The China diet

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DAILY ENERGY NEWS | 11/17/2023

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Friend of the show Travis Fisher rejoins us this week to ponder the future of the IRA and an American carbon tax. The latest episode of The Unregulated Podcast now streaming on our website, or wherever you listen.

"Instead of aging out, we need to build new generation more than ever. Yet, the current administration is making new, reliable electric generation construction nearly impossible. Biden's bailout of China has turned our foreign policy to 'China first, America last.'"

– Jason Isaac,
The American Energy Institute

Will Biden submit this treaty to the U.S. Senate or continue his assault on sovereignty and the Constitution?

Fox News (11/17/23) reports: "U.S. energy experts are warning of the economic and national security implications of President Biden's pact with China this week to move towards shutting down fossil fuel production in favor of green energy. The State Department announced this week it had struck a deal with its Chinese counterparts pledging to 'accelerate the substitution for coal, oil and gas generation' with green energy sources like wind and solar power. The nations, which account for nearly half of global greenhouse gas emissions, also agreed to 'deepen policy exchanges' on reducing carbon emissions in various sectors, like power, industry, buildings and transportation, across their economies. But the agreement — in which the nations further pledged to 'sufficiently accelerate renewable energy deployment in their respective economies through 2030' — was criticized over its potential impact on U.S. consumers. Experts also noted that China has rarely followed through on international accords and stands to financially benefit from such an agreement since it controls much of the world's green energy supply chain."

It's more than Bidenflation driving up charging prices. EVs simply aren't a fit for most American families.

Wall Street Journal (11/17/23) reports: "America’s spendthrift relationship with electric vehicles has lost some spark. It will take new generations of products to rekindle the romance on tighter budgets. Sales of all-electric models in the U.S. have plateaued around the 100,000-a-month mark for the past half year after a period of rapid growth. Inventories are piling up and prices are falling, led by market leader Tesla. The average new EV sold for about $52,000 in October, down from around $65,000 a year ago, according to Cox Automotive.Whether or not adoption of EVs in the U.S. is actually stalling—the jury is out—it is clearly weaker than manufacturers were anticipating. Ford and General Motors have both pushed back investments, and even Tesla Chief Executive Elon Musk hinted on the company’s October earnings call that he might slow down. While the course correction is starker in the U.S., there are similar moves across the Atlantic: Volkswagen has put a plan to build a fourth battery plant on hold. Musk likes to blame higher interest rates, which push up the monthly amount consumers pay for car loans. But the wider U.S. car market has been strong despite the tighter financial environment and average vehicle prices that remain high, so this can’t be the full story. The bigger picture is probably that the affluent tech enthusiasts who fueled the first wave of interest in EVs already have them. The next cohort of consumers may need a combination of lower prices, better charging infrastructure and benchmark-setting new products to make the big switch."

Huh? People don’t want to pay a carbon tax. Weird.

Reuters (11/16/23) reports: "A majority of Canadians want Prime Minister Justin Trudeau's signature carbon tax to be scrapped or waived for the next three years to make the levy consistent across the country, an opinion poll released on Thursday showed. Last month, Trudeau announced a three-year carbon tax exemption for home heating oil and higher carbon tax rebates mostly for Atlantic Canada amid soaring costs of living. But the limited carve out of one of the Liberal government's most important climate policies has sparked demands from premiers of other provinces for similar concessions."

If you, like the Canadian people, oppose a carbon tax, take a stand and contact us.

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: ↑ $75.54
Natural Gas: ↓ $2.93
Gasoline: ↓ $3.33

Diesel: ↓ $4.31
Heating Oil: ↑ $280.81
Brent Crude Oil: ↑ $80.44
US Rig Count: ↓ 676

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