More money, more influence

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DAILY ENERGY NEWS | 07/08/2024

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Big Green Inc. is still raking it in.

Just the News (7/5/24) reports: "Climate activists often paint 'big oil' as a group of powerful corporations spending billions of dollars to spread a message that protects and advances their industry, while those with a countering message paint themselves as humble grassroots underdogs. The data gives that narrative the lie. A Just the News analysis of 2021 tax documents of major anti-fossil fuel environmental and climate nonprofits shows that for every dollar that was received by oil and gas industry groups and climate-skeptical conservative and libertarian nonprofits, $9.60 went to nonprofits who fight against the use of oil, gas and coal... A sample of fifteen large environmental groups whose mission, campaigns or focus involves campaigning against fossil fuels to stop climate change shows they had $5 billion in gross receipts in 2021, according to the groups’ 990 nonprofit tax forms... The same year, the ten largest oil and gas industry groups took in $373 million in gross receipts. Eight large conservative and libertarian nonprofits that defend the coal, oil and gas industries took in $145 million in 2021. Combined with industry groups, they had $519 million in gross receipts in 2021 — one tenth the amount anti-fossil fuel groups took in."

“Agencies are doing end-runs around Congress and the protections that exist in the legislative process that ensure laws have proper buy-in, consider the interests of all Americans, and reflect the will of the people.”

– D aren Bakst, Competitive Enterprise Institute

If it moves, tax it.

Orange County Register (7/5/24) reports: "As tensions mount between the petroleum industry in California and state policymakers, the cost of a gallon of gasoline just got a smidgen more expensive this week. Monday marked the start of the new fiscal year and California’s state excise tax on gasoline increased 1.7 cents per gallon. That’s part of the annual adjustment for inflation that is part of Senate Bill 1, which the Legislature in Sacramento passed and then-Gov. Jerry Brown signed into law in 2017. The excise tax rose on July 1 from 57.9 cents per gallon to 59.6 cents. Last summer, the excise tax jumped 4 cents per gallon from the previous year because the rate of inflation was higher. Formally called the Road Repair and Accountability Act, the SB 1 gas tax expects to raise $52.4 billion over 10 years. More than $3.2 billion per year will go the Road Maintenance and Rehabilitation Program that includes $400 million for bridges and culverts, $200 million local entities and $100 million for bicycle and pedestrian projects. California has the highest state excise tax on gasoline in the country. Pennsylvania is second, charging 57.6 cents per gallon."

The ultimate EV experience for the low cost of $500,000.

CBS News (6/20/24) reports: "Ferrari, the luxury Italian car manufacturer, is planning to make an electric vehicle that will cost more than $500,000, according to a Reuters report. The carmaker's foray into the EV space comes as many consumers are eschewing fully electric vehicles in favor of cheaper hybrid or diesel cars, with an AAA survey finding 63% of consumers say they're unlikely to buy an EV due to their higher prices and the lack of reliable charging infrastructure. But Ferrari may be betting there will be sufficient demand among the world's wealthiest consumers for its pricey, clean energy vehicles. And priced at 500,000 euros ($535,000), the EV will also be considerably more expensive than Ferrari's average first-quarter sale price of 350,000 euros ($376,000). So far, most purchasers of EVs tend to be higher-income consumers, with one study finding that the majority are men with incomes of more than $100,000. The automaker is preparing to open a plant in Maranello, Italy, dedicated to manufacturing the electric model, according to the report, which cited a source familiar with the matter. The plant will reportedly manufacture other Ferrari vehicles, including petrol and hybrid models."

Up in smoke.

Robert Bryce Substack (7/7/24) reports: "In 2017, Google declared it had reached '100% renewable energy for our global operations.' The company continued, 'Google became carbon neutral in 2007, and since then, our carbon footprint has grown more slowly than our business — proof, 10 years later, that economic growth can be decoupled from environmental impact and resource use.' That 'decoupling' didn’t last long. In fact, since 2017, Google’s environmental reports show that the company’s electricity use, CO2 emissions, and carbon intensity have soared. The most recent numbers came out last Tuesday when the search and advertising colossus released its 2024 environmental report. And the numbers don’t lie. As seen in the chart below, since 2017, CO2 emissions at Google have jumped four-fold to a company record of 14.3 million tons in 2023."

Energy Markets

WTI Crude Oil: ↓ $82.80
Natural Gas: ↑ $2.35
Gasoline: ↑ $3.51

Diesel: ↓ $3.84
Heating Oil: ↓ $258.19
Brent Crude Oil: ↓ $86.25
US Rig Count: ↑ 632

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