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DAILY ENERGY NEWS | 05/15/2024
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Seeking Alpha ([link removed]) (5/14/24) reports: "Electricity inflation reached the highest point in 40 years due to data center and artificial intelligence demand surge. According to a BofA Securities report, U.S. electricity reached a three-year annualized change of more than 8%, the largest since the early 80s, around the time of the Iranian Revolution when electricity inflation reached more than 13%. This is happening as electrification, data centers, onshoring, AI, and electric vehicles demand is surging. In addition, BofA reported that fund managers are embracing 'old economy' sectors -- energy, materials, and industrials -- for the first time since 2022."
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** "I am unapologetically in the optimist camp — people are amazing. We should not lament the fact that there are more than 8 billion of us, but rather work together to ensure bright futures for as many as possible."
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– Roger Pielke Jr., AEI ([link removed])
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Who protects the consumer?
** Norfolk Daily News ([link removed])
(5/14/24) reports: "A large number of auto dealerships are pushing back on new regulations set forth by the White House pertaining to electric vehicles. The dealership owners are saying they are being pushed by 'unelected Washington bureaucrats dictating what kind of vehicles Americans can buy...' An industry group that represents 5,000 auto dealers across the U.S. has noted that the proposal will 'require an increase in sales of electric vehicles that is far beyond the consumer interest we are experiencing at our dealerships. Despite generous government, manufacturer and dealer incentives, our customers continue to bypass EVs over concerns about affordability, charging infrastructure, performance in cold weather, and resale value...' 'This regulation is another example of President Biden’s assault on the middle class,” said Thomas Pyle, president of the Institute for Energy Research and the American Energy Alliance. 'The American people should be free to choose the types of cars and
trucks that make the most sense for them.'”
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Listen to them!
** EIA ([link removed])
(5/14/24) reports: "The share of electric and hybrid vehicle sales in the United States decreased in the first quarter of 2024 as battery electric vehicle (BEV) sales declined. Hybrid vehicles, plug-in hybrid electric vehicles, and BEVs fell to 18.0% of total new light-duty vehicle (LDV) sales in the United States in the first quarter of 2024 (1Q24) from 18.8% in 4Q23, according to estimates from Wards Intelligence. This slight decline in the electric vehicle market share was driven primarily by BEV sales, which fell from 8.1% of the total LDV market in 4Q23 to 7.0% in 1Q24. This decline represents the first BEV market share decline since the economic effects from the COVID-19 pandemic began in 2Q20."
Spread the word.
** OK Energy Today ([link removed])
(5/14/24) reports: "Run out of oil soon in the U.S.? Don’t believe it predicts Tom Pyle, president of the Institute for Energy Research (IER), a free market think tank focusing on energy. The IER is out with its 2024 North American Energy Inventory and it shows North America has 1.66 trillion barrels of recoverable resources and the amount is 15% higher than the amount declared in a 2011 report. It estimates that at current consumption rates, it would take 227 years to deplete all of it."
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Energy Markets
WTI Crude Oil: ↓ $77.49
Natural Gas: ↑ $2.37
Gasoline: ↓ $3.61
Diesel: ↑ $3.94
Heating Oil: ↓ $241.32
Brent Crude Oil: ↓ $81.79
** US Rig Count ([link removed])
: ↓ 626
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