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DAILY ENERGY NEWS | 02/27/2024
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** Dear Chris Farley's Cousin: You would save so much money by focusing on making the car-buying public happy instead of climate obsessed politicians.
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Detroit News ([link removed]) (2/23/24) reports: "Ford Motor Co. has paused shipments of the 2024 F-150 Lightning pickup truck as part of a longer-than-expected quality check process. A spokesperson declined to specify why the quality check is taking so long. The stop-shipment went into effect on Feb. 9 after shipments of the '24 Lightnings began last month. Despite the hold, production of the Lightnings continues at the Rouge Electric Vehicle Center in Dearborn...The company also is offering bonus cash incentives on certain '23 Lightnings. The Lariat, XLT and Pro trims also qualify for the $7,500 federal tax credit at the point of sale for eligible customers. Ford isn't the only automaker taking steps to ensure vehicle quality for customers. General Motors Co. issued a pause on sales of the new GMC Canyon and Chevrolet Colorado midsize pickups after identifying
software issues during validation. The Detroit automaker says it has a fix for the affected 15,000 trucks and expects the hold to lift soon. A few months earlier, GM had put a stop-sale on the Chevrolet Blazer EV, also because of software issues."
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** "EPA’s [new air] rule will yield negligible public-health benefits but will have significant economic costs. As usual, climate trumps all in the Biden Administration.
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– Wall Street Journal Editorial Board ([link removed])

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What’s the big deal about a 100% increase in utility bills when we have a planet to save? Those CA Democrats better not cave or the professional protesters will come a knockin' on their door.

** Politico ([link removed])
(2/21/24) reports: "California Democrats proudly authored nation-leading clean energy goals that forced the automobile industry to go electric and shaped global climate policy. Then the bill came due. There is intensifying political pressure on state lawmakers to do something about utility bills that have shot up by as much as 127 percent over the last decade. Climate spending — from wildfire prevention to building out transmission capacity and paying for renewables — is partly to blame...Lawmakers there and in other Democratic states with nation-leading climate objectives — like New York ** and Massachusetts ([link removed])
— are scrambling to make their transitions from fossil fuels affordable before they face an all-out ratepayer revolt. The problem is more pressing in an election year when Republicans say Democrats don’t pay enough attention to Californians’ ability to afford the high costs of daily life. In California, the latest flashpoint is a proposal to restructure utility bills to make them more like the state’s progressive tax system, where the wealthy pay the most."

The government wanting to know what you are doing with your electricity is a "bit" much...

** Just The News ([link removed])
(2/26/24) reports: "Cryptocurrency miners scored an early win against a mandatory survey that the Department of Energy (DOE) demanded facilities answer concerning their energy use. The U.S. District Court for the Western District of Texas Friday granted a temporary restraining order that blocks the DOE for two weeks from forcing cryptocurrency mining companies to provide information they say is sensitive to their operations and costly to collect. Cryptocurrency miners have become a target in President Joe Biden’s goal of building an electricity grid that produces no carbon dioxide emissions by 2035. 'Depending on the energy intensity of the technology and the sources of electricity used, the rapid growth of crypto-assets could potentially hinder broader efforts to achieve U.S. climate commitments to reach net-zero carbon pollution,' the White House said in a 2022 statement. Electricity demand across the world is growing, and renewable energy can’t keep up with the increases. According to
the International Energy Agency, countries are utilizing fossil fuel generation to meet the increased demand. As with data centers, bitcoin mining facilities use a lot of electricity. According to estimates from the Energy Information Administration (EIA), Bitcoin mining in the U.S. used about 0.6% to 2.3% of all U.S. electricity demand in 2023."

The government wanting to know what you're doing withy your money is a bit more...

** DC Journal ([link removed])
(2/27/24) reports: "A group of economists and center-right free market organizations sent a letter to congressional leaders Tuesday urging them to reject the so-called RECOUP Act. They warned it could weaponize the U.S. banking system and undermine America’s already-eroding public trust in political institutions. 'As leaders of policy groups concerned with constitutional liberties, government accountability, and the abuse of power, we urge you to reject the dangerous and misguided S. 2190, the RECOUP (Recovering Executive Compensation Obtained from Unaccountable Practices) Act,' the letter begins, signed by 35 right-of-center groups. It was sent to Speaker of the House Mike Johnson (R-La.), Senate President Chuck Schumer (D-N.Y.) and the two minority leaders, Rep. Hakim Jeffries (D-N.Y.) and Sen. Mitch McConnell (R-Ky.)'...The authors of the letter, however, focus on a less-publicized aspect of the legislation: The power it gives unelected bureaucrats in the federal government to intervene
in private businesses. 'The RECOUP Act would increase financial regulatory agencies’ powers excessively by allowing them to remove the leadership of any U.S. bank they supervise, even if the agency doesn’t deem such a bank as at risk of going under,' the letter reads...Among the groups who signed the letter are Americans for Tax Reform, FreedomWorks, Americans for Prosperity and the American Energy Alliance. (The entire letter and its signatories ** can be found here ([link removed])
.)"

Energy Markets


WTI Crude Oil: ↑ $78.29
Natural Gas: ↑ $1.68
Gasoline: ↑ $3.27

Diesel: ↑ $4.07
Heating Oil: ↑ $276.85
Brent Crude Oil: ↑ $83.12
** US Rig Count ([link removed])
: ↓ 654



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