allegations – ExxonMobil did not mislead investors on how it accounted for climate costs in its business operations. New York Attorney General Letitia James announced on Friday that her office wouldn’t appeal the court’s decision – a rare move that underscores the weakness of her case. It is now finally safe to say that this officially, definitely, absolutely marks the end of the 'ill-conceived' four-plus year saga that featured three different legal theories, the review of four million internal ExxonMobil documents, hundreds of hours of witness depositions, and 12 embarrassing days of trial for the attorney general. Even in defeat, attorney general James tried to claim victory in a statement claiming her office had achieved something beyond wasting taxpayer dollars on a political witch hunt. Bloomberg reported on Saturday that James’ defiant statement announcing her decision not to appeal 'belies the decision by New York Supreme Court Justice Barry Ostrager, who rejected all the state’s claims.'"

Well, have you?


USA Today (1/14/20) column: "Right now, the country with the world’s biggest oil reserves — Venezuela — is putting out a fraction of its traditional production, as a corrupt and inept socialist government has lost the ability even to keep the golden goose going. Meanwhile, Iraq is in turmoil, Iran is crazy and Saudi Arabia has been looking shaky. Despite all this, oil and gas prices are holding steady, and while what’s going on in the Middle East constitutes a diplomatic crisis, it’s nothing like the sort of earthshaking trouble it would have been a decade or two ago. Why is that? Because frackers have turned the United States from a nation deeply dependent on imported oil to a net exporter and the world’s single largest producer of oil and gas...In the meantime, as you look at reasonable energy bills and a booming economy in spite of turmoil in the Middle East, give thanks to the people who have made it possible. Have you hugged a fracker today?"

Some insightful commentary from one of America's greatest dancers.


TownHall (1/14/20) column: "Venezuelan dictator Nicolas Maduro’s oppressive rule has not only expedited the complete collapse of his nation’s economy and civil society; the citizens of Venezuela are also experiencing unspeakable human rights abuses, violence, and hardship. President Donald Trump is completely justified in sanctioning the Maduro regime in an effort to oust the ruthless dictator and begin a process to free the Venezuelan people. But that punishment mentality can’t go too far. The president should continue to ensure that U.S. companies operating in Venezuela are allowed to maintain America’s access to energy resources, in order to protect jobs in the U.S. This should include allowing U.S. energy companies to drill in Venezuelan oil fields and ship heavy crude oil back to the U.S., where it is refined by thousands of American workers. The dramatic fall in oil production placed in historical context shows that sanctions have been effective at blocking Maduro from fully utilizing one of his largest revenue streams." 

Energy Markets

 
WTI Crude Oil: ↑ $58.31
Natural Gas: ↓ $2.16
Gasoline: ~ $2.57
Diesel: ~ $3.00
Heating Oil: ↑ $191.20
Brent Crude Oil: ↑ $64.51
US Rig Count: ↑ 820

 
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