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DAILY ENERGY NEWS | 02/23/2024

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Is Team Biden's "historic" campaign already tuckering out? Find out from Mike and Tom on the latest episode of The Unregulated Podcast. Now streaming on our website, or wherever you listen.

"President Biden’s pause on LNG projects has frozen CP2’s construction and all jobs associated with the project. Such towns across America cannot be expected to adapt to the rapid energy transition the government and climate activists are pushing."

– Roy Mathews, RealClearEnergy

Will the Republicans save the Inflation Reduction Act? I'll bet you $7 million dollars these guys are going to at least give it their best shot.

Breitbart (2/21/24) reports: "A leaked confidential 66-page document from a top environmentalist association obtained exclusively by Breitbart News reveals a plot by supporters of Democrat President Joe Biden’s signature legislative accomplishment to begin a pressure campaign against Republicans to push them to protect green energy subsidies Biden secured for them. The document, a 'February 2024 Board Memo' prepared for board members of the American Clean Power Association, is striking in how specific and aggressive it is in detailing plans for its members to push Republican lawmakers to oppose any GOP effort to repeal all or parts of Biden’s inaptly named Inflation Reduction Act (IRA). The IRA, which passed during Biden’s second year as president, did not lower inflation but did aggressively expand government spending, including perhaps most controversially on the left’s radical green energy agenda...On page 13, the confidential ACP document reveals that this leftist trade association plans to spend a huge chunk of this extra cash to protect the Biden agenda—and specifically the IRA—from the Republicans on Capitol Hill and from former President Donald Trump should he win the election in November. The recommended expenditure is well into seven figures, with ACP pushing for spending north of $7 million to help keep the IRA in place as it exists now."

It’s an election year. Have to make sure the corn mafia gets its beak wet.

Reuters (2/22/24) reports: "The U.S. government said on Thursday it approved a request from Midwestern governors allowing expanded sales of gasoline with higher blends of ethanol in their states, starting in 2025. Reuters had exclusively reported the impending announcement earlier this week. The government currently restricts sales of E15 gasoline, or gasoline with 15% ethanol, in summer months due to environmental concerns over smog, though the biofuel industry says those concerns are unfounded. The corn-based ethanol industry has been fighting for years for year-round sales of E15 but was frustrated by the 2025 start date, one year later than proposed. In 2022, the governors of Illinois, Iowa, Minnesota, Missouri, Nebraska, Ohio, South Dakota, and Wisconsin made the request for year-round E15 sales, saying the move could help lower pump prices by boosting fuel volumes. Some oil refiners have argued that allowing E15 in select states as opposed to nationwide could prompt localized fuel price spikes and supply issues."

It's science.

The only thing America First about a carbon tax is that American families will be the first people who get hit with the bill.

Cowboy State Daily (2/20/24) letter "Last week, Cowboy State Daily ran an op-ed from George David Banks praising Senator Lummis for supporting legislation called the PROVE IT Act. Banks claims the measure 'is an America First proposal that would help the nation promote the development of its natural resources and manufacturing base and the interests of its workers while protecting its commercial interests abroad.' However, there is nothing 'America First' about countering misguided trade practices of other countries with our own poorly conceived protectionist policies. Although Banks goes to great strides to avoid the word tariff, it is clear that the end goal of the PROVE IT Act is to implement a system of tariffs and taxes. This will ultimately hurt American families. Given the interconnected nature of the global economy and the presence of foreign components in most consumer products, a tariff targeting greenhouse gas emissions essentially functions as a tax on everything. Although some protected industries may find tariffs beneficial, the overall effect will be negative as import taxes will inflate prices and redistribute wealth toward politically favored producers and the government, diminishing the overall wealth of Americans along the way. Contrary to his claims that the PROVE IT Act won't result in a domestic carbon tax, several factors contradict this assertion. If the PROVE IT Act and the resulting tariffs are implemented, potential conflicts with World Trade Organization regulations would necessitate a domestic carbon tax. "

If you oppose a carbon dioxide tax masked as trade policy, join our coalition.

Tom Pyle, American Energy Alliance

Myron Ebell, American Lands Council

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: ↓ $77.33
Natural Gas: ↓ $1.62
Gasoline: ↓ $3.26

Diesel: ↑ $4.09
Heating Oil: ↓ $270.64
Brent Crude Oil: ↓ $82.42
US Rig Count: ↓ 648

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