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DAILY ENERGY NEWS | 04/18/2023
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** The problem with socialist electricity schemes is eventually you run out of other people to pay your rate.
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American Experiment ([link removed]) (4/17/23) article: "According to the San Fransisco Chronicle, three major utility companies in California have proposed to charge their customers based on their household income. The measure, which was drafted in response to a new California state law, would potentially save low-income families on their power bills while charging higher-earning families more. Under the plan, monthly bills would be broken into two parts: a fixed infrastructure charge, tiered by customer income level as required by the law, and an electricity use charge, which would vary based on consumption. Under the proposals, the monthly fixed charge for Pacific Gas and Electric (PG&E) customers would be as follows for a four-person household:

• Less than $28,000 per year: $15 fixed charge per month.

• Between $28,0000 and $69,000 per year: $30 fixed charge per month.

• Between $69,000 and $180,000 per year: $51 fixed charge per month.

• More than $180,000: $92 fixed charge per month.

The companies estimate that the electricity use charge, called a rate from hereafter, would initially fall by a third as more of the costs of providing electricity service are rolled into the fixed charges...California’s income-based fixed utility charges are a stunning departure from the classic tenets of utility rate-making, which stress that customer expenses should be just and reasonable and based on the cost of providing the service to that customer."
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** "The unrealistic energy policies in place today eventually will collapse under their own weight. The resulting costs to U.S. consumers and businesses will be staggering."
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– Jonathan Lesser, The Manhattan Institute ([link removed])

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Crank up your gas stoves! Let 'em rip!

** Bloomberg ([link removed])
(4/17/23) reports: "A California city’s ordinance banning natural gas hookups in new buildings was toppled Monday by the Ninth Circuit, which said that the ordinance is preempted by federal law. The panel’s decision was a win for the California Restaurant Association, which argued the Berkeley, Calif., ordinance was preempted by the Energy Policy and Conservation Act. The city said the ordinance would help control emissions and “eliminate obsolete natural gas infrastructure.” But it effectively amounted to a ban on natural gas appliances, the CRA told the US Court of Appeals for the Ninth Circuit. 'Berkeley can’t bypass preemption by banning natural gas piping within buildings rather than banning natural gas products themselves,' the panel wrote. The US District Court for the Northern District of California ruled in July 2021 that it couldn’t read the EPCA to preempt the ordinance when the ordinance 'does not directly regulate either the energy use or energy efficiency of covered
appliances.' Berkeley’s ban on natural gas infrastructure in new buildings is 'clearly outside the preemption provision of the EPCA,' the court said."

Coal #1! Coal #1! Coal #1!

** ([link removed])

Hello, Senator Manchin. Did you see this one coming?

** Bloomberg ([link removed])
(4/18/23) reports: "The US Inflation Reduction Act will still benefit Hyundai, despite the company not being included on the list of companies that qualify for the US tax credit, South Korea’s senior presidential secretary for economic affairs Choi Sang-mok said at a meeting with reporters in Seoul Tuesday. Hyundai is able to get the $7,500-a-car subsidy in the US for rental and leased cars, thanks to the diplomatic efforts Korean government made for a tweak in the IRA: Choi. Hyundai’s rental and leased EV sales accounted for 28% of its total EV sales in US in 1Q, up from 5% in 2022: Choi. Hyundai sold around 14,400 EVs in March, up from 5,500 in August when IRA was announced: Choi. Hyundai is also planning a mass production of EVs in US in 2H of 2024 to be compliant with IRA, he added. Choi said South Korean battery makers will benefit from IRA as 17 among 22 EV models that qualify for the US tax credit are using Korean batteries"

Back in the patch. Tom weighs in on America's energy future with the crew of In The Oil Patch. ** Now streaming ([link removed])
wherever you listen to podcasts.

** ([link removed])

Energy Markets


WTI Crude Oil: ↓ $80.06
Natural Gas: ↓ $2.29
Gasoline: ↑ $3.67

Diesel: ↑ $4.20
Heating Oil: ↓ $258.95
Brent Crude Oil: ↓ $83.93
** US Rig Count ([link removed])
: ↓ 791



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