Market signals

View this email in your browser

DAILY ENERGY NEWS | 03/14/2024

Subscribe Now

Reminder: Carmakers should build EVs to respond to consumer demand not the demand of politicians.

CNBC (3/13/23) reports: "The buzz around electric vehicles is wearing off. For years, the automotive industry has been in a state of EV euphoria. Automakers trotted out optimistic sales forecasts for electric models and announced ambitious targets for EV growth. Wall Street boosted valuations for legacy automakers and startup entrants alike, based in part on their visions for an EV future. Now the hype is dwindling, and companies are again cheering consumer choice. Automakers from Ford Motor and General Motors to Mercedes-Benz, Volkswagen, Jaguar Land Rover and Aston Martin are scaling back or delaying their electric vehicle plans. Even U.S. EV leader Tesla which is estimated to have accounted for 55% of EV sales in the country in 2023, is bracing for what 'may be a notably lower' rate of growth, CEO Elon Musk said in late January. The broad return to a more mixed offering of vehicles — with lineups of gas-powered vehicles alongside hybrids and fully-electric options — still assumes an all-electric future, eventually, but at a much slower pace of adoption than previously expected."

"We are simply way too early in the game to understand all the consequences of EVs. More is revealed every day and consumers are wising up."

– Pete Colan,
John Locke Foundation

The "settled science" as soon as someone does their homework:

Daily Signal (3/13/24) reports: "Sea level rise on planet Earth could be attributed in part to astronomical influences that involve the sun, moon, and other planets, according to a new research paper from The Heritage Foundation taking aim at media reports on climate change that fixate on carbon dioxide emissions while ignoring other factors. The gravitational interactions of heavenly bodies throughout the solar system figure into a larger set of natural phenomena affecting the oceans, cited in Heritage’s special report. (The Daily Signal is Heritage’s news and commentary outlet.)...The new research paper can be a vital tool for policymakers, Diana Furchtgott-Roth, director of Heritage’s Center on Energy, Climate, and Environment, said. 'Professor Legates’ paper is extraordinarily important, because it explodes the myth that carbon emissions and industrialization are causing the seas to rise,' Furchtgott-Roth told The Daily Signal. 'It is vital to understand the true causes of sea level rise in order to have cost-effective policies to deal with it.'...Legates also addresses some concerns related to rising sea levels, such as the potential for storm surge and flooding in coastal areas. The professor concludes that coastal warning systems are far more efficient in protecting life and property than any efforts to reduce the amount of CO2 in the atmosphere. "

Asking the important questions: who is more insane Sen Merkley or Sen “Whites Only” Whitehouse?

Too bad that meaningless EPA regulations have shut down so many aluminum smelters already.

E&E News (3/13/24) reports: "A scramble to save a shuttered southeast Missouri aluminum plant is putting a fresh spotlight on the troubled domestic supply chain of a so-called miracle metal crucial to the nation’s clean energy transition. Until it curtailed production in January, the Magnitude 7 Metals plant had the capacity to produce as much as 30 percent of the country’s overall supply of aluminum — a metal used in everything from airplanes and cars to solar panels and electric transmission lines. That marks the third closure of a U.S. aluminum plant in less than two years, leaving the country with just four. The trend is especially surprising given the passage of the Inflation Reduction Act, the landmark 2022 law designed to boost the clean energy transition and create a domestic supply chain for clean energy products. As Missouri officials are on a blitz to restart the plant — including appealing to the Biden administration to take emergency action — it’s an open question of much it can do to revitalize the country’s flagging aluminum industry."

Energy Markets

WTI Crude Oil: ↑ $81.18
Natural Gas: ↑ $1.69
Gasoline: ↑ $3.41

Diesel: ↑ $4.03
Heating Oil: ↑ $271.15
Brent Crude Oil: ↑ $85.29
US Rig Count: ↑ 640

Donate

Subscribe to The Unregulated Podcast

Subscribe to The Plugged In Podcast

Connect with us on Facebook

Forward to a Friend

Our mailing address is:
1155 15th Street NW
Suite 525
Washington, DC xxxxxx

Want to change how you receive these emails?
update your preferences
unsubscribe from this list