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DAILY ENERGY NEWS | 02/05/2024
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** There's a lot more going on here. We can PROVE IT.
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The Epoch Times ([link removed]) (2/4/24) reports: "The bipartisan climate plan that’s advancing in the U.S. Senate, which would provide the first step for the United States to impose its first carbon import tax, will drive up costs for U.S. consumers while its benefits for the environment will be scarce to nil if the legislation is approved in anything close to its current form, according to energy experts... On the surface, the PROVE IT Act may have an innocuous purpose, requiring the DOE to study carbon emissions without obligating any policy changes based on the findings of such research. However, Alexander Stevens, manager of policy and communications at the Washington-based Institute for Energy Research, believes that the goal of the legislation is to establish a basis for a carbon tariff on imports. One of the backers of the proposal, Mr. Cassidy, introduced
legislation in November 2023 with a view toward introducing carbon tariffs for imports, Mr. Stevens pointed out. Most lawmakers who support carbon tariffs also support carbon taxes. The shift in favor of such a tariff may help make the idea of a domestic carbon tax seem more mainstream, although not all understand the singular fiscal burden that such a tax would represent for working people. In either case—whether importers raise prices to recoup their losses from having to pay tariffs or consumers must pay an additional tax—it is the latter who find themselves pinched, he said."
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** "The OPEC cartel, led by Saudi Arabia, tried to exploit its monopoly power in 2023 by reducing production. It enjoyed temporary success as its revenue increased from selling a lower quantity of oil at a higher price. However, non-OPEC competitors reacted to the new profit opportunity with such a vigorous supply response that the costs of crude oil and energy substitutes were lower at the end of 2023 than at the beginning of the year. Competition dominated monopoly."
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– ([link removed]) Thomas J. Grennes, Independent Institute ([link removed])
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The "and I wanted an EV" part is the one you weren't fully thinking through...
** Forbes ([link removed])
(2/4/24) commentary: "I got some reverse sticker shock this weekend. My gorgeous, mint-condition electric vehicle is practically worthless. I have a 2021 Chevy Bolt EV which I purchased for a little over $32,000 in the throes of the Covid crisis in 2021 when electric cars were scarce because of the chip shortage (and just before GM put a stop-sale on all Bolts nationwide because of a battery issue). Anyway, the short story is I needed a car fast and I wanted an EV so I ended up with the Bolt. So, this weekend I went to my local CarMax in Los Angeles to get an appraisal. It was all smiles and small talk until he came back with the appraisal: $14,000. That terminated our friendly chat."
AEA's Kenny Stein discusses President Biden's latest assault on American energy production on "Rush to Reason" in Denver.
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Reality bites.
** B ([link removed])
** loomberg ([link removed])
(2/4/24) reports: "After years of surging growth, selling EVs is becoming tougher. Generous government incentives are disappearing in Europe and fewer vehicles qualify for them in the US. While a range of new models and commitment-light leasing options have attracted the attention of electric enthusiasts, some years into the EV revolution, infrastructure and price still remain roadblocks to widespread adoption. In Germany, sales are set to drop 14% this year in response to the government yanking subsidies in December, the first decline since 2016, according to the VDA lobbying group. Globally, market watchers have trimmed forecasts amid the enduring reality that the vehicles are much less affordable than equivalent combustion-engine cars — despite a price war kicked off by Tesla."
Energy Markets
WTI Crude Oil: ↓ $72.14
Natural Gas: ↓ $2.07
Gasoline: ↑ $3.15
Diesel: ↓ $3.93
Heating Oil: ↑ $268.21
Brent Crude Oil: ↓ $77.30
** US Rig Count ([link removed])
: ↓ 657
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