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DAILY ENERGY NEWS | 10/16/2023

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The government and the automakers have big hopes for EVs. Those fickle buyers aren't cooperating.

Wall Street Journal (10/15/23) reports: "The auto industry’s push to boost sales of electric vehicles is running into a cold, hard reality: Buyers’ interest in these models is proving shallower than expected. While EV sales continue to grow—rising 51% this year through September—the rate has slowed from a year earlier and unsold inventory is starting to pile up for some brands."

"In general, legislators should address the EPA’s misapplication of the IRA subsidies. This is a policy reform that should get wide support, including from legislators who supported the expansion of the 45Q tax credit in the IRA. After all, if these legislators really want the tax credit to be about innovation and not elimination, then they need to block the EPA from using the 45Q tax credit as a way to kill off power plants."

-Darren Bakst and Paige Lambermont

Why is Jim Farley cutting these good union jobs? His cousin, aka Tommy Boy, must be rolling over in his grave.

Wall Street Journal (10/14/23) reports: "Ford Motor is considering cutting a work shift at the plant where it builds its electric F-150 Lightning pickup as demand for the EV truck falters, according to a memo from a United Auto Workers official. The official, who leads the union’s local chapter that represents workers at the truck factory, said in a letter dated Tuesday that the automaker was considering canceling the shift and indicated that it was looking to build more gas-engine trucks instead. 'It doesn’t take a rocket scientist to figure out that our sales for the Lightning have tanked,' the union leader wrote in the memo, which was viewed by The Wall Street Journal. The electric truck, which first rolled off assembly lines in April 2022, has been a central part of Ford’s EV strategy and its debut was a move by the company to capitalize on its brand popularity with pickup-truck drivers."

Tech companies fund all the green groups. Now they get a taste of their own medicine.

The Verge (10/13/23) reports: "Lawmakers’ push to revive US chip manufacturing has triggered new concerns about pollution regulation, inadvertently subjecting semiconductor factories to federal environmental review for the first time. But while a bipartisan bill would exempt the factories to support a still-struggling American industry, some environmental advocates worry it could weaken the nation’s bedrock environmental law."

What's this all about? I thought we were going to be net zero by 2050? Am I being lied to?

Reuters (10/11/23) reports: "Global energy consumption will likely increase through 2050 and outpace advances in energy efficiency, the U.S. Energy Information Administration (EIA) said on Wednesday. Global population growth, increased regional manufacturing and higher living standards will contribute to the increase in consumption, the EIA said. Global carbon dioxide emissions from energy will increase by 2050 in most scenarios outlined by the EIA."

Energy Markets

WTI Crude Oil: ↑ $88.23
Natural Gas: ↓ $3.17
Gasoline: ↓ $3.60

Diesel: ↓ $4.46
Heating Oil: ↑ $324.31
Brent Crude Oil: ↑ $91.34
US Rig Count: ↑ 673

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