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DAILY ENERGY NEWS | 06/29/2023

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The government is closing down pizza shops and propping up EV makers, showing the dramatic distance between voter preference and government policy. The latest episode of The Unregulated Podcast is now streaming on our website, or wherever you listen.

"The immovable object (the energy shortfall) is about to meet the unstoppable force (the California green energy and EV mandates)."

– Duggan Flanakin,
Committee For A Constructive Tomorrow

He that lieth down with dogs shall rise up with fleas.

New York Times (6/28/23) reports: "The auto industry’s largest lobbying organization has come out against the Biden administration’s most ambitious climate change regulation, a proposed rule designed to ensure that two-thirds of new passenger cars sold in the United States are all-electric by 2032. If implemented, the rule would be one of the strongest actions taken by any country to fight climate change. It would eliminate about seven billion tons of carbon dioxide from the atmosphere — the equivalent of taking all American vehicles off the road for four years — by compelling the auto industry to move away from the internal combustion engine that has powered cars for a century and commit to an electric future. On Wednesday the Alliance for Automotive Innovation, which represents 42 car companies that produce about 97 percent of the new vehicles sold in the United States, wrote in public comments filed to the Environmental Protection Agency that the proposed rules are 'neither reasonable nor achievable in thetime frame covered in this proposal.' The Alliance wrote that the organization, whose members include General Motors, Ford, Stellantis, Volkswagen and Toyota, 'does not believe they can be met without substantially increasing the cost of vehicles, reducing consumer choice, and disadvantaging major portions of the United States population and territory.'"

Why is the EU’s green deal hard to achieve? Because unicorn flatulence doesn’t power the electric grid in the real world.

Washington Post (6/28/23) reports: "Four years after the European Union unveiled its “Green Deal” pledge — to become the first climate-neutral continent by 2050 — policymakers are embarking on the most difficult part: enacting the actual measures needed to achieve that ambitious goal. Delivering on even the initial emission-reduction targets is challenging, not least because of the massive costs associated with such a fundamental economic and social transformation covering everything from energy and industry to agriculture, transport and finance. Some countries, including Germany and France, want to ease the burden for their companies and make the changes less disruptive for people’s daily lives, while Poland said it would challenge some legislation in European courts. European Parliament elections next year are likely to highlight the political divisions across the continent, while the bloc’s own auditors have raised doubts about whether the next set of targets will be met...EU Commission President Ursula von der Leyen has estimated that investments of €470 billion ($513 billion) would be needed each year to meet the 2030 climate goals. Germany said in June that it expects the cost of transforming its natural gas and heating networks alone to reach as much as €14 billion by the end of the decade — the first time an official estimate has been given."

Someone should tell team Biden about this...

"The Big Guy" should be more worried about what is on the script than anything else.

Substack (6/23/23) article: "Last week, during a speech at a high-dollar fundraiser for the League of Conservation Voters in Washington, D.C., President Joe Biden exulted about a solar project in Angola. According to a transcript of his speech that can be found on the White House’s website, Biden said: 'We have plans to build a railroad from the Pacific all the way across the Indian Ocean. We have plans to build in — in Angola one of the largest solar plants in the world. I can go on, but I’m not. I’m going off-script. I’m going to get in trouble.' Ignore, of course, Biden’s gaffe about building a railroad across the Pacific. Ignore, too, his statement that he was 'going to get in trouble' for going off script. Joe Biden is the president of the United States. He commands a huge arsenal of warships, warplanes, and nuclear weapons. With whom, exactly, might he be getting in trouble? Instead, focus on the part about the solar project in Angola. Biden didn’t give any details, but he was referring to a $900 million loan commitment that was announced on June 1 by the Export-Import Bank of the United States that will back the construction of a 500-megawatt solar project in Angola. In a press release touting the deal, the Ex-Im Bank claimed the project will 'generate over 500 megawatts of renewable power; provide access to clean energy resources across Angola; [and] help Angola meet its climate commitments.' You can be forgiven for not knowing that Angola, an impoverished country of 32 million people where more than 60% of the population doesn’t have access to electricity has made any climate commitments at all."

Energy Markets

WTI Crude Oil: ↑ $69.62
Natural Gas: ↓ $2.64
Gasoline: ↓ $3.54

Diesel: ↓ $3.87
Heating Oil: ↑ $241.81
Brent Crude Oil: ↑ $74.11
US Rig Count: ↑ 723

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