Failing Upward

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DAILY ENERGY NEWS | 10/17/2023

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CEO of a bankrupt electric bus company is advising the Biden Administration on what? How to blow taxpayer money on products that blow up?

Just the News (10/16/23) reports: "Wyoming Sen. John Barrasso is asking President Biden to remove the top executive for Proterra Inc. from the presidential export council, considering he led the EV technology company into bankruptcy. The California-based company filed for bankruptcy in August, citing financial troubles stemming from 'market and macroeconomic headwinds.' 'It’s unclear why [CEO Gareth] Joyce, having overseen the failure of Proterra, should continue to advise you on issues of such great importance to our nation’s economic security and wellbeing,' Barrasso, a Republican, wrote in his request to Biden, a Democrat. The council advises the president on government policies and programs impacting trade performance, opportunities, and problems."

"For the sake of Africans and the rest of the world, African leaders need to confidently reject the net-zero movement and embrace energy freedom—including fossil fuel freedom."

-Alex Epstein, Energy Talking Points

Renewable energy is the big winner when it comes to federal subsidies. Consequently, taxpayers are the biggest loser.

The Center Square (10/16/23) reports: "Renewable energy, led by wind and solar, received $15.6 billion in federal government subsidies in fiscal year 2022, far more than fossil fuels. The coal industry received $873 million and natural gas and petroleum liquids industry received $2.3 billion, according to a recent report from the Energy Information Administration. Critics say the billions in subsidies allow renewable energy to masquerade as affordable by offsetting their costs through government spending. Advocates say the government's transition from subsidizing fossil fuels to renewables is long overdue and needed to move this country to a cleaner form of energy... Dan Kish, senior fellow at the Institute for Energy Research, said the federal subsidies will increase more after the passing of President Joe Biden's Inflation Reduction Act in August 2022. 'Those numbers [in the EIA report] were before the impact of the Inflation Reduction Act, which has morphed into a climate bill,' Kish said in an email to The Center Square. "The subsidies in that will dwarf anything that is in these numbers.'"

Coal to the rescue. Again.

Bloomberg (10/16/23) reports: "A unit of a power plant in the eastern part of the country — LEAG’s Jänschwalde block F — started generating on Sunday, according to the operator. The facility, which has a capacity of 500 megawatts, was operational last winter, put in reserve in July, and is now fully available in the market to help boost supplies. Last year’s historic energy crisis forced Germany to temporarily increase its reliance on the dirty fuel after supplies of Russian pipeline gas were shut off. While that poses a setback for the government’s plans to curb harmful emissions, it’s part of its strategy to contain price increases for consumers during the heating season."

It's time to Save Our Cars.

Reuters (10/16/23) reports: "A group representing General Motors, Toyota Motor, Volkswagen, and nearly all other major automakers on Monday sharply criticized the Biden administration proposal to drastically hike fuel efficiency requirements. The Alliance for Automotive Innovation said the National Highway Traffic Safety Administration's (NHTSA) Corporate Average Fuel Economy (CAFE) proposal was unreasonable and requested significant revisions."

Energy Markets

WTI Crude Oil: ↑ $86.98
Natural Gas: ↑ $3.13
Gasoline: ↓ $3.58

Diesel: ↑↓ $4.46
Heating Oil: ↓ $312.35
Brent Crude Oil: ↑ $90.08
US Rig Count: ↑ 680

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