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MORNING ENERGY NEWS  |  01/24/2020
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It is certainly unprecedented for an entire political party to promise to destroy millions of jobs.


Wall Street Journal (1/22/20) column: "Most presidential campaigns feature a familiar refrain: Each candidate promises to create millions of new jobs. The 2020 primaries are unusual in that nearly all the Democratic candidates, including Joe Biden, Elizabeth Warren, Bernie Sanders and Michael Bloomberg, are solemnly pledging to destroy millions of jobs by ending the shale oil and gas revolution. The Democrats’ war on fossil fuels was on full display at the debate in Los Angeles last month, where Joe Biden, the supposed moderate, was asked if he would rein in America’s shale oil and gas production even if it meant “thousands, maybe hundreds of thousands” would lose their jobs. He unhesitatingly responded 'yes,' to cheers from the audience of college students and professors. He then recited the familiar liberal riff about how investment in wind and solar power will save the economy. (Soon afterward he told a New Hampshire audience that unemployed energy workers should 'learn how to program.')..Consider Texas. Liberals have long wanted to turn the Lone Star State blue, or at least purple. But nearly two million Texans are employed in oil and gas and related industries. Many hard-hat workers and truckers employed in the oil-rich Permian Basin earn more than $100,000 a year with overtime. How do you win in and around Houston, Dallas and Midland with a platform that opposes oil and gas?"



"Government subsidies can bring any business into existence. But apparently, even subsidies can’t ensure the production of something useful."

 

David Boaz, The Cato Institute

Big Green, Inc. caught wrecking havoc in the Keystone State.


Washington Examiner (1/23/20) reports: "What was the difference between Mitt Romney and President Trump in Pennsylvania? In Pennsylvania, a better explanation for Trump’s unlikely victory might be the appeal he had with a broad cross-section of Pennsylvania residents who benefit from what some aptly describe as the “natural gas revolution.”...But the money from inside the state also has a story to tell with big implications for the durability of the energy sector and for the 2020 elections. There’s history here...It was President Kennedy who helped to create a multistate government commission that is now populated with green activists and funded with special interests that now jeopardize Pennsylvania’s natural gas industry...The Philadelphia-based William Penn Foundation is one of several grant-makers that figures into this equation. The foundation has donated hundreds of millions of dollars to the DRBC and the Delaware Riverkeeper Network, a nonprofit green activist group based in Bristol, Pennsylvania, that occupies advisory positions within the DRBC. Big Green Inc. shows that the William Penn Foundation donated $259,500 to the Riverkeeper in 2010, $259,600 in 2011, $259,600 in 2012, $290,000 in 2013, and $914,000 in 2015. The foundation’s records show that it donated $1.4 million to the Riverkeeper in 2019...But, there’s an added twist. The William Penn Foundation’s records show it is also a major funder of the DRBC itself."

Don't let the prophets of doom get you down. Keep producing.

If you build it, the gas will come.


Reuters (1/22/20) reports: "U.S. pipeline operator Kinder Morgan Inc reported a 26% rise in quarterly profit on Wednesday, benefiting from higher gas takeaway from the Permian Basin through its Gulf Coast Express pipeline. The pipeline, which can transport 2 billion cubic feet per day (bcfd), came into service in September when drillers were burning off natural gas at record rates due to lack of transportation capacity from the shale-rich Permian Basin. Earnings from natural gas transport volumes rose 14% and from NGL transport volumes jumped 23% from a year earlier...Kinder Morgan continues to speak with potential partners to develop a third natural gas pipeline, Permian Pass, but market demand has cooled after US oil producers began to tighten spending last year, Chief Executive Steven Kean told investors...Still, with crude oil flowing now freely on new lines from West Texas to the US Gulf Coast, demand for natural gas transport capacity could rise eventually, Kean added. 'People do recognize additional gas takeaway is going to be needed,' he said."

Former liberal mayor gains support of current liberal mayors by promising to give one trillion tax dollars to...liberal mayors. 


City Lab (1/22/20) reports: "Michael Bloomberg, the billionaire media mogul and former NY City mayor who is running for president, released his campaign plan for infrastructure on Wednesday, which proposes to invest more than a trillion dollars in roads, railways, pipes, and telecommunication lines...He advocates setting up a $100 billion 'Climate Resilience Finance Corporation' to provide loans and grants to states, cities, and the private sector to harden and expand climate-resilient infrastructure. And he calls to expand high-speed rail, with a pledge to build the nation’s first segment by 2025. Numerous mayors, many of them the recipients of grants and support from Bloomberg Philanthropies, have endorsed Bloomberg as a candidate. 'Mike knows what it takes to help cities expand infrastructure,' said Steve Benjamin, the three-term mayor of Columbia, South Carolina, on a Bloomberg campaign press call on Tuesday. 'He’s been an ally and an advocate.' And transportation advocates have extolled his infrastructure plan’s focus on public transit."

Promises made, promises kept.


The Hill (1/23/20) reports: "The EPA announced a major rollback to protections for streams and other smaller bodies of water on Thursday, saying it would institute a new rule advocated by farmers and other industry groups. The new rule would replace the already-repealed Waters of the United States rule (WOTUS), crafted under President Obama, which expanded the types of waterways protected by federal law...Repealing WOTUS was a campaign promise of Trump’s, who called it 'one of the most ridiculous regulations of all' when speaking at the American Farm Bureau Federation annual convention in Austin, Texas, on Sunday. 'As long as I’m president, government will never micromanage America’s farmers,' he told the crowd. But the changes announced by the EPA Thursday would dramatically scale back protections, especially for smaller bodies of water that serve as the sources for larger ones...A diminished federal role would leave a greater share of water supervision to the states, many of which have cut budgets for their environmental regulators over the last decade...Farm and other industry groups have stressed the new rule is needed after the Obama-era policy left confusion over whether ditches, weather-dependent flows and seasonal waters were protected under law."

I don’t know if this is pipeworthy but it is definitely cringeworthy. 

If you oppose a carbon tax, please contact us and take a stand.

Tom Pyle, American Energy Alliance
Myron Ebell, Competitive Enterprise Institute
Phil Kerpen, American Commitment
Andrew Quinlan, Center for Freedom and Prosperity
Tim Phillips, Americans for Prosperity
Grover Norquist, Americans for Tax Reform
George Landrith, Frontiers of Freedom
Thomas A. Schatz, Citizens Against Government Waste
Richard Manning, Americans for Limited Government
Adam Brandon, FreedomWorks
Craig Richardson, E&E Legal
Benjamin Zycher, American Enterprise Institute
Amy Oliver Cooke, Independence Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Nathan Nascimento, Freedom Partners Chamber of Commerce
Isaac Orr, Center of the American Experiment
David T. Stevenson & Clint Laird, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Mandy Gunasekara, Energy 45
Jack Ekstrom, PolicyWorks America

Energy Markets

 
WTI Crude Oil: ↓ $55.50
Natural Gas: ↓ $1.88
Gasoline: ↓ $2.53
Diesel: ↓ $2.98
Heating Oil: ↓ $178.24
Brent Crude Oil: ↓ $61.88
US Rig Count: ↑ 820

 

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