The sanctity of law

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DAILY ENERGY NEWS | 08/10/2023

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The return to "rule of law" administration is really struggling with following the law.

Daily Caller (8/9/23) reports: "President Joe Biden said that he 'wanted to stop all drilling,' but could not do so after losing legal battles challenging his administration’s authority during an interview with The Weather Channel aired Wednesday. Biden made the claim in response to a question from the interview about keeping his sweeping green energy and climate change-related promises to younger voters. 'I wanted to stop all drilling on the East Coast, and the West Coast, and in the gulf, but I lost in court,' Biden said. His administration has rolled out one of the largest green energy spending agendas in American history, led primarily by hundreds of billions of dollars unleashed by the Inflation Reduction Act (IRA). Despite the legal setbacks, Biden said that he and his administration are 'still pushing, we’re still pushing really very hard' during the interview. 'The courts overruled me,' Biden said of his administration’s approach to minimizing drilling. Biden attempted to pause all oil and gas drilling on federal lands in 2021, but a Louisiana court blocked that action in August 2022, according to Reuters. The Biden administration had leased the fewest acres for onshore and offshore drilling of any administration since Harry Truman’s as of September 2022, according to the Institute for Energy Research."

"EPA claims that its regulations will not impact grid reliability, but the agency’s modeled generation mix cannot prevent blackouts while hindcasting observed historical conditions. Therefore, we should have no confidence in its assurances that it will have no impact on electric reliability in the future."

– Isaac Orr,
Center of the American Experiment

The anti-energy ESG scam is failing. Time for class action lawsuits.

Bloomberg (8/8/23) reports: "S&P Global Inc. will no longer publish ESG scores along with its credit ratings, as the company adjusts its approach in response to investor feedback. The update, which took place on Aug. 4, was triggered by expressions of confusion from investors who use S&P’s corporate credit ratings, according to a person close to the process who asked not to be identified discussing feedback that hasn’t been made public. A spokesperson for S&P referred to a statement, in which the company said the 'update does not affect our ESG principles, criteria or our research and commentary on ESG-related topics, including the influence that ESG factors can have on creditworthiness.' The development comes as ratings providers try to navigate a changing landscape in which there’s little consensus on how to assess the long-term financial impact of environmental, social and governance factors on issuers. S&P had sought to address such concerns a few years back by adding an alphanumerical scale intended to enhance its text descriptions of an issuer’s ESG credentials. That decision met with enough investor resistance to merit scrapping the alphanumerical model and instead publishing only text descriptions, the person said."

Heading the wrong way after a speech touting renewables is more symbolic than his handlers were hoping for.

Another scam falling apart in real time.

Issues and Insights (8/8/23) editorial: "Three California residents last week filed a lawsuit against Tesla for what they claim is false advertising over the car’s range. But why stop at Tesla? And why just sue over false claims about range when every other claim about EVs is also a lie? The lawsuit comes in the wake of a Reuters report contending that Tesla had been goosing the range displayed on its dashboard and created a 'diversion team' to deal with all the customer complaints about faulty batteries. The filing claims that 'Had Tesla honestly advertised its electric vehicle ranges, consumers either would not have purchased Tesla model vehicles, or else would have paid substantially less for them.' But this isn’t new news. There have been several reports over the years about the wildly inflated EV range claims...The real-world range of EVs is even worse than these studies show because, unlike with gas-powered cars, weather can dramatically reduce an EV’s range. Consumer Reports tested how well EVs performed in different weather conditions and 'found that cold weather saps about 25% of range when cruising at 70 mph compared with the same conditions in mild weather. In the past, we found that short trips in the cold with frequent stops and the need to reheat the cabin saps 50% of the range.'"

Energy Markets

WTI Crude Oil: ↓ $83.31
Natural Gas: ↓ $2.80
Gasoline: ↑ $3.82

Diesel: ↑ $4.23
Heating Oil: ↓ $316.11
Brent Crude Oil: ↓ $86.76
US Rig Count: ↓ 694

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