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DAILY ENERGY NEWS | 10/23/2023
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** Green stocks are getting wiped out.
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Bloomberg ([link removed]) (10/20/23) reports: "There appears to be no end in sight for the multi-billion dollar rout in renewable energy stocks, as a surge in borrowing costs threatens to squeeze returns in the sector for years to come. The industry received a fresh blow on Friday, after a sales warning from equipment provider SolarEdge Technologies Inc. sent shares in solar stocks across the US and Europe tumbling as much as 25%. Until recently expected to displace oil-and-gas companies from mainstream investment portfolios, clean energy stocks have instead become a no-go zone for many. Investors have been pulling money out, wiping over $280 billion from the market capitalization of green stocks globally since their August 2022 peak — not quite boom-to-bust but a dramatic unraveling nonetheless for a market that was all the rage at the turn of the
decade."
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** "For over a decade, we have been the world’s largest natural gas producer. This has transformed our domestic energy situation—enabling vast renewable power growth, significant coal-to-gas switching, large CO[2] reductions, and the reshoring of dozens of fertilizer, chemical, and other industrial facilities. It has also made America the top LNG exporter and permitted us to bolster the energy security of allied nations from Japan and Korea to Poland and Germany."
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- ([link removed]) Fred Hutchinson and Lucian Pugliaresi ([link removed])

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The green energy bubble is about to burst. Taxpayers will suffer. You can thank Big Green Inc. for that.

** New York Post ([link removed])
(10/19/23) reports: "President Joe Biden has a dream — and it’s about to turn into a nightmare for American taxpayers. America is 'willing to do the hard work to limit global warming to 1.5 degrees Celsius,' he declared at April’s Major Economies Forum on Energy and Climate Change. To hit this target, per the scientists with the president’s ear, greenhouse gases must peak before 2025 and fall 43% by 2030. Yet fossil fuels account for around 77.6% of US primary energy production. So how does the president intend to reach his dream of 'net zero' carbon emissions by 2050? 'I’ve signed a thing called the Inflation Reduction Act,' he said in his speech, 'the single largest investment in fighting climate change in history, which will reduce annual carbon emissions by 1 billion tons by 2030.' Biden let the cat out of the bag: The act has very little to do with inflation, much less about reducing it. Rather, with $6 allocated to renewable-energy projects for every $1 allocated to American
manufacturing, the IRA is a big fat green-energy bill masquerading as industrial policy."
** ([link removed])

Buyer's remorse: nearly half of EV owners purchase an ICE vehicle for their next car.

** Repairer Driven News ([link removed])
(10/19/23) reports: "Nearly half of households with non-Tesla electric vehicles (EVs) made an internal combustion engine (ICE) vehicle their next auto purchase, according to a new analysis... S&P Global Mobility said its findings indicated that the fuel type loyalty rate for mainstream EV households was 52.1% through July of this year. That figure represents those who remained true to EVs after buying their initial one."

Turns out, the EV market is no field of dreams.

** Business Insider ([link removed])
(10/20/23) reports: "Car companies talk a big game about the transition to electric cars. But behind the scenes, many of these automakers are scrambling to react to a change in demand for expensive battery-powered vehicles. Take the last few weeks for example: Ford temporarily dropped an F-150 Lightning production shift (despite upping capacity for the electric pickup just months earlier), and said it would renew its focus on hybrids. General Motors said it would postpone some of its electric truck production by a year. All the while, the once bustling EV startup industry is shrinking by the day, with former Wall Street darlings like Lordstown, Volta, and Lucid folding or missing predictions. Electric-car shoppers have more options than ever before, a turning point many in the industry hoped would draw more buyers away from gas-powered cars into the battery-powered segment. But the first real test of a fully-loaded EV market isn't going so well."

Energy Markets


WTI Crude Oil: ↓ $87.25
Natural Gas: ↓ $2.89
Gasoline: ↓ $3.55

Diesel: ↑ $4.50
Heating Oil: ↓ $315.38
Brent Crude Oil: ↓ $91.48
** US Rig Count ([link removed])
: ↑ 686



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