Endless planning

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DAILY ENERGY NEWS | 04/24/2024

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Ever notice how Team Biden is really good at cutting through red tape for stuff they like and endlessly "planning" for stuff they don't like...

House Budget Committee (4/23/24) reports: "In November of 2023, House Budget Committee Chairman Arrington (R-TX) and Oversight Task Force Chair Congressman Bergman (R-MI) sent a letter to the Government Accountability Office (GAO) seeking clarity on whether the Biden Administration violated the Impoundment Control Act of 1974 by blocking the use of fundsintended to continue construction and secure the border wall. On April 22, 2024, GAO issued its response. Congress appropriated funds to the Department of Homeland Security for a barrier system or fencing for fiscal years 2018 through 2021. On January 20, 2021, the President issued a 'proclamation' effectively pausing border barrier construction and obligations to the extent permitted by law. The proclamation ended the prior Administration’s emergency declaration, stating the new policy that 'no more American taxpayer dollars be diverted to construct a border wall.' Among other things, the Proclamation further directed the Secretaries of Homeland Security and Defense to work with other officials and develop a plan for redirecting border wall funds...GAO’s decision did, however, note that DHS has yet to obligate over $660 million and has spent the majority of the funding on environmental planning and other non-barrier construction. DHS continues to play political games that stall contractors and prevent barriers from being built, effectively finding a way to dodge the law."

"Just as the pagans for millennia attempted to prevent destructive weather by worshiping golden idols, so do modern left-wing environmentalists now attempt to prevent destructive weather by bowing down before recycling bins."

– Benjamin Zycher,
American Enterprise Institute

Does Governor Gavin's price gouging law apply to Governor Gavin?

Marin Independent Journal (4/23/24) reports: "Bay Area gas prices are surging yet again, causing consternation for commuters who already pay more than the inflated state average. Regional gas prices are as much as 20 to 30 cents per gallon higher than the state average and at least $2 per gallon more than the rest of the nation, according to the latest data from the American Automobile Association. The national average on Tuesday was $3.67 a gallon, compared to $5.42 in California — the highest in the U.S., according to AAA. A month ago, the state average was $4.98. A year ago, the average was $4.89. In Marin County, the average gas price for regular unleaded is $5.63. John Treanor, AAA’s Northern California spokesperson, called the state 'a little bit of an outlier.' Treanor said part of the price spike is due to seasonal demand as the weather warms and travel picks up. Prices are further inflated by the switch to more expensive summer blend that is formulated with air quality in mind and market forces that drive up the price of crude oil such as tension in the Middle East...California has the highest gas tax in the country at 68 cents per gallon, compared to 39 cents for the national average, according to the American Energy Alliance. The state also has a cap-and-trade program and low-carbon fuel standard that adds roughly another 46 cents a gallon, according to the group."

A horse is a horse, of course, of course, and this one'll talk 'til his voice is hoarse.

"The numbers were bad. The words were dreamy." That about sums up the entire net-zero agenda.

Bloomberg (4/23/24) reports: "Tesla Inc. had two very different first-quarter results announcements depending on whether you’re more into the numbers or the words. The numbers were bad. The words were dreamy. But it was the lack of words on the subsequent call that spoke volumes. The first quarter’s bombshell drop in vehicle sales sent predictable shockwaves through Tesla’s financials, published Tuesday evening. The basic problem is as follows: Since the second quarter of 2022, when Tesla’s revenue per vehicle rose to almost $56,000 apiece, that implied average price has dropped by about $12,000 but the cost of manufacturing has fallen by less than $5,000. More than half the gross profit per vehicle has vanished. (All these numbers exclude greenhouse gas credits). This has knock-on effects. Gross profit margins were subdued. Operating margins, meanwhile, were crushed to 5.5%, the lowest level in three years and even lower than those of General Motors Co., which also reported Tuesday. Tesla has also been building more vehicles than it has sold for most of the past two years, and last quarter’s excess was the biggest by far. Hence, a massive working capital swing, boosted by inventories, all but wiped out operating cash flow (Tesla expects this to reverse in the current quarter). The company reported its first quarter of negative free cash flow since early 2020...At one point, Musk said that 'if someone does not believe Tesla will solve autonomy, they should not be investing in the company.' Words to live by."

Energy Markets

WTI Crude Oil: ↓ $82.50
Natural Gas: ↓ $1.71
Gasoline: ↓ $3.66

Diesel: ↓ $4.02
Heating Oil: ↓ $253.81
Brent Crude Oil: ↓ $82.50
US Rig Count: ↑ 636

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