Tuesday, February 09, 2021

Extra Texas Left Wrangling



Lots happening; another impeachment trial, Neera Tanden's confirmation hearing, the Lege gaveling back in, and me with a pot full of links already, so here comes a second edition of the Wrangle.

First, a few updates since yesterday.  "Team Cruz" has been trending overnight.  If Ted wants to play like this, we got time.  Today, tomorrow, every day for the next four years.


And regarding other Texans Behaving Badly:


With respect to COVID-19:


I promised an update on environmental news, and it's going to intertwine with Houston business and Texas Democrats and Republicans in Washington.  Feel free to connect the dots.  Let's start with this news item.

-- Houston Energy Companies Lost Billions in 4th Quarter of 2020

ExxonMobil, which has its main campus in Houston, reported a stunning $20 billion in losses in the fourth quarter alone. Reuters reports it's the first time Exxon has posted an annual loss as a public company, and some investors are using it as an opportunity to push Exxon to focus on clean energy in hopes of boosting investor returns.

Houston-based ConocoPhillips lost more than $700 million in the fourth quarter for a total loss of $2.7 billion in 2020. BP, which also has its U.S. headquarters in Houston, reported a full-year loss of $5.7 billion, compared to $10 billion profit in 2019.

(Last) week the price of West Texas oil hit an 11-month high at just over $55 per barrel. For most of last year prices hovered at or below $40 a barrel. Many companies say they need around $50-60 per barrel to break even.

Oilprice.com reported the week before last that the frackers are gearing up again.  That reads to this dispassionate observer as the very definition of 'boom and bust'.  Put another way: "This juice might be worth the squeeze again; let's work this lemon some more before we move on".

But some things aren't coming back.

Lone Star Republicans are as dense as bedrock about the prospects for 'oil bidness as usual', but a handful of Texas Dems are no smarter.

Vicente Gonzalez of McAllen, Henry Cuellar of Laredo, Lizzie Pannill Fletcher of Houston and Marc Veasey of Fort Worth objected to the president’s order directing the secretary of the interior to halt new oil and gas leases on federal public lands and waters.


The very definition of pandering.

While our electeds can't see past their next campaign finance report, those of us who want to keep breathing clean air and drinking clean water will focus over the horizon.  Some oil companies are taking baby steps in the right direction.  And some residents of polluted fenceline communities are taking matters into their own hands.  There's just so much more that needs to be done.


That's my segue to some Lege business.  So if the Godniks won't let us gamble at the tables, is it possible they might allow sports books?


The announcement of the Sports Betting Alliance comes after the late Sheldon Adelson’s group, Las Vegas Sands, expanded their lobbying effort to legalize gaming in Texas. The Sands' push appears to want to work in tandem with the alliance to take the biggest shot to legalize both sports betting and gambling in Texas in recent memory.

Andy Abboud, senior vice president of government affairs for the Las Vegas Sands, told the Dallas Morning News, “We view sports wagering as a component of our efforts in bringing destination resorts to Texas and creating robust, long-term economic development and jobs for the state. We look forward to working in tandem with their coalition during the legislative session.”

Mark Cuban, billionaire owner of the Dallas Mavericks told the Morning News in an email, “I think it’s time ...it makes no sense for us to force Texans to go to neighboring states to gamble in casinos.”


Unlike casinos, there is a significant amonut of illegal bookie action going on everywhere -- online and off. It just makes sense ... but that usually doesn't move our legislators much.

I'll blog about the Movement for a People's Party and the Green Party, perhaps tomorrow and append some of my thoughts to David Collin's, along with a profile of the GPTX's gubernatorial candidate. Closing here today with some suggested fiction reading.

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