2018年4月24日 星期二

Morning Volt for 04/24/2018, presented by Chevron

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Morning Volt

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How the New Deal Helped Seed Modern Environmentalism

Benjamin Alexander, TC

Eighty-five years ago, on April 5, 1933, President Franklin D. Roosevelt signed an executive order allocating US$10 million for Emergency Conservation Work. This step launched one of the New Deal's signature relief programs: the Civilian Conservation Corps, or CCC. Its mission was to put unemployed Americans to work improving the nation's natural resources, especially forests and public parks.Today, when Americans talk about big government, the connotation is almost always negative. But as I show in my history of the Corps, this agency infused money into the economy at a time...

Fossil Fuel Divestment: Political Pandering or Wise Investing?

Chris Tomlinson, HC

Europe's largest bank will no longer finance new coal-fired power plants, oil sand projects or arctic drilling, but was this decision driven by politics or risk?The answer is that one sped recognition of the other, and the energy industry better take notice.HSBC announced the new policy the day before a shareholder meeting where activists were expected to demand polices that recognized both the environmental and financial risk presented by climate change.

Global Oil Supply Surplus May Soon Become a Shortage

Myra P. Saefong, MW

Oil prices have rallied so far this year, as OPEC-led efforts have helped erase a big global surplus, but the market may soon suffer from a new dilemma: a shortage of crude supplies that would support further price gains.Stockpiles of the commodity among the industrialized nations that make up the Organization for Economic Cooperation and Development (OECD) stood at 2.84 billion barrels at the end of February, only 30 million barrels above the five-year average, according to a monthly report from the International Energy Agency (IEA).The global market has tightened considerably in recent...

Stop Comparing Fossil Fuel Companies to the Tobacco Industry

Denver Post

Climate change is real, but so is the reality that fossil fuels continue to underpin modern civilization, even as our reliance on them is slowly, steadily and appropriately reduced.Without fossil fuels, transportation would stagger to a halt, agricultural productivity would plummet, millions would suffer from cold, heat and hunger, and untold legions would suffer premature death.That's why any comparison between fossil fuel companies and the tobacco industry, whose product is a health disaster with no redeeming economic value, is so wide of the mark. And yet officials from the city...

Trump's Revenge: US Oil Floods Europe

Olga Yagova & Libby George, Reuters

As OPEC's efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has helped elevate benchmark Brent prices close to four-year highs.Now, the relatively high prices brought about by that pact, coupled with surging U.S. output, are making it harder to sell Russian, Nigerian and other oil grades in...

Offshore Drilling Is Safer Than Ever

Randall Luthi, The Hill

Offshore energy production is essential to the nation's energy security and economic well being and producing oil and natural gas offshore must be done safely. As debate continues over Secretary Zinke's decision to expand access to the nation's outer continental shelf, it's worth reflecting on the steps the offshore industry has taken to redouble its commitment to safety.Offshore energy production is safer than it has ever been thanks to industry efforts focused in three key areas. First, the industry has worked to prevent accidents from ever happening. This has been accomplished through...

Trump vs. OPEC

Sam Meredith, CNBC

Oil traders must become especially attentive to Donald Trump's Twitter feed over the coming weeks, an analyst said Monday, following the president's abrupt decision to lash out at the world's largest oil-producing nations.In a tweet sent during a key meeting between Saudi-led oil producers and Russia on Friday, Trump criticized OPEC for "artificially" propping up prices. He also warned the oil cartel that its actions were "no good" and "would not be accepted" by the White House.

Is Wind Energy a Good Idea?

John Hinderaker, PowerLine

You can produce electricity with a wind turbine, but is it good policy to do so? The reality is that wind energy exists solely because of government subsidies. (Don't take my word for it, just ask Warren Buffett: We get a tax credit if we build a lot of wind farms. That's the only reason to build them. They don't make sense without the tax credit.) Given that wind energy is intermittentnationally, wind turbines produce electricity around 40% of the time, generally at off-peak hoursand electricity cannot be stored at an industrial scale, wind energy accomplishes little, other than...

Oil Is Approaching $70. Is the Economy Ready?

