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DAILY ENERGY NEWS | 11/24/2023

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Before you cash in on that subsidy-backed Black Friday deal on a new EV, make sure what you're buying is right for your family.

"Without energy, there is no human flourishing. While it is true that all energy sources have an environmental impact, in our massive energy complex, it is production scale that rules the day. To be effective, energy must be reliable and affordable."

– Jason Hayes,
Mackinac Center

I hope you enjoyed your Thanksgiving dinner. It might be your last.

ABC News (11/21/23) reports: "Thanksgiving could soon become another victim of climate change as rising temperatures threaten the abundance and quality of the ingredients used to make traditional dishes seen year after year. As a result, these essential food items could become increasingly scarce and more expensive, potentially forcing families to omit or make substitutions in key recipes on their Thanksgiving menus. Produce is among the foods most affected by climate change, according to experts. As global temperatures rise and extreme weather events such as drought, heat waves and powerful storms occur more often, altering growing seasons and changing crop yield productions, according to experts. These changes are causing harvest yields in Thanksgiving staple ingredients such as sweet potatoes and cranberries to decrease significantly, Himanshu Gupta, co-founder and CEO of ClimateAi, a climate adaptation platform for food and agricultural supply chains, told ABC News...Ingredients to make traditional Thanksgiving dishes are already seeing steeply increasing prices. An average Thanksgiving meal for a family of 10 rose 20% between 2021 and 2022 -- from $53.31 to $64.05 -- according to a report by the American Farm Bureau released last year. In 2020, the same meal cost an average of $46.90, according to the findings. 'Climate change is one of the most significant factors in driving that cost,' Gupta said."

All the subsidies and mandates in the world can't change the physics of energy.

Reuters(11/24/23) reports: "Canceled offshore wind projects, imperiled solar factories, fading demand for electric vehicles. A year after passage of the largest climate change legislation in U.S. history, meant to touch off a boom in American clean energy development, economic realities are fraying President Joe Biden’s agenda. Soaring financing and materials costs, unreliable supply chains, delayed rulemaking in Washington and sluggish permitting have wrought havoc ranging from offshore wind developer Orsted’s (ORSTED.CO) project cancellations in the U.S. Northeast, to Tesla, Ford and GM’s scaled back EV manufacturing plans. The darkening outlook for clean energy industries is tough news for Biden, whose pledge to deliver a net-zero economy by 2050 faces headwinds that the landmark Inflation Reduction Act's billions in tax credits alone can't resolve...Turmoil in the nascent U.S. offshore wind industry, meanwhile, is perhaps the most high profile setback. Developers like Orsted, BP and Equinor have sought to renegotiate or cancel contracts due to soaring costs, and have taken multi-billion dollar writedowns on projects. Players also largely failed to show up for a federal sale of wind leases in the Gulf of Mexico in August. The Biden administration's target of deploying 30 gigawatts of offshore wind by 2030 is now widely regarded as unattainable."

This sums up the Democratic Party quite nicely.

The EU's largest bank is apparently happy to soon not become the EU's largest bank.

Bloomberg (11/23/23) reports: "BNP Paribas SA is imposing new financing restrictions as part of an updated policy around how to treat clients in the mining industry. The European Union’s biggest bank will no longer provide financing to projects dedicated to the extraction of metallurgical coal, according to an emailed statement late on Wednesday. 'This new commitment is part of BNP Paribas’ efforts to align its credit portfolio in the steel sector with its net zero commitment,' the bank said in the email. The decision follows on from targets announced by the bank that are intended to reduce the intensity of carbon emissions financed across oil and gas, electricity generation, automotive, steel, aluminum and cement, it said. BNP has made access to financing increasingly difficult for clients with large carbon footprints, as it faces an ever tougher regulatory and activist environment. The lender remains the subject of a landmark lawsuit by nonprofits, who allege it isn’t living up to its environmental obligations under French law. "

If you oppose the Cassidy 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: ↓ $76.25
Natural Gas: ↓ $2.82
Gasoline: ↓ $3.26

Diesel: ↓ $4.25
Heating Oil: ↑ $289.17
Brent Crude Oil: ↓ $81.32
US Rig Count: ↑ 688

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