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DAILY ENERGY NEWS | 06/15/2023
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** Speak out against the green machine and decades of service vanish in a puff of smoke.
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Cowboy State Daily ([link removed]) (6/14/23) reports: "Tesla CEO Elon Musk was once hailed as an innovator who was going to end humanity’s dependence on fossil fuels. Driving a Tesla electric vehicle was the ultimate status symbol for the climate-conscious environmentalists who could afford one. Now, the company has a lower rating on the environmental, social and governance (ESG) scale — a measure of a company’s commitment to progressive values — than a major tobacco company. This 'shows how the woke leftwing mob is using ESG scores to exert control over our entire society in an enormously negative way,' Wyoming Secretary of State Chuck Gray told Cowboy State Daily. After Musk bought Twitter and demonstrated a commitment to making it a free-speech platform, he’s fallen out of disfavor with the progressive left...Alex Stevens, manager of policy and communications for
the Institute of Energy Research, told Cowboy State Daily that Musk is a difficult person to pin down politically. Despite competing effectively in the electric vehicle space, he’s been an outspoken critic of ESG, calling it a 'scam.' The difference in ratings between tobacco companies and Tesla, Stevens said, shows he’s right. 'I think this highlights the fact that the ‘social’ element of ESG is often more about promoting current progressive social fads than it is about developing objective metrics to determine how well companies are serving some vague notion of the common good,' Stevens said. Altria has had well-publicized campaigns to push for diversity on the corporate boards of its companies, as well as a number of social justice initiatives. "
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** "The systemic opposition of the locals to massive solar arrays and wind farms has created a new class of environmentalists. They live in and support greenery over government machining their living space. In contrast, the Washington, D.C. ‘environmentalists’ lobby and push from their concrete jungle. Going green and private property rights are aligned against Big Brother.”
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–Robert L. Bradley, Jr., IER ([link removed])
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Coal: when you absolutely, positively need to keep the lights on.
** Bloomberg ([link removed])
(6/15/23) reports: "British power generator Drax Group Plc is in talks with National Grid Plc to restart two coal-fired units to be used as emergency back up power supply for next winter. National Grid was asked by the government earlier this year to explore extending a coal reserve that was used last winter as a safety buffer. Drax is in talks to re-open the units at its power station in north England, according to the grid operator’s early winter outlook published on Thursday. The Drax units participated in the reserve last year and that contract finished at the end of March. The company, which is focused on expanding its biomass and carbon-capture plans in the UK and US, announced at the time 'the official end of coal-fired generation at Drax Power Station' A Drax spokesman said the company has had 'various discussions' with the government and grid operator since April, but is not currently in 'negotiations' to extend the availability of its coal units. Drax has started the coal units’
decommissioning process, he said. The UK plans to close all remaining coal-fired generation by the end of 2024 as part of its push to have a net zero grid by the middle of the next decade. It’s a tough target that will require an accelerated build-out of renewable energy capacity while maintaining reliability of supply. "
We can't even get a train built halfway across California, but you have to love his optimism!
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People want cars they can use. It's that simple.
** Reuters ([link removed])
(6/13/23) reports: "General Motors (GM.N) has signaled in a series of recent announcements on plant retoolings that it plans to keep its largest and most profitable combustion trucks and SUVs in production longer than expected - another 10 to 12 years, according to analysts and suppliers. This should enable the automaker to reap tens of billions of dollars in additional profit, according to Reuters estimates, before it shifts completely to zero-emission electric vehicles in 2035. GM in November 2021 said it would switch to an all-electric fleet by 2035. It never said when exactly it would stop producing gasoline-powered trucks and SUVs, though suppliers and analysts expected it would be well before 2035. The longer timeline for churning out combustion trucks and SUVs, and the potential to harvest $50 billion or more in profit over that period, is the real news behind GM's announcements this past week that it will spend nearly $3 billion to retool and upgrade several North American plants.
Details on the timing and potential profit have not previously been disclosed."
Energy Markets
WTI Crude Oil: ↑ $69.62
Natural Gas: ↑ $2.47
Gasoline: ↑ $3.58
Diesel: ↓ $3.90
Heating Oil: ↑ $242.00
Brent Crude Oil: ↑ $74.46
** US Rig Count ([link removed])
: ↓ 722
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