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DAILY ENERGY NEWS | 10/26/2023
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** Congratulations Rep. Mike Johnson!
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The Hill ([link removed]) (10/25/23) reports: "Newly minted House Speaker Mike Johnson (R-La.), who won the gavel Wednesday after three prior Republican nominees failed to reach a majority, is a longtime ally of the oil industry and will be perhaps the most vocal skeptic of the scientific consensus on climate change ever to hold the speakership. Johnson, whose district includes the onetime oil industry hub of Shreveport, received a 100 percent rating from the pro-fossil fuel American Energy Alliance in 2022, along with every other Republican in Louisiana’s House delegation."
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** "Despite this legislative failure, polling suggests that an overwhelming majority of Virginia residents are happy with their gas-powered cars and with the personal freedom those cars make possible. They don’t want to sacrifice that freedom to the green dreams of California regulators."
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– S ([link removed]) teven G. Bradbury, Heritage Foundation ([link removed])
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$48,698
** Fox News ([link removed])
(10/25/23) reports: "A sweeping first-of-its-kind analysis published by think tank Texas Public Policy Foundation (TPPF) concludes that electric vehicles (EV) would cost tens of thousands of dollars more if not for generous taxpayer-funded incentives. According to the TPPF report — authored by energy experts Jason Isaac and Brent Bennett — the average model year 2021 EV would cost approximately $48,698 more to own over a 10-year period without the staggering $22 billion in taxpayer-funded handouts that the government provides to electric car manufacturers and owners. The analysis factors in federal fuel efficiency programs, electric grid strain, and direct state and federal subsidies."
Germans won't revive their economy by bailing out losers.
** Reuters ([link removed])
(10/26/23) reports: "Shares in Siemens Energy plunged nearly 40% on Thursday, wiping 3 billion euros ($3.16 billion) off its market value, after the company said it was in talks with the German government about state guarantees after major setbacks at its wind division. A spokesperson for the German economy ministry also confirmed the talks, describing them as 'close and trustworthy'. Siemens Energy shares slid to all-time lows on the news, down more than 39% at 1055 GMT, implying a 3.3 billion euro loss in market value since Wednesday."
More billion-dollar loses.
** MSN ([link removed])
(12/25/23) reports: "General Electric Co. (GE) finds itself grappling with a gusty headwind in the offshore wind industry, a sector traditionally seen as a beacon of renewable energy. The company predicts annual losses of approximately $1 billion for the current and upcoming year due to escalating costs. This was revealed by CEO Larry Culp during a conference call with analysts."
Energy Markets
WTI Crude Oil: ↓ $83.29
Natural Gas: ↑ $3.04
Gasoline: ↓ $3.53
Diesel: ↓ $4.51
Heating Oil: ↓ $299.33
Brent Crude Oil: ↓ $88.27
** US Rig Count ([link removed])
: ↓ 668
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