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DAILY ENERGY NEWS | 02/20/2024
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** Team Biden leaked the "slow the shift to EVs" storyline to the NY Times and the Bezos Post. Of course they ran with it...
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New York Times ([link removed]) (2/17/24) reports: "In a concession to automakers and labor unions, the Biden administration intends to relax elements of one of its most ambitious strategies to combat climate change, limits on tailpipe emissions that are designed to get Americans to switch from gas-powered cars to electric vehicles, according to three people familiar with the plan.
Instead of essentially requiring automakers to rapidly ramp up sales of electric vehicles over the next few years, the administration would give car manufacturers more time, with a sharp increase in sales not required until after 2030, these people said. They asked to remain anonymous because the regulation has not been finalized. The administration plans to publish the final rule by early spring...Last spring, the Environmental Protection Agency proposed the toughest-ever limits on tailpipe emissions. The rules would be so strict, the only way car makers could comply would be to sell a tremendous number of zero-emissions vehicles in a relatively short time frame.
The E.P.A. designed the proposed regulations so that 67 percent of sales of new cars and light-duty trucks would be all-electric by 2032, up from 7.6 percent in 2023, a radical remaking of the American automobile market. That remains the goal. But as they finalize the regulations, administration officials are tweaking the plan to slow the pace at which auto manufacturers would need to comply, so that electric vehicle sales would increase more gradually through 2030 but then would have to sharply rise."
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** "[Biden's energy] policies are disastrous for America. They strengthen China, Russia, and Qatar, hurt America’s allies, and disproportionately raise energy and transportation costs here at home—all without lowering global temperatures, their stated purpose."
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– Diana Furchtgott-Roth, Heritage Foundation ([link removed])

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An election year "slow-down" story doesn't solve the problems created by these mandates.

** Fox News ([link removed])
(2/19/24) reports: "The Biden administration is poised to soon finalize gas-powered car tailpipe emissions standards that consumer advocates and energy industry groups have dubbed a 'de facto electric vehicle mandate.' The Environmental Protection Agency's (EPA) proposed tailpipe emissions – which were in recent weeks submitted to the White House Office of Management and Budget for final review – are designed to ensure a staggering 67% of new car sales are electric by 2032. Over the weekend, the New York Times and Washington Post reported the White House is set to double down on that lofty goal while loosening earlier targets...'When it's all said and done, the outcome is the same,' Tom Pyle, the president of the Institute for Energy Research, told Fox News Digital in an interview. "The Biden administration is attempting to force automakers to produce only electric vehicles and the market is clearly not interested in that. They can try to soft-pedal all they want, but the fact is it's still
a ban on conventional cars.' 'The last year has shown that EVs are not ready for prime time,' Pyle continued. 'They may be a vehicle of choice for some people, but the vast majority of car buyers want an affordable and reliable vehicle. EVs aren't that.'"

Sorry NATO. Perhaps you should open your own Tik-Tok account.

** Monroe News ([link removed])
(2/19/24) reports: "Last week, U.S. Rep. Tim Walberg voted to send a bill to the Senate that would reverse a Biden administration decision on exports of liquified natural gas. The Unlocking our Domestic LNG Potential Act passed the House by a vote of 224-200. In January, the Biden administration announced an indefinite ban on the issuance of export permits for liquefied natural gas (LNG) to non-free trade agreement countries. The bill would reverse this ban by lifting all Department of Energy (DOE) restrictions on the import and export of natural gas, a news release from Walberg's office said...Natural gas industry advocacy organizations support the bill, and environmental groups oppose it. 'President Biden’s recent decision to side with his base of out-of-touch environmental activists is yet another attack on American consumers and the energy security of our allies,' American Energy Alliance President Thomas Pyle said in a prepared statement. 'We applaud this effort to reverse one of the
administration’s growing list of more than 175 wrongheaded decisions and unlock the energy potential of the U.S. energy industry.'"

Yes, Biden banning new U.S. LNG export terminals is dumb. The rest of the world is just going to buy it from someone else.

** ([link removed])

Energy Markets


WTI Crude Oil: ↑ $79.60
Natural Gas: ↓ $1.58
Gasoline: ↑ $3.27

Diesel: ↑ $4.09
Heating Oil: ↓ $277.12
Brent Crude Oil: ↓ $83.14
** US Rig Count ([link removed])
: ↑ 667



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