You Skate to Where the Puck is Going

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DAILY ENERGY NEWS | 10/18/2023

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What is going on here? Didn't Mary Barra tell us that EVs are the future?

Automotive News (10/17/23) reports: "General Motors on Tuesday said it will push back the launch of electric pickup production at a Detroit-area factory until late 2025, citing electric vehicle demand and the need for engineering upgrades. The delay in starting output of the Chevrolet Silverado EV and GMC Sierra EV at Orion Assembly plant is not related to the ongoing UAW strike, a spokesperson said. Rather, GM said the move is meant 'to better manage capital investment while aligning with evolving EV demand.'"

"The world’s two greenest governments, California (highest electricity prices in the U.S. save Hawaii) and Germany (highest electricity prices in the world) show what happens when the climate fixation trumps all other considerations Contrary to what some keep telling you, California and Germany are examples of WHAT NOT TO DO on energy-climate policy."

-Jude Clemente, Forbes

Meanwhile, Biden is back to begging again...

Fox Business (10/16/23) reports: "The Biden administration is planning to ease existing Trump-era sanctions on the Venezuelan oil industry in exchange for the nation to hold more democratic elections in 2024, according to a new report... In 2019, the Trump administration imposed heavy sanctions on the nation's oil industry after a dispute arose between Maduro and opposition leader Juan Guaido over the 2018 presidential election. The U.S. government officially declared Guaido to be Venezuela's interim president. As a result of the sanctions, crude oil imports from Venezuela sharply dropped from 634,000 barrels per day in January 2019 to 11,000 barrels per day in May 2019 and zero barrels per day in June 2019, according to the Energy Information Administration. The U.S. had imported 586,000 barrels of oil per day from the country in 2018... At the same time, President Biden has taken steps since taking office to curb U.S. oil and gas production and fulfill his campaign promise to "end fossil fuel" as part of his broader climate agenda. For example, he has curbed oil and gas lease sales on federal lands and waters, revoked pipeline permits and consistently appointed officials across his administration who back green energy over traditional fossil fuels."

I don't think this is gonna happen.

CNBC (10/17/23) reports: "The world has to add or replace 49.7 million miles of transmission lines by 2040 in order for countries to meet their climate goals and to achieve energy security priorities, according to a new report published by the International Energy Agency on Tuesday. That amount is roughly equivalent to the total number of miles of electric grid that currently exists in the world currently, according to the IEA."

Quick, somebody deploy Special Envoy Kerry. China is at it again...

The Hill (10/15/23) op-ed: "This year’s United Nations Climate Week was more revelatory than the usual. Beyond its prosaic handwringing about supposed planetary doom, four distinct disclosures related to China should cause concern. First, China finally dropped its 'net zero' pose. The world’s largest emitter had promised to reach net zero by 2060. But its climate envoy now says that 'completely phasing out fossil fuel is unrealistic' because 'fossil fuels are essential to maintain grid stability and energy security given the sometimes unreliable nature of renewables...' The Biden administration, on the other hand, is determined to cripple the U.S. It is engaged in simultaneous EPA rulemakings to zero out coal and gas plants, and to mandate the adoption of electric vehicles, even if the grid will not be able to sustain so many of them. The Biden administration is also working on making gas stoves disappear, while Democrat-run states such as California and New York are also working on making gas furnaces and water heaters disappear."

Energy Markets

WTI Crude Oil: ↑ $88.47
Natural Gas: ↑ $3.11
Gasoline: ↓ $3.58

Diesel: ↑ $4.46
Heating Oil: ↓ $316.00
Brent Crude Oil: ↑ $91.72
US Rig Count: ↓ 667

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