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DAILY ENERGY NEWS | 11/03/2023
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** Sound advice from a car guy. Big Green's EV crusade has gone too far too fast.
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Money Wise ([link removed]) (11/3/23) reports: "A former leader at three top U.S. automakers has shared his no-nonsense take on America’s attempt to transition to electric vehicles (EVs). Bob Lutz, former executive at General Motors, Ford and Chrysler, told businessman John Catsimatidis on a recent episode of the Cats Roundtable podcast: “The government fuel economy rules … are such that they basically cannot be met without broadscale electrification. What we’re seeing is electrification that could occur naturally, because there’s a lot to be said for electric vehicles, but right now, it’s being forced by governments for environmental reasons.' Lutz believes there’s not enough electricity-generating infrastructure in the U.S.
to support President Joe Biden’s goal of having 50% of all new vehicle sales be electric by 2030. He also believes there’s simply not enough demand. 'The regulation is way ahead of the public,' he added. 'The American public is not ready for the broad adoption of electric vehicles. There are maybe 10%-12% of people who really want an electric vehicle — and that’s good — but the remainder still want internal combustion.'"
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“I have continued to say what I see as reality. If regulations are created based on ideals, it is regular users who are the ones who suffer.”
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– Akio Toyoda, Toyota Motor ([link removed])

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If the Senator's goal is a weaker America then he is on the right track.

** Energy In Depth ([link removed])
** ([link removed])
(10/1/23) reports: "It is becoming increasingly clear that there are some members of Congress who lack a basic understanding of the makeup of the U.S. oil and natural gas industry and how oil markets work. This week, Senate Majority Leader Charles Schumer (D-NY) and over twenty Senate Democrats authored a letter to the FTC claiming that the proposed mergers of ExxonMobil-Pioneer Natural Resources and Chevron-Hess will result in reduced competition and lead to higher consumer prices. The letter bases its bleak outlook on a number of claims that demonstrate a deep misunderstanding of global energy markets, relying on outdated research and claims, several of which the FTC itself has already rejected...Longing for the past is evident – Sen. Schumer’s letter suggests that some in Congress want to return to the days of energy dependence. The letter argues that even if proposed mergers result in more production, American consumers won’t benefit since exports will increase as well. This claim
reveals a fundamental misunderstanding of how global oil markets work. Petroleum products produced in America do not only have economic value if they are refined or consumed in America. Since the price of oil is at the global level, U.S. crude oil that is exported to other countries benefits the U.S. consumer and protects energy security by lowering the global price of oil and reducing dependence on OPEC. There are also immediate, onshore benefits to increased exports – American oil and natural gas exports support economic activity in the maritime, transportation, and industrial sectors and insulate the country’s trade balance."

Another day, another offshore wind project bites the dust.

** Reuters ([link removed])
(11/2/23) reports: "Shell's finance chief said on Thursday the firm had exited a power purchase agreement (PPA) for the planned SouthCoast windfarm off the coast of Massachusetts, agreeing to pay a penalty rather than face rising costs for building the project. Energy firms from BP (BP.L) to Orsted (ORSTED.CO) have announced hefty writedowns in recent days for their U.S. windfarm projects in the face of high inflation."
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The roof, the roof, the roof is on fire...

** Bloomberg ([link removed])
(11/1/23) reports: "The promise of the renewable energy industry, underscored by Sunrun Inc.’s acquisition of Vivint Solar three years ago, had investors rushing to jump in. Now, solar stocks are facing a major sell-off, spurring Sunrun to take a $1.2 billion charge to write down the value of its purchase. The move at the biggest US rooftop solar company comes on the heels of a string of bad news across the sector. SunPower Corp. tumbled 5.6% Wednesday after cutting its full-year guidance due to weaker demand for its rooftop solar systems. SolarEdge Technologies Inc., which makes inverters that allow homes to use solar power, saw its stock plunge more than 20% in late trading Wednesday. Companies have struggled over the past two quarters with higher interest rates that make consumers less willing to finance rooftop power systems. Moreover, California slashed incentives for panels earlier this year, cutting into demand in the biggest US home solar market. Companies also are trying to work
through inventories that piled up after a rush of orders to compensate for supply-chain snarls."

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If you oppose the Cassidy Carbon Tax, take a stand and ** contact us. (mailto:[email protected])

** ([link removed])

Tom Pyle, American Energy Alliance
Myron Ebell, Competitive Enterprise Institute
Phil Kerpen, American Commitment
Andrew Quinlan, Center for Freedom and Prosperity
Grover Norquist, Americans for Tax Reform
George Landrith, Frontiers of Freedom
Thomas Schatz, Citizens Against Government Waste
Richard Manning, Americans for Limited Government
Adam Brandon, FreedomWorks
Craig Richardson, E&E Legal
Benjamin Zycher, American Enterprise Institute
Jason Hayes, Mackinac Center
David Williams, Taxpayers Protection Alliance
Paul Gessing, Rio Grande Foundation
Seton Motley, Less Government
Annette Meeks, Freedom Foundation of Minnesota
Isaac Orr, Center of the American Experiment
David T. Stevenson, Caesar Rodney Institute
John Droz, Alliance for Wise Energy Decisions
Jim Karahalios, Axe the Carbon Tax
Mark Mathis, Clear Energy Alliance
Jack Ekstrom, PolicyWorks America
Jon Sanders, John Locke Foundation

Energy Markets


WTI Crude Oil: ↓ $81.30
Natural Gas: ↑ $3.51
Gasoline: ↑ $3.43

Diesel: ↑ $4.42
Heating Oil: ↑ $294.85
Brent Crude Oil: ↑ $85.69
** US Rig Count ([link removed])
: ↑ 669



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