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DAILY ENERGY NEWS | 10/25/2023

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GM abandons EV target as demand craters.

Wall Street Journal (10/24/23) reports: "General Motors is abandoning a self-imposed target to build 400,000 electric vehicles by mid-2024, the latest sign that automakers are concerned about the viability of the market for battery-powered cars... The move on EVs is a surprise one for a company that has bet its future on the technology, anticipating that it will eventually phase out sales of gasoline-powered vehicles next decade. It comes as rivals, including Tesla and Ford Motor, have also raised red flags about consumer demand for EVs and buyers’ willingness to pay a premium for them over traditional models."

"The Iron Law of Electricity says that no one will willingly sit in the dark. Instead, people will find a way to get the electricity they need because energy—and electricity in particular—means life. The absence of energy means death."

-Robert Bryce, Substack

Total Recall: Ford recalling EV "Mustangs" over power loss reports.

Reuters (10/18/23) reports: "Ford Motor said on Wednesday it is recalling 35,000 Mustang Mach-E electric vehicles because high voltage battery main contactors may overheat resulting in a loss of driving power. The new recall of 2021 and 2022 model year Mach-E vehicles with extended range followed an August investigation by the National Highway Traffic Safety Administration's (NHTSA) into whether Ford's June 2022 recall of 49,000 Mach-E vehicles properly addressed the issue."

Right on cue: the costs and logistics of plugging in EVs are about to become supercharged.

Real Clear Investigations (10/24/23) reports: "Hyped as technological marvels, EVs are boobytrapped with a host of inconveniences and tradeoffs. By now many people have heard about range anxiety, exploding lithium-ion batteries, and the environmental destruction caused by global mining for battery minerals. But another wave of challenges is in the offing as the federal government and state officials pump in billions of dollars to build out a massive national infrastructure of charging stations to power the EVs. The sheer scale of a charging infrastructure means recruiting retailers and businesses to install and maintain chargers that are expected to lose money in the near future, with some likely to be written off as economic losses."

ESG, RIP.

Financial Times (10/23/23) op-ed: "Born in sanctimony, nurtured with hypocrisy and sold with sophistry, ESG grew unchallenged for a decade, but it is now facing a mountain of troubles, almost all of them of its own making. The problems of investing with an environmental, social and governance framework start with assessing what it measures, which has changed over time and reflects its revisionist history... It serves ESG advocates to keep the definition amorphous, since, like the socialists of the 20th century whose response to every socialist failure was that their ideas had never been properly implemented, the defence against every ESG critique is that it is incorrectly defined or implemented. The truth is that ESG scores today measure everything — consequently, they measure nothing."

Energy Markets

WTI Crude Oil: ↑ $83.90
Natural Gas: ↑ $3.02
Gasoline: ↓ $3.54

Diesel: ↑ $4.52
Heating Oil: ↓ $301.92
Brent Crude Oil: ↑ $88.31
US Rig Count: ↑ 667

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