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MORNING ENERGY NEWS | 01/20/2020
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** Because you're headed back to school on Tuesday.
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Time ([link removed]) (1/19/20) reports: "On Friday, the Ninth Circuit court of appeals threw out the high profile lawsuit Juliana v. United States, in which 21 young Americans sued the United States government for violating their Constitutional rights by taking actions that exacerbated climate change. The court acknowledged that while the threat of climate change is real, it 'reluctantly' concluded that the issue should be raised with the executive and legislative branches of government, not the courts. The suit, which was filed in 2015, argues that the U.S. government violated the plaintiffs’ constitutional right to life and liberty by taking steps to support a national energy system that causes climate change, despite know the threat of climate change for decades. The suit requested multiple remedies, including the court order the U.S. government 'to prepare and implement an enforceable national remedial plan to phase out fossil fuel emissions' and work to
lower CO2 in the atmosphere."
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** "When the vast majority of existing homeowners have voted against domestic solar systems with their wallets, why should the owners and renters of new homes be saddled with the cost of energy diversification? If the math were that simple and the benefits that obvious, a mandate wouldn’t be necessary."
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– ([link removed]) O ([link removed]) liver McPherson-Smith, American Consumer Institute ([link removed])
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Reminder, elections have consequences. We're still feeling the aftershocks of 2008.
** Wall Street Journal ([link removed])
(1/16/20) editorial: "Government planning and subsidies will make America the world’s green-energy superpower, create millions of jobs, and supercharge the economy—or so we’re told. The reality is closer to Crescent Dunes, a Nevada solar-energy plant that has gone bust after receiving a $737 million federal loan guarantee. An inconvenient truth is that the sun sets each day, but the Obama Administration’s green planners had an app for that. They decided to invest in the Crescent Dunes facility that would use molten salt to store heat from the sun, produce steam, and generate electricity even at night. The utility NV Energy had already agreed to buy the electricity. Government support would carry the project to sunny success."
Carbon taxes make people poorer. Full stop.
** Irish Mirror ([link removed])
(1/19/20) reports: "Motorists are being hammered at the pumps with a 'significant' surge in fuel prices over the past month, figures show. Petrol drivers will be further out of pocket this month with a litre of petrol now costing 144.5c on average – an increase of just under 3c on last month’s average price of 141.7c...'Budget 2020 saw an increase in carbon tax on both petrol and diesel, but in isolation that’s going to achieve very little in terms of encouraging people to travel by means other than the private car. 'However, even when prices increased significantly there was no reduction in number of people driving which shows that simply increasing the cost of motoring in isolation will achieve nothing,' In October 2019 fuel prices jumped to €6 jump per tonne following a carbon tax hike implemented by the government in Budget2020."
Energy Markets
WTI Crude Oil: ↑ $58.91
Natural Gas: ↓ $1.92
Gasoline: ↓ $2.54
Diesel: ↓ $2.99
Heating Oil: ↑ $187.68
Brent Crude Oil: ↑ $65.39
** US Rig Count ([link removed])
: ↓ 805
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