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DAILY ENERGY NEWS | 05/07/2024
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** First they came for your gas stove. And they said Republicans pounce...
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Wall Street Journal ([link removed]) (5/6/24) op-ed: "Your next new home air conditioner could set you back $12,000 or more, with federal regulators contributing to the rising cost of staying cool. Before 2020, buying and installing a new residential central air conditioner typically cost well under $10,000. Many jobs, including both purchase and installation, fell in the $6,000 to $7,000 range—about half the current price—says Martin Hoover, a co-owner of Atlanta-based Empire Heating & Air Conditioning. While many factors, including rising material costs, have contributed to the increase in prices, regulations have played an outsize role. The Energy Department in January 2023 issued a new efficiency standard for residential systems. It necessitated a major redesign that increased costs by $1,000 to $1,500, according to Mr. Hoover. DOE bureaucrats say the regulation will deliver net benefits for homeowners,
but it isn’t clear that consumers will ever earn back in long-term energy savings the steeper upfront costs they’re paying. Next up is an Environmental Protection Agency regulation scheduled to take effect in 2025. It will require air-conditioning equipment makers to use new refrigerants deemed sufficiently climate-friendly...Despite the worrisome trends, federal regulators have shown no signs of letting up, especially now that air conditioners are in the crosshairs of the Biden administration’s obsession with climate change. Team Biden seems to think that affordable air conditioning is one more thing homeowners may have to sacrifice to save the planet."
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** "The price system, profit-hungry entrepreneurs, and optimizing consumers are pretty good at remedying scarcities when they emerge."
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– Joakim Book, AIER ([link removed])
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Funny how the biggest threat to Big Green, Inc.'s agenda is an informed electorate.
** EuroNews Green ([link removed])
(5/2/24) reports: "A trio of leading Green MEPs have presented a proposal for a Green Industrial Deal supported by a trillion-euro EU fund and preferential interest rates from the European Central Bank, while warning a swing to the right in June could see five years of climate legislation begin to unravel. The Greens’ chief climate policy negotiator in the European Parliament has warned a shift to the right in the coming EU elections could put at risk five years’ worth of new legislative work to address the crisis of global temperature rise, while presenting his own group’s vision for a new Green Industrial Deal supported by a trillion-euro EU fund and preferential interest rates from the European Central Bank. A swing to the right and the re-appointment of incumbent European Commission president Ursula von der Leyen could see several hard-fought pieces of EU climate and energy legislation opened for renegotiation after the EU elections, the Greens/EFA group’s climate policy lead has
warned."
The math never added up. But it was never about the numbers for Team Biden.
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A senior White House official says the U.S. must also exploit children in the Congo if we want to have an energy transition. Let that sink in.
** Reuters ([link removed])
(5/6/24) reports: "The United States and its allies must encourage mining projects in countries where Western corporations are reticent to do business to guarantee a reliable and sustainable global supply of the critical minerals needed to combat climate change, a senior White House official said on Monday. In a stark warning, White House senior adviser for energy and investment, Amos Hochstein, said mineral resources in nations like the Democratic Republic of Congo and Zambia were essential to meeting enormous global demand for clean energy components and power infrastructure to support the growth of artificial intelligence. They also offered an alternative to the world's current dependence on China. 'We can all live in the capitals and cities around the world and say 'I don't want to do business there.' But what you are really saying is we're not going to have an energy transition,' Hochstein said on a panel at the Milken Institute Global Conference in Los Angeles. 'Because the energy
transition is not going to happen if it can only be produced where I live, under my standards.' President Joe Biden's landmark climate change law, the Inflation Reduction Act, created big subsidies for producers of minerals like lithium and copper that are needed in equipment like batteries and solar panels...The United States and Group of Seven (G7) nations as well as Australia, South Korea and Saudi Arabia must collaborate to unlock capital that would back up companies that currently are unwilling to take on projects in countries they deem risky to their reputations or assets, Hochstein said. The capital could flow through U.S. agencies like the U.S. International Development Finance Corporation, Export-Import Bank of the United States and global institutions like the World Bank and International Monetary Fund."
Energy Markets
WTI Crude Oil: ↓ 78.13
Natural Gas: ↑ $2.21
Gasoline: ↓ $3.64
Diesel: ↓ $3.97
Heating Oil: ↑ $245.66
Brent Crude Oil: ↓ $82.90
** US Rig Count ([link removed])
: ↓ 621
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