You hypocrites!

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DAILY ENERGY NEWS | 12/05/2023

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And why do you look at the speck in your brother's eye, but do not consider the plank in your own eye.

Bloomberg (12/5/23) reports: "US climate envoy John Kerry criticized some US oil producers for not doing enough to combat global warming and singled out Chevron Corp. for particular scrutiny. 'We have no real evidence that they and a lot of others are doing what every company needs to do,' Kerry said at the Bloomberg Green summit at COP28 in Dubai on Tuesday. Oil and gas companies 'ought to be leading the charge.' Sign up for the Green Daily newsletter for comprehensive coverage of the climate summit right in your inbox. Chevron did not join a decarbonization charter unveiled at the United Nations meeting that would commit it to slashing methane emissions to near-zero and halt flaring of natural gas by the end of the decade. The California-based company also hasn’t ponied up funding or technical support for a new World Bank grant fund to help rivals in developing nations stem their own methane releases. Six other oil companies provided $25 million each and Exxon Mobil Corp. is working on a plan to offer on-the-ground training and other expertise, Kerry said."

"Policymakers, regardless of party, should reject anything connected to carbon tariffs. After all, higher taxes and higher prices are terrible policy and will undermine the economic wellbeing of all Americans."

– Daren Bakst,
Competitive Enterprise Institute

Al "Jazerra" Gore is upset that the people who made it possible for him to fly half way around the world don't want to ban the fuel that made it possible for him to fly half way around the world.

Bloomberg (12/5/23) reports: "Former Vice President Al Gore said the annual United Nations COP climate summits need to be reformed so that petrostates don’t wield so much power over the final outcome. The meetings are run by consensus, meaning any one country can block an agreement. It was a condition that Saudi Arabia enforced by not allowing voting rules to be agreed at the start of the COP process in 1995. As a result, whatever the nearly 200 countries gathered at COP28 in Dubai this month decide to do to tackle global warming will reflect only the minimum steps that all nations are willing to take.On Monday, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said in a Bloomberg TV interview his country would 'absolutely not' accept language committing to a fossil fuel phase down — already the weaker version of language around ending dirty energy that’s being negotiated by diplomats. Countries could put forward a proposal to change the voting rules under the UN climate body’s treaty, but it has to be done six months before the next COP. Gore said he plans to gather advocates to push for decisions to be approved by a super majority of 75% of nations before COP29. It would be 'extremely difficult,' he said, but 'the stakes are so high that we have to try every strategy.'"

“We know that they are lying, they know that they are lying, they even know that we know they are lying, we also know that they know we know they are lying too, they of course know that we certainly know they know we know they are lying too as well, but they are still lying. In our country, the lie has become not just moral category, but the pillar industry of this country.”

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Wall Street Journal (12/4/23) editorial: "House Republicans have teed up a vote this week on legislation to block President Biden’s back-door electric-vehicle mandate. Democrats are spinning the legislation as an attack on public health, innovation and free markets. The debate is a preview of what we can expect in the 2024 election campaign. The Environmental Protection Agency “is not imposing an EV mandate,” says a memo from Democrats on the Energy and Commerce Committee opposing the GOP legislation. But the EPA in April proposed tailpipe emissions standards for greenhouse gases that would effectively require that electric vehicles make up two-thirds of car sales in 2032...'American demand for EVs is already outpacing supply,' the Democratic memo says, and 'auto manufacturers are independently trending toward EVs because of increasing popularity with consumers.' Then why are auto makers scaling back EV production plans? And why are thousands of auto dealers begging the Administration to tap the brakes on the EPA regulation as EVs pile up on their lots? Tesla accounted for nearly two-thirds of EV sales last year. Battery-powered EVs make up less than 3% of most auto makers’ fleets, which means they’d face an extremely steep ramp-up to hit the 2032 mandate. Even with Inflation Reduction Act subsidies, the Energy Information Administration forecasts that EVs will make up only 15% of sales in 2030. That means auto makers will have to raise prices on gas-powered cars to offset losses on EVs they are required to make to meet government quotas. Ford lost $62,016 for every EV it sold in the third quarter."

Energy Markets

WTI Crude Oil: ↓ $72.89
Natural Gas: ↓ $2.74
Gasoline: ↓ $3.22

Diesel: ↓ $4.02
Heating Oil: ↓ $264.26
Brent Crude Oil: ↓ $77.75
US Rig Count: ↓ 662

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