Look, here's the deal, Joe...

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DAILY ENERGY NEWS | 11/29/2023

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The dealerships are finally pushing back. This doesn't bode well for Team Biden and Team Newsom's war on cars.

Fox News (11/28/23) reports: "A coalition of more than 3,000 auto dealers nationwide is sending an open letter to President Biden, calling on him to 'tap the brakes' on his administration's aggressive electric vehicle (EV) push. The coalition — which includes dealers located in all 50 states and who collectively sell every major car brand — is taking particular aim at the Biden administration's tailpipe emissions standards released earlier this year which are the most aggressive federal regulations of their kind ever issued. Under the regulations proposed by the Environmental Protection Agency (EPA), the majority of new vehicle purchases will be electric within a decade. 'These vehicles are ideal for many people, and we believe their appeal will grow over time,' the dealers wrote in their letter to Biden on Tuesday. 'The reality, however, is that electric vehicle demand today is not keeping up with the large influx of BEVs [battery electric vehicles] arriving at our dealerships prompted by the current regulations. BEVs are stacking up on our lots.' 'Last year, there was a lot of hope and hype about EVs,' the letter continued. 'Early adopters formed an initial line and were ready to buy these vehicles as soon as we had them to sell. But that enthusiasm has stalled. Today, the supply of unsold BEVs is surging, as they are not selling nearly as fast as they are arriving at our dealerships -- even with deep price cuts, manufacturer incentives, and generous government incentives.'"

"The Cassidy Carbon Tax was bad enough in concept. But now that we have more details about its implementation, it’s even worse than we thought. It would give undue power to the executive branch and to unelected bureaucrats. It mischaracterizes carbon dioxide and other greenhouse gases as pollution. And it sets a dangerous precedent for climate clubs that create a fragmented trading world while ignoring consumer impact, and doing little for the environment."

–Travis Fisher, Cato Institute

$7.5 billion for ZERO chargers. And they want even more control over the types of cars we drive, how we heat our homes, cook our food, power our economy, and so on and so on...

The Daily Caller (11/28/23) reports: "The bipartisan infrastructure law allocated billions of taxpayer dollars for electric vehicle (EV) charging stations, but the program has not yet installed a single EV charger anywhere in the country, Politico reported Tuesday. The infrastructure bill, signed into law in 2021, made $7.5 billion in taxpayer funds available to subsidize the buildout of EV chargers all across the U.S., but the funding has been slow to make any impact, according to Politico. The slow rollout of a key aspect of President Joe Biden’s EV agenda could significantly hinder his longer-term vision for a future in which EVs dominate America’s roadways. The administration has approved more than $2 billion of the infrastructure spending to go out to states, but less than 25 states have started to accept bids from prospective contractors, a step that comes before construction actually begins, Politico reported. States and charging companies point to the litany of oft-changing standards that they have to meet in order to be eligible to receive the subsidies as a key reason behind the sluggishness."

Where are all those environmental justice warriors when you need them?

In case you were wondering why our traditional allies are starting to question their relationship with the United States and increasingly cooperating with China and Russia...

Reuters (11/29/23) reports: "India aims to add 17 gigawatts of coal-based power generation capacity in the next 16 months, its fastest pace in recent years, to avert outages due to a record rise in power demand, according to government officials and documents. The expansion drive comes ahead of this week's U.N. climate summit COP28, where France and the United States are expected to clamp down on financing for coal plants, a move that India, dependent on coal for 73% of power generation, plans to oppose. The world's fastest growing major economy has added an annual average of 5 gigawatts of coal-based electricity generation capacity over the last five years, but it is also ramping up renewable energy. Yet it will fall short of satisfying power demand if it does not expand the number of its coal plants, said two government officials, who did not want to be named as they are not authorised to speak to media. In the next four months, India plans to add nearly 3 gigawatts of coal-fired generation, while the following fiscal year, starting from April 1, 2025, will see it add 14 gigawatts, or its highest level in eight years, according to internal government documents seen by Reuters."

"We need a U.S. Strategy to Respond to the Effects of Climate Change." Said no sane person ever.

Energy Markets

WTI Crude Oil: ↑ $76.55
Natural Gas: ↓ $2.83
Gasoline: ↓ $3.24

Diesel: ↓ $4.23
Heating Oil: ↓ $282.90
Brent Crude Oil: ↑ $81.75
US Rig Count: ↓ 671

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