Arctic blast fueling record electricity demand in Texas, just as wind generation falls due to frozen turbines. Fortunately, #natgas is picking up the slack, for now... but Texas Energy regulator ERCOT warns that gas supplies are running thin. ercot.com/news/releases/…
From ERCOT: "...we are dealing with higher-than-normal generation outages due to frozen wind turbines and limited natural gas supplies available to generating units. We are asking Texans to take some simple, safe steps to lower their energy use during this time."
We fully support the long-term vision of clean, renewable energy... but we also believe that hydrocarbons like #oil and #natgas will play a vital role in building that bridge towards the future.
Moments like this provide a critical reminder that there's no substitute for #natgas when you need reliable power or heat generation at a moment’s notice. Likewise, the California blackouts last summer show that consumption peaks must be considered as we transition the grid.
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1/ On President’s Day, we reflect on the legacy of the world’s most powerful public office. And with the recent changing of the guard in the Oval Office, many of our investors have been left wondering what the incoming Biden administration means for the #oil and #natgas industry.
2/ However, history shows that, despite the power of the Presidential office, the energy cycle often operates independently of the political cycle. Older generations might recall that the energy politics of yesteryear centered around achieving American “energy independence.”
3/ The idea was born from the 1970s #oil shock, after which President Richard Nixon proclaimed: “At the end of this decade, in the year 1980, the United States will not be dependent on any other country for the energy we need.” That was 1974, when America imported 36% of its oil.