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DAILY ENERGY NEWS | 09/06/2023
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** Oh what a tangled web we weave, when first we practice to deceive...
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Free Press ([link removed]) (9/5/23) article: "If you’ve been reading any news about wildfires this summer—from Canada to Europe to Maui—you will surely get the impression that they are mostly the result of climate change...I am a climate scientist. And while climate change is an important factor affecting wildfires over many parts of the world, it isn’t close to the only factor that deserves our sole focus. So why does the press focus so intently on climate change as the root cause? Perhaps for the same reasons I just did in an academic paper about wildfires in Nature, one of the world’s most prestigious journals: it fits a simple storyline that rewards the person telling it. The paper I just published—'Climate warming increases extreme daily wildfire growth risk in California'—focuses exclusively on how climate change has affected extreme wildfire behavior. I knew not to try to quantify key aspects other than climate change in my research because it would dilute
the story that prestigious journals like Nature and its rival, Science, want to tell. This matters because it is critically important for scientists to be published in high-profile journals; in many ways, they are the gatekeepers for career success in academia. And the editors of these journals have made it abundantly clear, both by what they publish and what they reject, that they want climate papers that support certain preapproved narratives—even when those narratives come at the expense of broader knowledge for society. To put it bluntly, climate science has become less about understanding the complexities of the world and more about serving as a kind of Cassandra, urgently warning the public about the dangers of climate change. However understandable this instinct may be, it distorts a great deal of climate science research, misinforms the public, and most importantly, makes practical solutions more difficult to achieve."
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** “Redefining, violating, or twisting classical liberalism to comport with an assumed problem is unnecessary and counterproductive. Classical liberalism is not confounded or refuted by the climate issue. Freedom’s prosperity is the way forward in an uncertain world—and climate policy par excellence.”
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– Robert L. Bradley, Law and Liberty ([link removed])

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Why are we worrying about a cold winter? Uncle António says the world is boiling.

** Daily Caller ([link removed])
(9/5/23) reports: "American consumers could see their heating bills rise this winter if the season turns out to be especially cold, Reuters reported Monday. Distillate inventories, which include heating oil, were about 15% below the five-year average as of late August, according to the U.S. Energy Information Administration. A chilly winter could drive heating bills up for Americans this winter, especially as higher demand from European countries and OPEC+ production cuts take hold in international markets, Reuters reported. 'We are living barrel to barrel and there is just no room for errors in the system,' Phil Flynn, analyst for the Price Futures Group, said, according to Reuters. 'If we get a cold winter, there are going to be significant price shocks.' American refiners have not built up large inventories of the distillate-rich varieties of oil in advance of the seasonal demand increase, driven by Americans looking to stay warm in their homes, according to Reuters. A central factor in
this development is the lack of abundant supply of medium and heavy- grade crude oil that tend to be distillate-rich."

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A truth bomb from Travis. And your daily reminder that the Rich Men North of Richmond are happy to spend your money on corporate boondoggles while you struggle to buy gas and groceries.

** Cato Institute ([link removed])
(9/5/23) blog: "At the signing of the Inflation Reduction Act (IRA), President Biden said: “The Inflation Reduction Act invests $369 billion to take the most aggressive action ever — ever, ever, ever — in confronting the climate crisis and strengthening our economic — our energy security.”...President Biden is certainly correct that spending $369 billion on anything is aggressive, even if that level of spending is projected over the next decade...However, the cost could be substantially higher than that, and taxpayers could be on the hook to provide that level of subsidy to electricity producers every few years in perpetuity or until the law is changed. That is because the energy subsidies in the IRA are enacted as permanent law, only to expire when specified emissions targets are met. This could mean that some provisions will last well beyond the 10‐​year budget window...The total cost of energy credits in the IRA is an unstable number with no reasonable cap. The energy credits are subject
to a wide range of variables, and they could persist for decades. Understanding the implications of the IRA for tax and budget policy requires going beyond the typical 10‐​year budget window, as the IRA itself does. Did policymakers mean to subsidize low‐​GHG electricity production to the tune of $50–100 billion per year, ad infinitum—easily $2.5–3 trillion or more when all is said and done? Maybe not, but we’ll find out if policymakers want to keep accruing them when these costs start piling up."

If you like your automobile industry you can keep your automobile industry.

** Wall Street Journal ([link removed])
(9/5/23) editorial: "BMW CEO Oliver Zipse this weekend spoke a politically uncomfortable truth about Europe’s force-fed electric vehicle transition. Lo, banning gas-powered cars will super-charge Chinese EV manufacturers and harm the West’s auto makers. Is President Biden listening? If the European Union follows through on its plans to ban gas-powered cars, 'the base car market segment will either vanish or will not be done by European manufacturers,' Mr. Zipse told the Financial Times. He nodded to the global ambitions of Chinese EV makers, which can produce cars more cheaply owing to lower energy and labor costs as well as extensive supply-chains. Increasing EV shipments helped China this year overtake Japan as the world’s top vehicle exporter. Auto makers are exporting more EVs made in China to Europe to meet government mandates. Low-priced Chinese EV makers such as Geely, BYD and Xpeng are also vying for the European market, fueled by subsidies and hefty gas taxes...Democrats and the
climate left promoted EV subsidies and bans on gas-powered cars as urgent necessities to stop the Chinese from dominating the global market. That isn’t how it’s turning out. The U.S. and Europe risk destroying their home-grown auto business for an electric future largely made in China."

Energy Markets


WTI Crude Oil: ↑ $87.02
Natural Gas: ↓ $2.52
Gasoline: ↓ $3.80

Diesel: ↓ $4.45
Heating Oil: ↑ $317.23
Brent Crude Oil: ↑ $90.20
** US Rig Count ([link removed])
: ↓ 678



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