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DAILY ENERGY NEWS | 06/18/2024

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There is no such thing as a "conservative" carbon tax, and voters understand that.

E&E News (6/18/24) reports: "A conservative energy advocacy group is launching an ad campaign targeting two climate-minded Republicans facing tough election bids. The $100,000 digital ad campaign, from the American Energy Alliance, goes after Reps. John Curtis of Utah and Mariannette Miller-Meeks of Iowa on proposed bipartisan climate legislation. Opponents of the bill, which would study the carbon emissions of a range of U.S. products, argue it could lead to carbon pricing. Curtis, the founder and former chair of the House Conservative Climate Caucus and Miller-Meeks, the current chair, are accused in the ads of being insensitive to energy costs. 'With energy prices rising why is John Curtis considering policies to make energy even more expensive?' reads one ad. 'Tell Congressman Curtis — no back door energy taxes.' Another says: 'Why is Congress considering policies to make energy even more expensive? Tell Congresswoman Miller-Meeks — stand strong against carbon taxes.' The online campaign, which went live Monday night, will run for two weeks. It comes as Curtis is seeking the Republican nomination for Senate in a crowded field. The primary is a week from Tuesday. Miller-Meeks, who won her House primary earlier this month, is expected to face a tough general election race against Democrat Christina Bohannan. Despite being earlier identified as a potential cosponsor of the bill by the American Petroleum Institute, Miller-Meeks has since raised doubts about it.
An aide to Miller-Meeks, who was granted anonymity to speak candidly, said Monday the lawmaker would not be an original cosponsor of the bill 'if and when' it is introduced ... American Energy Alliance President Tom Pyle said, 'Utah families deserve to know whether their elected representatives are promoting policies that will lead to new taxes on the energy they rely on every single day.' Pyle said Curtis appeared to be 'downplaying' his climate agenda as he runs for Senate. Curtis has led in polls ahead of his June 25 primary, though he lost the backing of the state party to a Republican endorsed by former President Donald Trump."

"Climate superfund legislation seems to have one purpose: to raise revenue by taxing a politically unpopular industry. Under the New York law, fossil fuel‐producing energy companies would be taxed billions of dollars retroactively for engaging in legal and necessary behavior."

– Travis Fisher, Cato Institute

If the enemies of freedom are paying your bills, your program is not "rooted" in economic freedom.

E&E News (6/18/24) reports: "Conservative climate change advocates may not see eye-to-eye with their liberal counterparts on a host of issues, but they do share something important: their funding sources. Philanthropic donors like Bill Gates’ Breakthrough Energy Foundation, the Charles Stewart Mott Foundation and the MacArthur Foundation that fund Democratic-aligned green groups like the League of Conservation Voters are also spending millions on 'eco-right' groups — as they are commonly known — according to an analysis by POLITICO’s E&E News. The conservative groups, such as Citizens for Responsible Energy Solutions and the American Conservation Coalition, eschew policies like regulation and big spending to fight climate change. They dismiss such actions as partisan ideas that won’t spur innovation to transform the planet. And donors are fine with that. ... Breakthrough — which is primarily funded by Gates, the founder of Microsoft — aims for net-zero greenhouse gas emissions worldwide by 2050. It stands out from other major philanthropic donors supporting the conservative climate groups because its sole focus is climate change. Gates has, over the last decade, put a significant part of his philanthropic money into innovation, which he argues is the most important factor to decarbonizing electricity, agriculture, transportation and other major greenhouse gas-emitting sources around the world."

How much government support does it take to find "qualified" accounting professionals?

MSN (6/18/24) reports: "Fisker, a much-hyped startup that sought to mimic Tesla’s success, has filed for bankruptcy, roughly a year after releasing its first electric-vehicle model. The filing marks the second time an automotive venture by car designer Henrik Fisker has gone bust and follows weeks of quietly winding down its operations. The seven-year-old California-based company sought a cheaper and faster entry into the auto industry by outsourcing manufacturing but struggled with the complexities of running a publicly held company. Fisker is the latest among a crop of once-highflying EV startups that looked to upend the traditional auto industry but have run out of charge. Pickup maker Lordstown Motors and bus manufacturer Arrival both filed for bankruptcy protection. Others are cutting costs or delaying investments, in an effort to conserve their remaining cash. ... Fisker’s bankruptcy followed a troubled rollout of its inaugural vehicle, which was criticized by many customers and reviewers for quality issues. The company also missed several deadlines to file its financial results with regulators, which it attributed to a lack of qualified accounting professionals. ... Fisker ended 2023 having produced over 10,000 Oceans but only managed to deliver around 4,900 to customers."

Oklahoma is cooking (with gas).

Daily Signal (6/13/24) reports: "Oklahoma has taken center stage in the fight against environmental, social, and governance policies, and the man leading the charge is state Treasurer Todd Russ. Russ was in Washington, D.C., this week and visited The Daily Signal to share an update on his efforts to combat the ESG agenda. Oklahoma enacted the Energy Discrimination Elimination Act in 2022, and tasked Russ with managing a list of financial institutions prohibited from doing business with the state. That list currently includes BlackRock, Wells Fargo, JPMorgan Chase, Bank of America, State Street, and Climate First Bank.Russ found their ESG policies run counter to the financial interests of Oklahoma."

Going off the rails.

Wall Street Journal (6/17/24) editorial: "California’s climate planners aren’t trying merely to extend their electric-vehicle mandate nationwide. Now they’re moving to banish diesel locomotives across all 50 states. Where’s Amtrak Joe Biden when you need him? The U.S. House last week held a hearing on the California Air Resources Board’s (CARB) plan that would ban locomotives that are 23 years or older from running in the state after 2029, pending approval from the Environmental Protection Agency. Passenger trains would also have to operate in a 'zero emission' configuration by 2030 and long-distance freight trains by 2035. Chuck Baker, president of the American Short Line and Regional Railroad Association, warned that CARB’s plan will harm its members, most of which are small businesses. Those that depend on short-line rail, he said, 'will move out of California or just vanish.' Why should Congress and Americans in the other 49 states care? ... What’s the point of it all? In the best case, California’s train rule would reduce global temperatures in 2100 by 0.000063 degrees Celsius, according to an estimate from Benjamin Zycher, an economist at the American Enterprise Institute. California keeps imposing costly rules to banish fossil fuels that will have little effect on the climate. But why should other Americans be forced to ride in the caboose?"

Energy Markets

WTI Crude Oil: ↑ $80.99
Natural Gas: ↑ $2.84
Gasoline: ↓ $3.44

Diesel: ↑ $3.78
Heating Oil: ↑ $250.68
Brent Crude Oil: ↑ $84.81
US Rig Count: ↓ 617

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