News of the Day: A guide to spotting lies using data….aka fact checking promoters of the oil tax initiative
A criticism recently leveled at Alaska’s current oil tax by some people promoting the Fair Share Act, the ballot initiative to raise oil taxes, is that the total royalty plus production tax rate in Texas is higher than Alaska. Like much of the discussion marketing the initiative, it sounds good until examined in detail.
OIL
Oil rises after surprise drop in U.S. inventories offsets demand concerns
Oil & Gas 360, July 29, 2020
Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere.
GAS
Record U.S. LNG output jump lifts exports in weak market
Oil & Gs 360, July 29, 2020
A sharp increase in U.S. liquefied natural gas (LNG) output in the past year has protected the country’s status as the world’s third largest exporter of the chilled fuel, despite multiple cargo cancellations this summer.
MINING
Americans Concerned About Paying Household Bills, Unwilling to Pay More for Electricity
National Mining Association, July 28, 2020
Fifty-six percent of Americans say they are unwilling to pay more in their electricity bills to support energy and climate plans that have been debated in the presidential race. The polling, conducted by Morning Consult for the National Mining Association (NMA), also found that nearly half of Americans say the pandemic has increased their concerns about their ability to pay those very bills. “The unprecedented circumstances stemming from the pandemic have created heightened financial stress for many American families that simply didn’t exist just months ago,” said Rich Nolan, NMA president and CEO. “While paying the bills may not have been high on the list of voter concerns six months ago, the world is now markedly different. As summer heat broils across the country and with more Americans increasingly finding themselves at home, keeping families safe and cool costs more than ever. Coal generation not only plays an outsized role in propping up the grid and providing reliability during extreme weather, but it underpins affordability.”
POLITICS
TODAY, Wednesday, July 29, President Trump is visiting Double Eagle Energy in Midland, Texas to deliver remarks on his Administration’s efforts to reduce regulations, streamline the permitting of projects, and incentivize private investment in energy infrastructure that have helped make the United States a dominant energy power.