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DAILY ENERGY NEWS | 01/12/2024
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** How it started...
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** How it's going...
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Bloomberg ([link removed](Bloomberg)%20%2D%2D%20Hertz%20Global%20Holdings,for%20its%20battery%2Dpowered%20options.) (1/11/24) reports: " Hertz Global Holdings Inc. plans to sell a third of its US electric vehicle fleet and reinvest in gas-powered cars due to weak demand and high repair costs for its battery-powered options. The sales of 20,000 EVs began last month and will continue over the course of 2024, the rental giant said Thursday in a regulatory filing. Hertz will record a non-cash charge in its fourth-quarter results of about $245 million related to incremental net depreciation expense. The dramatic about-face, after Hertz announced plans in 2021 to buy 100,000 Tesla Inc. vehicles, underscores the waning demand for all-electric cars in the US. EV sales growth slowed sharply over the course of 2023, rising just 1.3% in the final quarter as consumers were put off by high costs and interest
rates...Hertz plans to use some of the money raised by selling off EVs to buy gas-powered vehicles. 'The company expects this action to better balance supply against expected demand of EVs,' it said in the filing. The shift back to more conventional cars marks a reversal of a strategy centered on EVs, which the company hoped would fetch higher prices at the counter and hold their value. Tesla’s price cuts over the past year lowered the value of the cars in Hertz’s fleet and with EV sales growth slowing, it’s not clear if consumers will have an appetite for them in the used-car market."
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** "It is incumbent upon the Senate to finally assess Joe Goffman record before re-joining the EPA, what he did and did not disclose about that record, and how it is possible he has remained involved in a key item for which he served as a critical advisor."
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– Chris Horner, RealClearEnergy ([link removed])

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There would be a lot less turmoil for Europe if they could count on American Freedom molecules crossing the Atlantic with ease...

** Fox News ([link removed])
(1/11/24) reports: "Iranian forces have seized an oil tanker in the Gulf of Oman, two U.S. military officials confirmed to Fox News on Thursday...The ship was in transit to Turkey when the Iranian naval forces boarded and seized the vessel, Pentagon press secretary Maj. Gen. Pat Ryder told reporters...In a statement posted to X, U.S. Central Command said the United States military presence in the Red Sea was able to prevent any injuries or damage. Nevertheless, multiple international shipping companies have diverted their vessels away from the Red Sea amid the ongoing attacks, leading to delays. Vessels must travel south around Africa if they do not sail through the Red Sea."

Which is the opposite of what Team Biden is pushing. Stalling LNG infrastructure at home has real costs for our allies abroad.

** Reuters ([link removed])
(1/10/24) reports: "The head of the largest U.S. oil and gas lobby group on Wednesday said that if regulators slow down or stop approving liquefied natural gas exports, they will put allies in Europe and Asia at risk. American Petroleum Institute President Mike Sommers issued the warning in response to media reports this week that the administration of President Joe Biden, a Democrat, is considering whether to weigh climate change criteria in approvals for LNG terminals or expansions. 'Halting US LNG approvals would put our allies at risk. This should not be controversial,' Sommers said at an API event focused on top issues for 2024, adding that US LNG exports help reduce global emissions by displacing coal overseas. Ahead of the Nov. 5 presidential election, the Biden administration is balancing demand for U.S. LNG from European allies reducing dependence on gas from Russia, with outcry from environmentalists demanding a halt domestic fossil fuel projects. The U.S. has become the
world's biggest exporter of LNG even as the administration has sought to transition away from fossil fuels, with environmentalists pressuring it to go faster. U.S. Department of Energy (DOE) reviews for LNG export permits have lengthened under Biden to 11 months or more, from seven weeks under former President Donald Trump, a Republican who worked to maximize U.S. energy output...The Biden administration passed the biggest climate bill in U.S. history, the Inflation Reduction Act, and has imposed numerous climate regulations."

Team Biden's anti-production policies hinder development of more than just oil and gas.

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If you oppose a carbon tax, take a stand and ** contact us. (mailto:[email protected])

** ([link removed])

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: ↑ $74.28
Natural Gas: ↑ $3.37
Gasoline: ↑ $3.07

Diesel: ↑ $3.94
Heating Oil: ↑ $274.82
Brent Crude Oil: ↑ $79.77
** US Rig Count ([link removed])
: ↓ 652



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