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DAILY ENERGY NEWS | 06/06/2024
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** I vote for sledgehammer.
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Politico ([link removed]) (6/5/24) reports: "President Joe Biden’s signature climate law is nearly two years old, and the tug-of-war over its future is only getting more fierce. The Biden administration is facing election year pressure from progressives to move more quickly to phase out fossil fuels, at a time when the U.S has become an oil and natural gas superpower. At the same time, conservatives and former President Donald Trump are threatening to gut the law and its hundreds of billions of dollars in clean energy spending if they take back power in Washington — though more than a few Republicans are coming to its defense...But a member of Trump’s 2016 transition team indicated the former president might not be so surgical — especially when presented with a pile of cash that could fund his own agenda. 'If Donald Trump wins the election he’s going to take a look at the revenue, the potential revenue you can generate from funds in
the IRA that haven’t been spent, to fund his priorities,' said Tom Pyle, president of the conservative American Energy Alliance. Trump has repeatedly attacked Biden’s green initiatives, especially the spending on wind power and electric cars. In a recent campaign appearance, he vowed to 'impose an immediate moratorium on all new spending, grants and giveaways' contained in 'socialist bills like the so-called Inflation Reduction Act.'"
** If you couldn't make it to Politico's 2024 Energy Summit yesterday here's all you need to know.
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** "The issues raised by the EV mandates involve matters of life, liberty, and prosperity—issues that are fundamentally political in nature. Under our constitutional republic, it is for Congress, and Congress alone, to weigh the competing interests at stake in these matters and to make the monumental decisions that EPA now presumes to take upon itself."
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– Steven G. Bradbury, The Heritage Foundation ([link removed])
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Politicians shock reporters for trying to get reelected...
** Bloomberg ([link removed])
(6/5/24) reports: "New York Governor Kathy Hochul halted a plan to charge motorists driving into Manhattan, upending an initiative years in the making that was finally set to kick in at the end of this month. The governor cited inflation and financial pressures on working-class New Yorkers as reasons to not implement congestion pricing, but the initiative was shaping up to be a political albatross ahead of this year’s congressional elections...Hochul will look to replace the tolling plan with a tax on New York City businesses, according to a person familiar with the situation who requested anonymity because the proposal hasn’t been made public. The new pricing system was set to begin June 30 and would have been the first of its kind in the US...Hochul was facing the implementation of an unpopular policy that could have hurt Democrats in key congressional races in November. A Siena poll from April found 63% of New Yorkers disapproved of the plan, including majorities of Democrats,
Republicans and independent voters. And although Hochul isn’t up for reelection until 2026, her own approval ratings have been suffering, with a May Siena poll finding her with a 38%-46% favorability rating among New Yorkers. In a statement, freshman Republican Congressman Mike Lawler, who represents a Hudson Valley swing district, blasted Hochul’s decision as 'nothing more than an election-year stunt.'"
Virginia is for (car) lovers.
** Oil Price ([link removed])
(6/5/24) reports: "Virginia will exit the California electric vehicle mandate effective at the end of 2024, Virginia’s Republican Governor Glenn Youngkin said on Wednesday. The Governor announced today the end of the California EV mandate in Virginia, effective at the end of 2024 when California’s current regulations expire. Back in 2021, the Virginia General Assembly passed legislation authorizing Virginia’s Air Board to adopt California’s 'Advanced Clean Cars I' regulation. But the California Air Resources Board (CARB) has recently adopted 'Advanced Clean Cars II,' set to take effect January 1, 2025, which would require 100% of new cars sold in Model Year 2035 to be electric vehicles. In today’s announcement, Governor Youngkin said that 'An official opinion from Attorney General Jason Miyares in response to a request by the Governor and Senate Republican Leader Ryan McDougle confirms that Virginia is not required to comply with expansive new mandates adopted by the unelected California
Air Resources Board (CARB) set to take effect January 1, 2025.'...Commenting on the announcement of the end of the California EV mandate in Virginia, Thomas Pyle, president of the American Energy Alliance, ** said ([link removed])
'What happens in California should stay in California, especially bad policies like a ban on gasoline powered cars and trucks.'"
Energy security is national security, and America has enough energy at home to be safe for centuries.
** Fuels Market News ([link removed])
(6/5/24) reports: "Petroleum futures accelerated last week’s declines as the latest pronouncements from OPEC+ were seen by the market as bringing more supply to the market in the medium and long run...Spot natural gas futures settled the week of May 31 at $2.587. Prices remained well within the recent $2.00+ range supported at $1.60 and with resistance at $3.643. But one current estimate of domestic reserves of natural gas has expanded substantially. A report of the Institute for Energy Research (IER) put recoverable natural gas resources at slightly more than four quadrillion cubic feet. This is the equivalent of 130 years of supply at current rates. Moreover, it is a 47% increase over IER’s prior report in 2011.This compares with an estimate of proved reserves of U.S. natural gas which increased 10% during 2022. The estimate was offered by EIA on April 29. Current natural gas production has not kept up with growth in proven reserves. And if the estimates of growth in natural gas reserves
achieves anything like the numbers suggested by IER, the implications for the American natural gas industry are impressive. The more energy America controls, the greater our control of our own energy security. The American natural gas industry has rapidly internationalized. This would make us a major producer and a major consumer. It would represent a major shift in international control of and access to energy resources, controlling much of the world’s natural gas requirements."
Energy Markets
WTI Crude Oil: ↑ $75.73
Natural Gas: ↑ $2.75
Gasoline: ↓ $3.48
Diesel: ↓ $3.83
Heating Oil: ↑ $235.88
Brent Crude Oil: ↑ $80.02
** US Rig Count ([link removed])
: ↓ 624
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