He was only 'Acting'.

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DAILY ENERGY NEWS | 10/04/2023

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Not to tell reporters how to do their job or anything, but shouldn't someone be asking the White House and the minions at FERC why they played the 'Acting' card for so long?

Politico (10/2/23) reports: "President Joe Biden elevated Willie Phillips to lead the Federal Energy Regulatory Commission earlier this year rather than appointing him to the position temporarily as the administration publicly indicated at the time, according to a White House document gained via a Freedom of Information Act request. Phillips had been on the commission a year when a White House official told POLITICO in January that Phillips was to 'serve as Acting Chair of FERC until' the president is 'able to nominate and confirm a permanent Chair' following the departure of then-Chair Richard Glick. A press statement released by FERC shortly after also described him as 'Acting' Chair, and he is described on FERC's website as the Acting Chair. But a White House document obtained by the conservative group Institute for Energy Research through a FOIA request shows President Biden signed an order on Jan. 3, 2023 designating Phillips as chair of the commission."

"Net Zero isn’t a cost to be minimized – it’s the growth opportunity of the century, worth £1 trillion to British business by the end of the decade."

– Theresa May,
Former British Prime Minister

We wish Congressman McCarthy well and applaud him for not trying to retake the gavel. Now let's get someone in there who prioritizes principles over politics.

E&E News (10/4/23) reports: "Hours after becoming the first House speaker in history to be ousted from the job, California Republican Rep. Kevin McCarthy announced Tuesday night he would not try to retake the gavel. The stunning announcement will kick-start a weeklong race to succeed him — one with enormous policy implications for energy and environmental issues ahead of a presidential election year. McCarthy’s departure from the speakership will also leave a void in a 14-year-long tenure as a member of the House GOP leadership team, where he worked to build a conservative policy platform that acknowledged the realities of climate change without forcing members to cut their ties to fossil fuels...At the same time, some observers said his environmental credentials were driven by politics rather than substance. 'McCarthy is not someone who has ever cared a lot about policy,' said Tom Pyle, president of the conservative American Energy Alliance. 'He doesn’t sit around and debate the pros and cons of policy. I think as a result he is influenced by the politics of the conference.'"

Because Big Green, Inc. knows that good news doesn't pay the bills...

Maybe if the federal government wasn't shoveling cash into the coffers of EV manufacturers, they would cut back on those "dizzying array of features" in order to make their cars more affordable. Am I missing something?

Wall Street Journal (10/2/23) reports: "Rivian Automotive set out to build the ultimate electric vehicle for American consumers—a pickup truck with sports-car handling and a dizzying array of features. Engineers gave the truck a beefy underlying metal frame for higher crash-test ratings and one of the most complicated suspension systems on the market for a smoother ride on- and off-road. It can go from zero to 60 miles an hour in 3 seconds. Rivian added pop-out flashlights stored away in the doors and a portable Bluetooth speaker. All that comes at a cost. Rivian vehicles sell for over $80,000 on average. Yet they’re so expensive to build that in the second quarter the company lost $33,000 on every one it sold. That’s roughly the starting price of a base model Ford F-150. When Rivian launched onto the electric-vehicle scene, industry watchers expected it to beat rivals to market and become the 'Tesla of trucks.' Investors piled into its splashy market debut in 2021, when it raised nearly $12 billion in cash and became the U.S.’s largest IPO in years. For a short while, Rivian was worth more than Ford Motor and General Motors. In two years, Rivian has blown through half of its $18 billion cash pile, in part because it struggled to master the nuts and bolts of manufacturing. While production is now growing and losses have narrowed, Rivian still loses money on its vehicle sales. In an industry known for narrow margins and tough competition, Rivian pays too much for parts and produces too few vehicles to cover its costs."

Energy Markets

WTI Crude Oil: ↓ $8657
Natural Gas: ↑ $3.05
Gasoline: ↓ $3.78

Diesel: ↓ $4.55
Heating Oil: ↓ $307.23
Brent Crude Oil: ↓ $88.37
US Rig Count: ↓ 667

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