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DAILY ENERGY NEWS | 04/05/2024
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** The producer gets a little overconfident, Richmond falls, and Biden hosts a Bugaboo Boogaloo on the latest episode of The Unregulated Podcast. Now streaming on our website ([link removed]) , or wherever you listen.
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** "The simple fact is that batteries and hydrogen just aren’t as energy-dense as diesel fuel. And if you think Tesla fires are bad, and they are, and the East Palestine train derailment was bad, it was, a battery-powered train derailment will be cataclysmic."
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– Eric Harrison, FreedomWorks ([link removed])

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Hertz so good.

** Business Times ([link removed])
(4/4/24) reports: "Like anyone habituated to the excesses of Wall Street, Tom Wagner and Greg O’Hara knew how to throw a party.On the night of Nov 9, 2021, guests emerging from the oversize elevator at Zero Bond, the members-only Manhattan social club frequented by Kim Kardashian and New York City Mayor Eric Adams, were greeted with flutes of Champagne. Offerings of sliced raw tuna on crispy rice and roasted maitake mushrooms awaited them as heads turned to admire an Andy Warhol and a Keith Haring, while New Order throbbed in the background. On every cocktail napkin, emblazoned with Hertz’s familiar yellow and black, was 'Let’s Go!'—the slogan for its splashy new ad campaign starring seven-time Super Bowl champion Tom Brady...Hertz’s new owners were making a fully charged bet to swap Hertz’s petrol-powered rental-car fleet for EVs. The company announced an unprecedented order for 100,000 Teslas and struck an exclusive deal to supply EVs to Uber drivers. It planned to build out a national,
and eventually global, charging network at Hertz’s thousands of locations, with ambitions to become the service manager for the autonomous-driving era...By early 2024 it was clear the massive bet on electrification was a catastrophe. Musk had slashed Tesla prices by as much as 30 per cent, sending the value of Hertz’s EVs plummeting. Wagner and O’Hara’s plan was filled with countless other miscalculations that only deepened the wound. All that talk of a radical makeover for a tired industry has gone silent, and the company is now doubling down on gas guzzlers. Hertz shares have fallen 74 per cent since the IPO festivities at Zero Bond, there’s finger-pointing in the boardroom over who bears responsibility"

** ([link removed])

Pot, meet kettle.

** Bloomberg ([link removed])
(4/5/24) reports: "US Treasury Secretary Janet Yellen’s mission to address the threat of cheap China exports is set to increase pressure on the nation’s makers of solar panels, electric cars and batteries. Already, major producers like Longi Green Energy Technology Co. and BYD Co. have underperformed the broader MSCI China Index this year as they struggle with domestic price competition or overcapacity. During events in Guangzhou on Friday, Yellen reiterated her criticism, saying government subsidies in the world’s second-largest economy have resulted in capacity that 'significantly exceeds China’s domestic demand, as well as what the global market can bear.' And that is a shared concern heard from her meeting with American, European and Japanese businesses earlier in the day, she added. With the White House hinting at potential tariffs, Yellen’s exchanges with her Chinese counterparts during her second trip in nine months may shed light on what lies ahead for equity investors in those
Chinese sectors...The case for duties on lithium batteries may be harder even as China accounts for more than 80% of the world’s production capacity in lithium-ion batteries. 'Anti-dumping on batteries seems pretty far-fetched at the moment as there’s still a shortage of LFP batteries in Europe,' said Johnson Wan, head of auto research at Jefferies, referring to lithium iron phosphate batteries, which are cheaper than other widely used power packs."

These policies aren't based on science, evidence, or reality. It's ideology and politics, all the way to the top.

** ([link removed])

“A major source of objection to a free economy is precisely that it ... gives people what they want instead of what a particular group thinks they ought to want. Underlying most arguments against the free market is a lack of belief in freedom itself.” - Milton Friedman

** CNBC ([link removed])
(4/4/24) reports: " Ford Motor is delaying production of a new all-electric large SUV and pickup truck, as it shifts to offer hybrid options across its entire North American lineup by 2030. The Detroit automaker on Thursday said it will continue to invest in EVs, but it is postponing production of the three-row SUV at a plant in Canada to 2027 from its initial plan of 2025. The next-generation pickup, codenamed 'T3,' is being pushed back from late 2025 to 2026. The shift in EV plans is the latest for Ford and the entire automotive industry as adoption has been slower than many expected and production costs remain high. Ford last year said it would delay or cancel $12 billion in planned spending on new EVs due to the shifting market conditions as well as challenges to profitably building and selling the vehicles. The Ford brand ranked second in EV sales during the first quarter of this year behind Tesla, but the Detroit automaker as a company ranked third overall. Both Tesla and Hyundai,
including Kia and Genesis, outsold Ford in EVs."

If you oppose carbon taxes masked as tariffs against China, take a stand and ** contact us. (mailto:[email protected])

** ([link removed])

Tom Pyle, American Energy Alliance
Daren Bakst, Competitive Enterprise Institute
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: ↑ $86.69
Natural Gas: ↑ $1.78
Gasoline: ↑ $3.58

Diesel: ↑ $4.04
Heating Oil: ↑ $276.54
Brent Crude Oil: ↑ $90.86
** US Rig Count ([link removed])
: ↑ 649



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