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DAILY ENERGY NEWS | 07/25/2023
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** GM car and truck buyers are trying to tell Mary Barra something. Will she listen?
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Bloomberg ([link removed].) (7/25/23) reports: "General Motors Co. raised its profit target for the year by at least US$1 billion and said its second-quarter earnings beat analysts estimates on stronger-than-expected U.S. sales, especially its largest and most profitable models. The results show that while investors eagerly await progress in GM's electric-vehicle program, its legacy business making gasoline and diesel-fueled SUVs and trucks are allowing it to crank out big profits. Consumers are buying the thirstiest and most expensive models despite rising interest rates and elevated sticker prices. 'The biggest driving force behind our financial results is customer demand for our vehicles,' GM Chief Executive Officer Mary Barra said Tuesday in a letter to shareholders. 'We have earned four consecutive quarters of higher
retail market share in the U.S.'...The automaker is concentrating investment on its most strategic internal combustion engine and EV programs, Barra said, as well as its most promising growth initiatives, including Cruise LLC, its self-driving car unit, as well as its BrightDrop EV fleet and software-defined vehicles. Cruise lost US$611 million in the quarter and the driverless car business has cost GM US$1.2 billion so far this year."
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** "When it comes to EPA regulations, buyer beware. The price tags in its regulatory impact analyses are unconnected to reality, and even the most predictable grid reliability problems have been swept under the rug."
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– Travis Fisher, The Heritage Foundation ([link removed])
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Get your 7-passenger EV! You'll need the family to help push when it runs out of charge.
** Wall Street Journal ([link removed])
(7/24/23) reports: "America’s de facto family hauler—the large, three-row SUV—is finally going electric. Car companies are planning to roll out a slew of seven-seater electric SUVs, with some, such as the Kia EV9 and Volvo EX90, expected in showrooms in coming months. Today there are scant electric options in the large-SUV category, which has become the people-mover of choice for U.S. families. Auto executives say introducing larger plug-in SUVs will broaden the appeal of EV ownership to a new pool of buyers. Many car shoppers—especially parents who shuttle children around town—have bypassed electrics because they haven’t had the option for a larger vehicle with a third row of seating and more cargo space. 'For a lot of people, that third row is the No. 1 reason for purchase,' says Jess Bala, director of global product planning at General Motors’ Cadillac brand, which is scheduled to reveal an electric Escalade IQ large SUV in August. 'Those are often younger buyers who already are more
interested in EVs.'"
Always read the fine print. "Climate" rationing coming to a home near you...
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A real curveball from the White House. More political regulations to make electricity more expensive.
** E&E News ([link removed])
(7/24/23) reports: "A White House advisory panel is calling for much stronger soot and smog standards, potentially putting it at odds with the positions staked out by top EPA officials. Both pollutants are “major public health menaces” that disproportionately affect people of color and low-income communities, members of the White House Environmental Justice Advisory Council wrote in a recent letter now posted on its website. 'We strongly recommend action that is sufficiently bold to address the gross inequities in how different communities are impacted by these pollutants,' they told Brenda Mallory, chair of the White House Council on Environmental Quality (CEQ), in the letter. 'Equally important, the administration must act on a timeline that does not delay alleviating the deadly burden that communities face.' The letter gives at least a symbolic boost to public health and environmental groups that are urging EPA to adopt the most stringent options previously recommended by another group
of advisers during reviews of National Ambient Air Quality Standards for soot and smog."
Energy Markets
WTI Crude Oil: ↑ $78.86
Natural Gas: ↓ $2.68
Gasoline: ↑ $3.63
Diesel: ↑ $3.90
Heating Oil: ↓ $275.13
Brent Crude Oil: ↑ $82.82
** US Rig Count ([link removed])
: ↓ 684
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