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DAILY ENERGY NEWS | 04/25/2024
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** "There's an old saying in Tennessee—I know it's in Texas, probably in Tennessee—that says, 'Fool me once, shame on...shame on you. Fool me—you can't get fooled again.'"
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National Review ([link removed]) ([link removed]) (4/12/24) column: "'Solyndra' is a byword for the pitfalls of corporate welfare and industrial policy. The Obama administration gave the solar-energy company over $500 million as part of its economic stimulus program during the recovery from the Great Recession. Solyndra went out of business two years later. Greg Pollowitz covered it from start to finish for NR...'It made solar panels, a product so green that Democrats could almost forget that this was a profit-oriented corporation, backed by venture capitalists, oil money, and private-equity funds, and led by a former Intel executive'...Well, the 'former Intel executive' mentioned in the editorial was Brian Harrison, who was Solyndra’s CEO in 2010 and 2011. What’s Brian Harrison up to these days? He’s the president of TSMC Arizona — the U.S. subsidiary of the
Taiwanese semiconductor company that was recently awarded $6.6 billion from the CHIPS Act. 'Harrison, who is overseeing TSMC’s projects in Arizona, said he was involved in securing the federal financing in a media interview last August,' reports the Washington Free Beacon. Free-market advocates will sometimes be mocked for comparing too many government programs to Solyndra. But can you blame us when, 13 years later, the federal government is giving more than ten times as much money to a company led by Solyndra’s former CEO?"
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** "Coloradans have a choice. They can stay in the game and reap the economic and fiscal benefits that attend oil and gas extraction. Or they can quit, which will have ripple effects not only in Colorado but across the nation."
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– Bernard L. Weinstein, Real Clear Energy ([link removed])

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Unsurprisingly, the ban on fossil fuels in new federal buildings does not follow the law. The rule pretends the words "on-site emissions" was in the law, but it isn't. The law requires, that "fossil fuel-generated energy consumption of the buildings is reduced..." That obviously includes electricity, which if it comes from the grid, includes fossil fuels.

** Bloomberg ([link removed])
(4/24/24) reports: "Fossil fuel use will be banned in new federal buildings starting in 2030 under a Biden administration rule that the natural gas industry fought for more than a decade. The final rule, announced Wednesday, adds the federal government’s heft to the movement to electrify buildings as part of the fight against climate change, phasing out gas. New federal buildings constructed between 2025 and 2029 must achieve a 90% decrease in fossil fuel consumption, relative to 2003 levels. Those built or substantially renovated from 2030 onward must have no on-site fossil fuel use. Over the next 30 years, the rule is expected to cut carbon emissions by 2 million metric tons and methane emissions by 16 thousand tons, roughly equivalent to the emissions from 310,000 homes in a single year, according to Energy Department estimates."

How much are families up-paying for cars they actually want to make up for the EV blackhole?

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Kudos to American investors as they flee ESG-theme funds. If ESG made sense, they funds would outperform the market, but they aren't doing that.

** Bloomberg ([link removed])
(4/25/24) reports: "US fund managers suffered their worst-ever quarter for ESG-focused products as the pace of client redemptions intensified. Client withdrawals from US funds targeting environmental, social and governance goals reached $8.8 billion in the first three months of 2024, according to fresh data compiled by Morningstar Inc. That stood in stark contrast to the roughly $11 billion of inflows into ESG funds in Europe, where sustainable investing regulations are far more entrenched. It’s the latest sign that US investors are turning their backs on the investment strategy, which has been targeted by high-profile Republicans as 'woke' and anti-American in its design. At the same time, many core ESG industries such as wind and solar have suffered setbacks, leading to poor returns and further alienating many investors. 'Sustainable funds have been facing many headwinds in the past couple of years, including elevated energy prices, high interest rates and an ESG backlash in the US,' said
Hortense Bioy, global director of sustainability research at Morningstar...The global development reflects 'caution ahead of key elections in the US and Europe which will determine the pace of future green policies and encourage or discourage more sustainable practices,' Bioy said."

Energy Markets


WTI Crude Oil: ↓ $82.32
Natural Gas: ↓ $1.62
Gasoline: ↓ $3.65

Diesel: ↓ $4.02
Heating Oil: ↓ $252.68
Brent Crude Oil: ↓ $87.61
** US Rig Count ([link removed])
: ↓ 626



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