Too Little Too Late

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DAILY ENERGY NEWS | 10/19/2023

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Europe is slowly learning that their green policies are doing more harm than good.

Bloomberg (10/19/23) reports: "Europe’s executive arm is proposing a two-year delay in implementing a key element of its sustainable finance framework, as complaints mount that businesses can’t keep up. The European Commission said cutting red tape is critical to ensuring that the region’s companies remain competitive, according to a document laying out its agenda for 2024. That means extending the deadline for adoption of sectoral elements of the European Sustainability Reporting Standards, or ESRS, currently due to come into force in June 2024. The development is the latest sign of a pushback against Europe’s ambitions to swiftly respond to climate change and social inequality, and steer its economy toward a more sustainable model."

"The Inflation Reduction Act includes subsidies for electricity generation that could total $2.5 or $3 trillion over the coming decades. These subsidies are large enough to badly distort electricity markets and inhibit them from achieving the goal of reliability at least cost."

-Travis Fisher, Cato Institute

Europe is planning to spend £1 a second for the next 31,000 years on net zero.

Daily Mail (10/18/23) op-ed: "The truth is out. An official report has admitted for the first time the scale of the cost of reaching net zero by 2050. A study by the National Infrastructure Commission, released on Tuesday, concluded that hitting the 2050 target will roughly double the amount of money we would have spent anyway on infrastructure over the next 27 years to £2 trillion: an additional £1 trillion spent on the green agenda. For a word that skips off the tongue so easily, a trillion is mighty big. Imagine you were to spend a pound a second: how long would it take you to spend £1 trillion? The answer is more than 31,000 years. So to have spent a trillion pounds by today at the rate of £1 a second, you would have to have started when woolly mammoths roamed free."

Meanwhile, in Germany:

U.S. News & World Report (10/11/23) reports: "The German government expects the economy to shrink by 0.4% this year due to persistent inflation, high energy prices and weak international trade, the economy ministry said on Wednesday, confirming a Reuters exclusive from last week. The government had predicted growth of 0.4% for 2023 in its April forecast, but weakness in the industrial sector and the highest interest rates in a decade are spurring fears of recession in the euro zone's largest economy. The German economy already suffered a recession in the last quarter of 2022 and the first quarter of 2023. A technical recession is defined as two consecutive quarters of contraction."

California's (and Europe's) Green Dream: Coming to YOUR State!?

Reason (10/18/23) reports: "Pennsylvania's Peter Brothers Trucking delivers goods all across America. Owner Brian Wanner says Pennsylvania bureaucrats now are driving him out of his home state. 'We have no say,' complains Wanner in my new video. 'We can't do anything about it.' 'No say' because Pennsylvania's new rules don't come from Pennsylvania. They come from California. 'I don't want to be anything like California!' complains Wanner. Too bad for him and other Pennsylvania truck owners, because Pennsylvania's Environmental Quality Board decided their state will automatically copy California regulations. California's rules will raise the price of a new truck by about one-third. Trucks that once cost $190,000 will now cost about $260,000."

Energy Markets

WTI Crude Oil: ↓ $87.76
Natural Gas: ↓ $3.02
Gasoline: ↓ $3.57

Diesel: ↓ $4.46
Heating Oil: ↓ $313.53
Brent Crude Oil: ↓ $90.78
US Rig Count: ↑ 669

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