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DAILY ENERGY NEWS  | 04/10/2023
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Maybe they missed the real risks because SVB was obsessed with imaginary risks.


Wall Street Journal (4/10/23) reports: "When KPMG LLP gave Silicon Valley Bank a clean bill of health just 14 days before the lender collapsed, the Big Four audit firm flagged potential losses on loans as a so-called critical audit matter. But the audit opinion was silent on what actually brought down the bank—its unrealized bond losses and ability to hold them given a reliance on potentially flighty deposits. 'The auditors failed to mention the fire in the basement or the box of dynamite on the first floor, but they did point out the peeling paint on the flower box,' said Erik Gordon, a University of Michigan business professor. 'How could they miss the interest-rate risk?'"

"President Biden's anti-American energy policies put our nation on a dangerous path. It's time for the government to stop overregulating our lives and focus on solutions that will truly benefit the American people and our energy future. And that starts with them getting their hands off our stoves." 

 

–Rep. Dan Newhouse (WA-04)

EVs: A product so good, the government needs to mandate adoption.


AutoCar (4/6/23) reports: "Used car specialists have called for government support for second-hand electric vehicles as hefty price drops mean some dealers are no longer stocking them. The Vehicle Remarketing Association (VRA), which is made up of senior executives from the sector, claimed there is an 'imbalance' in government incentives between new and used EVs and 'more needs to be done to ensure a healthy market for the latter.' Values have been falling for months and some retailers have stopped buying used EVs, while others have never stocked them.  'Over a third of franchise dealer groups don’t have a used EV for sale [and] many have a used buying ban on battery-electric vehicles… since the price drops,' said VRA chair Philip Nothard."

Germany is not serious about co2-free energy. 

China chortles and builds another dozen coal plants. 


AP (4/7/23) reports: "A judge canceled the air quality permit for a natural gas power plant that’s under construction along the Yellowstone River in Montana citing worries over climate change. State District Judge Michael Moses ruled Thursday that Montana officials failed to adequately consider the 23 million tons of planet-warming greenhouse gases that the project would emit over several decades. Many utilities across the U.S. have replaced coal power with less polluting natural gas plants in recent years. But the industry remains under pressure to abandon fossil fuels altogether as climate change worsens. The $250 million plant is being built by Sioux Falls, South Dakota-based NorthWestern Energy and would operate for at least 30 years. The company will appeal the order, a spokesperson said in a statement Friday, saying that the ruling could jeopardize reliable power service. Montana officials had argued they had no authority to regulate greenhouse gas emissions. They also said that because climate change is a global phenomenon, state law prevented them from looking at its impacts."

Energy Markets

 
WTI Crude Oil: ↑ $80.81
Natural Gas: ↑ $2.15
Gasoline: ↓ $3.60
Diesel: ↓ $4.19
Heating Oil: ↑ $269.38
Brent Crude Oil: ↑ $85.10
US Rig Count: ↑ 828

 
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