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DAILY ENERGY NEWS | 08/23/2023

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If there is nothing to hide, why doesn't FERC "drop" the documents we've requested?

"Decades of programs like Pennsylvania’s Alternative Energy Portfolio Standards, which subsidize expensive and unreliable energy and discourage the development of reliable fossil fuels, are failing Pennsylvanians. Shapiro should end energy subsidies and allow free markets to determine the path to cheap, clean, and sustainable power."

– Gordon Tomb,
The Commonwealth Foundation

More unforeseen consequences that we've been warning policymakers about for decades.

Forbes (8/22/23) reports: "You can’t say electric vehicles as a category did poorly in the latest customer satisfaction study from the American Customer Satisfaction Index — after all, the all-EV Tesla brand tied with Lexus, Toyota’s luxury division, as the No. 1 luxury brand. Yet owners gave EVs the highest scores in only a narrow couple of attributes, said Forrest Morgeson, associate professor of marketing at Michigan State University, and director of research emeritus at the ACSI organization. The lack of broader appeal could be a concern in the longer term, as the whole auto industry switches over to electric vehicles, he said. 'EVs must improve before automakers can justify the price differential for a broader audience,' he said. EVs were No. 1 in the survey, in the sub-categories of Technology and in Warranties, Morgeson said. The bad news is, EVs ranked last for dependability and customer expectations for reliability, and they have the highest complaint rate, according to the survey...In the case of electric vehicles, part of the reason for this seeming disconnect is that EVs buyers are still relatively early adopters, who are interested in the technology and highly motivated to own an EV, and therefore, likely to be ready to forgive some problems. It remains to be seen whether that’s still the case as EV ownership becomes more common, and when every brand has electric vehicles."

Nothing of value was lost and climate speculators got what was there's.

Bloomberg (8/22/23) reports: "A number of major carbon traders are finding that offsets they bought may now be valueless. Trafigura Group, the world’s largest trader of carbon-removal credits, has suspended a consignment as it awaits the results of a probe into the forestry project behind the units. The situation has led the company to replace the offsets in a contract with a corporate client and instead keep the stranded credits on its own books. Hannah Hauman, global head of carbon trading at Trafigura — and a former oil trader — says the complete loss of value seen in some corners of the voluntary carbon market is unlike anything she’s witnessed in oil markets. Oil traders 'see distressed or off-spec cargoes,' but they 'don’t see defunct assets,' she said in an interview. It’s the latest in a string of cases in which traders handling carbon credits are having to treat such assets as stranded. Just over 75 million carbon credits currently lie dormant on the accounts of Vitol SA, the world’s largest independent commodity trader. And Dutch trader ACT Commodities Group BV and ACT Financial Solutions, which are both units of SMS Holding BV, last year wrote off about 1.5 million credits."

While Biden is playing footsie with nuclear war, his underlings charged with defending America are focusing on climate change.

Energy Markets

WTI Crude Oil: ↓ $77.90
Natural Gas: ↓ $2.54
Gasoline: ↓ $3.84

Diesel: ↑ $4.35
Heating Oil: ↓ $311.89
Brent Crude Oil: ↓ $82.28
US Rig Count: ↓ 685

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