Not buying it

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DAILY ENERGY NEWS | 06/12/2024

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Despite historic subsidies, tax incentives, and unprecedented propaganda campaigns, people still don't want to buy inferior products for their families.

Detroit Free Press (6/11/24) reports: "General Motors is pulling back its electric vehicle production target this year and adjusting the timing on its profit targets because demand for EVs is not growing at the pace initially expected. GM CFO Paul Jacobson said Tuesday that GM would trim its targeted production of its new EVs in 2024 from between 200,000 and 300,000 to between 200,000 and 250,000. Jacobson said GM still believes it can be 'variable profit positive' on its EVs at the 'low 200,000' production range. GM promised investors earlier this year that it would show variable profit in EVs by the second half of the year. Variable profit is when the revenue GM earns from selling the vehicle exceeds the direct cost of producing it. The calculation excludes corporate or “fixed” costs, measuring only the costs that go into the car and the revenue earned from the car directly...GM's adjustment to its EV production was welcome news to Wall Street analyst Dan Ives, who was expecting far more negative news around the slowing EV demand at the moment."

"Establishing a standard in which 'no finding of wrongdoing is required' to levy fines against historical actions that were (and still are) legally permitted sets a dangerous precedent for what governments can do, not only to businesses that have produced fossil fuels but also to individuals who have consumed them."

– Travis Fisher, Substack

Big Green, Inc. wants your children to live in fear of a fairy tale. In reality, there has never been a better time to be alive on planet Earth and it's all thanks to natural gas, oil, and coal.

Real Clear Energy (6/11/24) op-ed: "Apparently, you can litigate anything these days, and it’s gotten far more insidious than suing McDonald’s over hot coffee being, you know, hot. A new climate activist group called Our Children’s Trust is suing state and federal government agencies on behalf of individual children, claiming that fossil fuel regulators are negligently ruining their future. That children should feel entitled to come of age under a specific set of favorable environmental and political circumstances — and to demand punishment for individuals they disagree with — isn’t just a testament to the egocentrism dominating the 21st Century...In fact, we have fossil fuels to thank for the twenty-first century for being the best time in human history to be alive. Unfortunately, it’s the best-kept secret in our world today. If we really want to earn 'our children’s trust,' we should teach them the truth instead of foisting crippling and needless anxiety on an entire generation. Contrary to the attention-grabbing clips of forests burning and shock-inducing statistics about record-high temperatures, modern climate science suggests that warming is likely to remain mild and manageable while our resilience continues to improve. In fact, despite average global temperatures increasing about 1° Fahrenheit and our population quadrupling in the last century, climate-related disasters claim 99% fewer lives. Our resistance to severe weather events (which actually have remained consistent or even declined in recent decades) is actually growing at a faster rate than non-weather-related natural disasters like volcanoes and earthquakes. The alarmists want you to believe a changing climate is jeopardizing human lives; however, the opposite is true."

Banning the products that make modern life possible comes with a price. Hopefully the citizens of New Zealand will start electing sane people.

Un politico abile

Financial Times (6/9/24) reports: "Italian Prime Minister Giorgia Meloni has always insisted she is not a climate change denier and that her rightwing government is committed to greener sources of energy. But her coalition is putting the brakes on the rollout of solar panels on farmland, which Meloni has described as a 'threat to our food sovereignty' — a claim refuted by some farmers and solar energy experts. The government last month issued an emergency decree banning ground-mounted solar panels from land zoned for agriculture. Instead, Rome will require more costly installations of at least 2.1 metres above ground, to allow cultivation underneath. Meloni described the decree as a 'pragmatic measure that corrects . . . the ideological eco-follies of which Italy and its farmers have been victims.' But green power advocates say the restrictions, which must still be approved by parliament, raise serious doubts about Rome’s ability to fulfil its international commitment to reach 80GW of solar capacity by 2030."

Energy Markets

WTI Crude Oil: ↑ $79.06
Natural Gas: ↓ $3.06
Gasoline: ↑ $3.45

Diesel: ↑ $3.79
Heating Oil: ↑ $246.55
Brent Crude Oil: ↑ $83.09
US Rig Count: ↑ 621

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