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DAILY ENERGY NEWS | 06/20/2024
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** Democrats, Republicans, mayors, union workers. New Jersey is uniting to Save Our Cars ([link removed]) .
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Spotlight News ([link removed]) (6/18/24) reports: "People shouted 'Save our jobs' and 'don’t ban our cars' outside the State House Tuesday as they rallied against a new rule that would gradually phase out sales of cars solely powered by gasoline before 2035. The large crowd, which included union members, mayors, assemblymen and state senators, advocated against the rule, which will require car companies to sell more zero-emission vehicles in New Jersey. 'These regulations threaten jobs and the traditional automotive, manufacturing and maintenance across our state,' said Linden Mayor Derek Armstead. 'We support rational market-based strategies to transition to a zero-emission future,' said Jim Appleton, president of the New Jersey Coalition of Automotive Retailers, 'but we don’t support government mandates that restrict consumer choice or that will make the purchase of a new car virtually
unaffordable.'"
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** "Resilient sources of fuel are essential to many countries’ manufacturing sectors. Voters know this, and they are making themselves heard all over the world."
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– Diana Furchtgott-Roth, The Heritage Foundation ([link removed])
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They tried to bury us once and they failed, but we have hundreds of years of energy right here at home. Do you hear that, OPEC?
** Bloomberg ([link removed])
(6/18/24) reports: "US shale drillers will continue to raise oil production for years before the juggernaut stalls around 2028, dashing OPEC+ hopes for a quicker fall-off in American output growth, according to HSBC Holdings Plc. Improvements in drilling and fracking techniques amid a wave of corporate takeovers will drive the expansion and more than offset recent reductions in rig deployments, analysts at the the London-based bank wrote in a note titled ‘Underestimate US Shale at Your Peril.’ 'Some expect US shale to peak soon, and OPEC+ hopes this will be the case as it would allow the group to finally unwind its supply cuts,' analysts led by Kim Fustier wrote. But 'US shale could grow for the next 3-4 years.' Expectations for slower US shale growth was a factor in the recent decision by the Organization of Petroleum Exporting Countries and allies to gradually increase supplies by bringing curtailed barrels back to the market. But investors should be wary of 'substantial' productivity
gains that may extend US growth beyond current forecasts, HSBC wrote. US shale fields will up production by about 400,000 barrels a day in the next year, with slower growth thereafter, according to the analysts. "
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Fool me once, shame on me. Fool me twice...
** Automotive News ([link removed])
(6/16/24) reports: "Charging concerns, high cost of ownership and the complexity of long-distance trips are the three leading reasons why more than 40 percent of U.S. electric vehicle owners say they will likely switch back to combustion engine vehicles with their next purchase, according to the results of a new consumer survey from McKinsey & Co. The findings suggest further complications lie ahead on the path toward an electrified future already encountering slowing sales growth — and they fly in the face of conventional industry thinking that consumers will stick with EVs once they make the propulsion leap. The survey's 46 percent of U.S. EV owners planning a powertrain reversal are not alone. Twenty-nine percent of EV owners globally said they're likely to go back to combustion engine vehicles. 'I didn't expect that,' Philipp Kampshoff, leader of McKinsey's Center for Future Mobility told Automotive News. 'I thought, 'Once an EV buyer, always an EV buyer.' " ... The disparity between
various EV loyalty surveys indicates changing consumer attitudes, McKinsey said. More critical coverage of Tesla overall and Elon Musk in particular this year may play a role, Kampshoff said."
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If Biden's 200+ attacks on oil & gas get fixed it's a no brainer for the Euros to jump ship.
** Rigzone ([link removed])
(6/20/24) reports: "Could European majors relocate to the United States? If so, would this move have any advantages for them? These were the questions Rigzone posed to several analysts in exclusive interviews, in an effort to better understand the likelihood of such a scenario, as well the benefits...Alex Stevens, the Manager of Policy and Communications at the Institute for Energy Research (IER) told Rigzone that European majors like Shell and TotalEnergies are considering moving their primary stock listings from London and Paris to New York. 'With Europe’s focus on promoting renewable energy and the growth of heavy regulations across Europe, these companies see the American market as potentially more welcoming,' he said. 'The potential change in administration is also likely to play a major role in their decision, as a Trump presidency would roll back many of the actions that have made it more difficult to develop oil and natural gas here in the United States,' he added. 'However, I
wouldn't be surprised if governments intervened to keep these major companies on the continent due to their importance to local stock exchanges. I don't know exactly what that would look like but given the amount of regulatory power they have some combination of carrots and sticks will likely be used to try to stop them from leaving,' Stevens warned. The IER manager told Rigzone that moving to the NYSE offers companies immediate access to a larger pool of liquidity than any other stock exchange. 'With 2,400 listed companies from nearly 50 countries and a history spanning over 200 years, the NYSE provides unmatched stability,' he said."
Energy Markets
WTI Crude Oil: ↑ $82.14
Natural Gas: ↓ $2.82
Gasoline: ↑ $3.45
Diesel: ↑ $3.80
Heating Oil: ↑ $252.73
Brent Crude Oil: ↑ $85.77
** US Rig Count ([link removed])
: ↑ 623
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