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DAILY ENERGY NEWS  | 11/07/2023
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Pricing out working families is the point.


Fortune (11/4/23) reports: "After years of pumping cash into the sizzling electric-vehicle market, Tesla Inc. and other major automakers are facing a new dilemma: what to do when demand chills. While the battery-powered vehicle market is still expanding, the pace of growth has slowed considerably. As a result, Tesla, the world’s EV leader, and legacy automakers that had been spending at breakneck speeds to build their electric car businesses, are now taking a more cautious approach to investments. Companies have collectively committed about $100 billion across North America to create electric cars that don’t just appeal to luxury buyers and early adopters, but to the mass market. But high inflation and interest rates are making vehicle purchases difficult for everyday people, meaning it’s hard for EV makers to win their business. Auto executives have said they’re worried many consumers have hit their limit. 'A large number of people are living paycheck to paycheck, and with a lot of debt, they have got credit card debt, mortgage debt,' Tesla Chief Executive Officer Elon Musk said on an Oct. 18 third-quarter results call. 'We have to make our cars more affordable.'"

"ESG rules will make markets less competitive and more concentrated, because smaller firms will have more difficulty complying and staying in business. More time, money, and energy will be spent lobbying public officials for favorable rules and treatment, rather than improving products or customer experiences." 

 

– Paul Mueller,
American Institute for Economic Research

Carbon taxes are really popular. 


Bloomberg (11/7/23) reports: "The cornerstone of Prime Minister Justin Trudeau’s climate policy is being chipped away at after his government announced a three-year pause on the carbon tax applied to home heating oil, which is primarily used in the Atlantic provinces. Several Canadian premiers are now demanding the same exemption on fossil fuels used to heat their residents’ homes, arguing the break is essential to combat rising prices. 'During this inflationary moment right now, people are suffering. The temperatures are getting colder,' said Manitoba Premier Wab Kinew. 'In light of that, we do think there should be similar consideration given to the people of Manitoba.' Kinew, the first person of First Nations heritage to be elected to run a Canadian province, made the comments at a news conference Monday after a gathering of the country’s premiers in Halifax, Nova Scotia. Trudeau announced the tax pause on home heating oil, mostly used in the four east coast provinces, last month after weeks of sinking poll numbers. His Liberal Party holds 24 of the 32 House of Commons seats in Atlantic Canada, and constituents had been complaining to lawmakers about higher costs."

Freedom molecules are really popular.


Reuters (11/1/23) reports: "U.S. liquefied natural gas (LNG) producers ramped up exports in October, to 7.92 million metric tons, according to data provider LSEG, the second-highest monthly level on record. Exports were just shy of the record 8.01 million metric tons in April this year, and were up from 7.12 million metric tons in September, when plant maintenance reduced U.S. production. The U.S. was the world's largest exporter of LNG in the first half of this year, according to the Energy Information Agency, ahead of Qatar and Australia. Two proposed export plants in Louisiana that would add a combined 38 million tons per annum aim to begin production next year. The higher exports came as output fell at Berkshire Hathaway Energy's Cove Point, Maryland, terminal. The loss from a 12-day maintenance outage was more than compensated for by higher production at Cheniere Energy  and Venture Global LNG plants, LSEG data showed. Europe remained the principal buyer of U.S. LNG with an 8 percentage point rise to 60% of all U.S. LNG exports last month. Asia customers accounted for 20% of exports, from 30% a month earlier, and Latin America took 5% of cargoes, from 8% in September."

Deindustrialization in action. 

Energy Markets

 
WTI Crude Oil: ↓ $77.78
Natural Gas: ↓ $3.14
Gasoline: ↓ $3.40
Diesel: ↓ $4.39
Heating Oil: ↓ $284.23
Brent Crude Oil: ↓ $82.07
US Rig Count: ↓ 681

 
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