Stephanie Yang & Alison Sider, WSJ

Oil prices are headed toward $70 a barrel, a weight on the U.S. economy that is bearable for now but could pose trouble if prices keep climbing.The last time U.S. oil prices were at $70, in 2014, they were in the middle of a steep collapse. Many investors believed then that prices would soon stabilize, or even recover. Instead, they continued to plunge, eventually hitting a bottom in 2016 at $26. That tumble caused acute pain for oil producers, whose troubles rippled out into stocks, bonds and the broader economy.

4 Red States Get Over 30 Percent of Power From Wind

Nicholas Kusnetz, ICN

A new report underscores that even as Republican leaders remain resistant or even hostile to action on climate change, their states and districts are adopting renewable energy at some of the fastest rates in the country.Four statesIowa, Kansas, Oklahoma and South Dakotanow get more than 30 percent of their in-state electricity production from wind, according a new report by the American Wind Energy Association. Each of those states voted for Donald Trump in 2016, and each is represented by Republicans in the Senate and has a Republican governor.In fact, the top 10 congressional...

Oil Industry Pushes Back on Climate Suits

Jennifer Dorroh, Climate Liability News

In defending climate liability lawsuits brought by several U.S. communities, the fossil fuel industry is arguing that local governments are telling courts they face staggering climate-related costs but are not disclosing those risks to potential municipal bond investors.The argument implies that the communities are trying to mislead investors. Yet interviews with experts and a review of bond documents suggest this argument has little substance.The National Association of Manufacturers (NAM), a trade group waging a campaign against the communities pursuing climate suits, sent a letter to the...

Belgium to Double Offshore Wind Energy Capacity

Staff, Reuters

Belgium will double the area of its North Sea waters made available to offshore wind parks after 2020, the government announced on Friday, as part of its exit strategy from nuclear power.The country has four offshore wind parks that produce 871 megawatts of power and wants to increase that capacity to 2.2 gigawatts by 2020 and to 4 gigawatts by 2030. After 2020, the government plans to designate a new, 221-square-kilometre (85 square miles) area near French waters.

Surging Oil Prices Rattle President Trump

Matt Egan & Alanna Petroff, CNN Money

Trump, a major friend to the fossil fuels industry, took OPEC to task on Friday for the recent surge in oil prices. The price has climbed toward $70 in recent weeks, the highest in more than three years. "Looks like OPEC is at it again," Trump tweeted. "Oil prices are artificially Very High! No good and will not be accepted!"Trump is right that OPEC, the Saudi-led cartel, has orchestrated higher prices, as it's known to do. And millions of American voters will probably share the president's outrage if gasoline prices soar as a result.

The New EPA & Why the Radical Left Is Losing It

Steve Forbes, Investor's Business

It should come as no surprise how the man who is boldly redirecting the EPA a once rogue agency that operated far beyond its constitutional authority is now the subject of routine attacks from liberal news outlets and activists who want him fired. Scott Pruitt has taken his job as EPA Administrator seriously and has done more to reinstate the EPA's true, core mission than any of his modern-day predecessors.Pruitt's sharp focus is correct to restore contaminated lands, safeguard our nation's air and water, and do so by respecting real science rather than the ideologically driven...

Climate Change Lawsuits Are Moving Inland

Jason Plautz, Huffington Post

On Tuesday, just off a pedestrian mall that would normally be home to busking contortionists and firebreathers, local officials ushered in a new era of climate change litigation.Representatives of two Colorado counties and the city of Boulder announced a lawsuit against two oil companies at a rally before nearly 100 citizens. The counties - Boulder and San Miguel - said heavy floods, fires and heat waves were becoming too expensive for local governments to pay for themselves, and that those who caused the damage should be responsible for the costs.

The World Bank's Anti-Energy Mission

Rupert Darwall, Washington Examiner

What is the best form of defense? There is a reason why the Climate Industrial Complex is targeting EPA Administrator Scott Pruitt.It recognizes that the return to energy sanity is the Trump administration's greatest accomplishment. It ended the previous administration's war on coal. President Trump has freed the United States from the unilateral decarbonization ratchet of the Paris Agreement. Administrator Pruitt is rolling back the Clean Power Plan.That explains the motive behind the coordinated attempt to force Pruitt out.
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