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DAILY ENERGY NEWS | 03/13/2024
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** A tax on Kenergy is a tax on life.
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E&E News ([link removed]) (3/13/24) reports: "Utah Sen. Mitt Romney is the latest Republican to complain about the Senate Budget Committee’s climate focus under Chair Sheldon Whitehouse. Whitehouse, a Rhode Island Democrat, held a hearing Tuesday on the president’s new $7.3 trillion budget proposal — an issue over which the committee has clear jurisdiction. But for Romney — who is not running for reelection — the meeting was an opportunity to zing Whitehouse for using his perch to highlight global warming’s economic and fiscal impacts. Other GOP senators have questioned Whitehouse’s tactics, but Romney’s comments are particularly notable because the Republican has spoken previously about the need to act on climate change. He has even accused Democrats of not doing enough on the issue and endorsed policies the majority of his conservative colleagues refuse to touch. On Tuesday, Romney compared the Budget Committee’s
work under Whitehouse to two recent award-winning films. 'I’m afraid what we do here is more "Barbie" than it is "Oppenheimer,'” said Romney. 'The public thinks we work on the budget. But we don’t.'"
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** "The American government provides incentives and tax deductions to transition society to EV’s, but those incentives are financial incentives for the continuation of Child Labor and Ecological Destruction 'Elsewhere'. Is it ethical and moral to provide financial support to the developing countries that are mining for exotic minerals and metals to build EV batteries for Americans?"
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– Ronald Stein, P.E., Heartland Institute ([link removed])
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Keep the pressure up. What Big Green, Inc. fears most is a public debate on the merits of their policy prescriptions.
** Just The News ([link removed])
(3/7/24) reports: "A House Natural Resources oversight subcommittee hearing Thursday examined initiatives to create regulations allowing for controversial accounting methods that subjectively assess the value of environmental capital – a large departure from traditional accounting practices and regulations. No proponent of the concept appeared on the panel of witnesses. Rep. Melanie Stansbury, D-N.M. said Democrats had invited proponents to testify, but they all declined over concerns over how they’d be treated at the hearing. Following a backlash, the Securities and Exchange Commission (SEC) in January backed off a plan to create 'natural asset companies,' which would have established a regulatory framework to monetize markets in ecosystem services. These services would effectively place value on public lands solely in terms of subjective environmental values, which means no objectively measurable economic output...Stansbury said that Democrats had invited several witnesses to speak in
support of natural capital accounting, as it’s sometimes called, but the experts declined the invitations due to a “lack of respect and partisanship” that Stansbury said had been shown to witnesses in hearings in the past...Kathleen Sgamma, president of the Western Energy Alliance, also remarked on the absence of a minority witness. This included David Wilkinson of Yale University who was listed as a minority witness but did not appear at the hearing. 'This individual is, as far as I can tell, the leading proponent of natural capital accounting,' Sgamma said, 'If academia can't attend to defend its academic ideas, that they can't be challenged. So I think that's kind of telling about the sad state of academia today.'"
The power of US oil production: it keeps OPEC in line and making good arguments.
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Imagine where the world would be if the regulators would get out of the way. A Porsche at every gas pump...
** Zero Hedge ([link removed])
(3/13/24) reports: "In yet another endless sign our markets are completely broken and unredeemable, Porsche stock was up 10% on Tuesday, despite the company warning about its profit for the year. Porsche reported a 7.7% increase in sales revenue for 2023, reaching 40.53 billion euros ($44.29 billion), with its operating profit climbing by 7.6% to 7.28 billion euros, according to CNBC. But it also announced a predicted dip in profitability for 2024 due to new model launches and challenging economic conditions, despite raising its dividend after a profitable 2023. The luxury carmaker anticipates an operating profit margin between 15% and 17%, a decrease from the 18% seen in the past two years, aiming for a long-term goal above 20%...The report said the company is prepared to 'steer investments back to combustion-engine cars' if the EU delays its timeline for phasing out ICE vehicles. It had previously planned to phase out ICE investments in 2026 and 2027, but Chief Financial Officer Lutz
Meschke said 'we are flexible to react' if the rules change."
Energy Markets
WTI Crude Oil: ↑ $79.24
Natural Gas: ↓ $1.68
Gasoline: ↑ $3.39
Diesel: ↑ $4.03
Heating Oil: ↑ $268.23
Brent Crude Oil: ↑ $83.44
** US Rig Count ([link removed])
: ↓ 638
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