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DAILY ENERGY NEWS | 03/25/2024
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** My Aunt used to say that Californians are a bunch of kooks. I used to dismiss her. Turns out she was quite prescient...
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OC Register ([link removed]) (3/21/24) editorial board: "A new analysis on reaching California’s ambitious climate goals actually highlights the state’s numerous contradictions. For example, more housing construction is needed to reduce the homelessness and housing crises. But that means producing more concrete, a cause of greenhouse gasses. And the mandate for 100% zero-emission vehicles by 2035 means creating more electricity, despite the state’s continued reliance on natural-gas power plants. The analysis is the 2023 California Green Innovation Index, produced by Beacon Economics of Los Angeles and Next 10, a think tank based in San Francisco. It found greenhouse gas emissions from transportation dropped 8.8% in 2020 due to the COVID-19 pandemic. We all remember when the highways were empty during the lockdowns. Then the emissions rebounded by 3.4% in 2021 and produced 381.3 million metric tons of carbon-dioxide
equivalent...However, the key is the study’s 2020 International Scorecards. They show China produced nearly 10,842 million metric tons of CO2. That’s 36 times California’ 303.4 million tons that year. The top 10 countries produced 25,542 tons, 84 times California’s number. California’s goal is to cut CO2 to 86 million tons a year by 2050. But even if that were met, it would have almost no effect on the global climate because other countries are not working toward similar goals."
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** "Supposedly, there is a big energy transition going on. Throughout the West, countries have made ambitious pledges to reduce “greenhouse gas” emissions by specific percentages and by specific dates. Many such pledges were notably made in the Paris Climate Agreement of 2016. Some countries — for example, the U.S. and UK — have even gone beyond the Paris Agreement and made still more ambitious pledges in the years since then. But is any of it real? No, none of it is real. The failure to make the progress that would be necessary to achieve the alleged pledges and mandates is obvious and easily tracked. But a code of silence has enveloped the progressive media, commanding that no one is allowed to notice."
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–F ([link removed]) rancis Menton, The Manhattan Contrarian ([link removed])

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How long will it be before Team Biden starts to forgive their loans?

** Wall Street Journal ([link removed])
(3/23/24) reports: "Companies like Rivian Automotive and Fisker are burning through their cash reserves as they spend heavily on expanding factory production and sales—all while losing money on every vehicle they sell. For consumers, the increased competition translates into steep discounts on some of the flashiest electric-powered vehicles. But for EV automakers, a slowdown in demand starts the clock that might determine how long they can keep the lights on...These young companies went public at stratospheric valuations, even though many had no revenue and little experience building a car. Investors, analysts and ordinary shoppers believed EV makers could emulate Tesla’s success in disrupting the traditional car market. Rivian’s market value briefly surged higher than that of Ford or General Motors. Now, these companies are fighting to stay afloat amid stiff competition. Sales of battery-powered cars and trucks have been weaker than expected in the U.S., leading companies from Ford to
Tesla to slash prices in an attempt to jump-start demand. Too few buyers have been willing to make the switch to fully electric vehicles, worried about the relatively high sticker prices, still-nascent charging infrastructure and the long-term reliability of EVs. Money-losing startups are pulling back on spending and delaying investments as they seek to conserve their remaining cash."

Cool. The cost of driving an EV across the country is essentially the same as driving a 32 mpg ICE vehicle. But did he factor in the extra hotel bills?

** ([link removed])

This article starts out with a falsehood. The EV is hardly a "breakthrough achievement in automotive technology." It has been around longer than gas powered vehicles. There rest can be summed up as follows: Biden is not really banning gas cars, but Republicans pounce anyway. But the state run newspaper has an agenda to advance. ¯\_(ツ)_/¯

** New York Times ([link removed])
(3/34/34) reports: "The electric vehicle, a breakthrough achievement in automotive technology, has driven into this year’s presidential election, inflaming partisan fights that have come to define much of American culture. One reason is that President Joe Biden has made electric vehicles central to his strategy to combat climate change. This week, his administration announced the most ambitious climate regulation in the nation’s history: a measure designed to accelerate a transition toward electric vehicles and away from the gasoline-powered cars that are a major cause of global warming. The political war over electric vehicles has been fueled by an incendiary mix of issues: technological change, the future of the oil and gas industry, concerns about competition from China and the American love of motorized muscle. And in the rural reaches of America, where few public charging stations exist, the notion of an all-electric future feels fanciful — another element to the urban-rural divide
that underlies the nation’s polarization... Especially potent is the false claim that the new rule is a 'ban' on conventional cars, analysts said. The EPA regulation is not a ban. Rather, it requires carmakers to meet tough new average emissions limits across their entire product line, starting in model year 2027 and ramping up through 2032. Automakers could comply with the emissions caps by selling a mix of gasoline-burning cars, hybrids, EVs or other types of vehicles, such as cars powered by hydrogen."

Energy Markets


WTI Crude Oil: ↑ $80.91
Natural Gas: ↓ $1.60
Gasoline: ↑ $3.53

Diesel: ↓ $4.04
Heating Oil: ↑ $266.88
Brent Crude Oil: ↑ $85.71
** US Rig Count ([link removed])
: ↑ 658



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