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DAILY ENERGY NEWS | 07/23/2024
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** Big Green, Inc. doesn't care who is behind the wheel as long as the money keeps rolling out.
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Reuters ([link removed]) (7/22/24) reports: "The Biden administration on Monday announced 25 projects pitched by 30 different state, local and tribal governments that applied for $4.3 billion in grants created by the president's signature climate law. The grants, which will be distributed to winners by early autumn, will support deployment of clean energy technology across sectors ranging from housing to agriculture. The U.S. Environmental Protection Agency (EPA) said it has reviewed nearly 300 applications that requested over $30 billion. The administration has said the selected projects when combined would reduce greenhouse gas pollution by as much as 150 million metric tons of carbon dioxide equivalent (CO2e) by 2030, or roughly 2 percentage points. The U.S. has pledged to slash its CO2e emissions by 50%-52% by that year."
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** "While the intention behind a carbon tax — to reduce American GHG emissions in an effort to combat global climate change — is questionable in itself, the economic realities and principles of free-market economics prove it is a flawed approach. With the fiscal storm likely coming next year, Congress should just say no to the PROVE It Act and the carbon tax in general."
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– Vance Ginn, AIER ([link removed])
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I remember a time when the Democrats used to call this corporate welfare.
** Trucking Dive ([link removed])
(7/18/24) reports: "The Energy Department awarded $208 million to Volvo Technology of America to help fast-track the production of heavy-duty electric trucks and related powertrain components. The funding will assist Volvo Group’s Lehigh Valley Operations truck assembly site in Macungie, Pennsylvania, where it produces Mack trucks, and its New River Valley truck location in Dublin, Virginia, Volvo’s largest truck manufacturing plant in the world. Facilities will be upgraded and move toward mixed model assembly, allowing for scalability and flexibility, according to Pennsylvania Sen. Bob Casey...The money will help convert the facilities to zero-emission sites, part of Volvo Group’s goal to be 100% fossil-free by 2040, according to a project summary. Among those changes, a Hagerstown, Maryland, plant will get upgrades to support powertrain operations, a Volvo spokesperson said in an email...Cummins will spend $75 million and receive a matching amount to convert an approximately
360,000-square-foot portion of an engine plant in Columbus, Indiana, for the manufacturing of zero-emission components and electric powertrain systems, per a project summary."
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When the script goes out it doesn't matter what the topic is. They all get in line.
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It's nice to see Chris Farley's cousin respond to consumer demand. It would be nicer if he was upfront on how big of a surcharge gas powered truck customers are paying to subsidize EVs.
** Reuters ([link removed])
(7/18/24) reports: "Ford Motor, opens new tab on Thursday outlined plans to use a Canadian plant it had earmarked for a future electric vehicle to instead build larger, gasoline-powered versions of its flagship F-Series pickup truck. Ford in April had already delayed the launch of the planned three-row electric SUVs at its Oakville Assembly facility from 2025 to 2027, citing slower than expected growth in EV demand. It said on Thursday it remained committed to those EVs and that timeline but did not say where they would now be built. The Dearborn, Michigan-based automaker plans to add capacity for 100,000 F-Series Super Duty trucks at the facility, including the ability to use what the company called 'future multi-energy technology.' 'Super Duty is a vital tool for businesses and people around the world and, even with our Kentucky Truck Plant and Ohio Assembly Plant running flat out, we can’t meet the demand,' Ford CEO Jim Farley said in a statement. 'At the same time, we look forward to
introducing three-row electric utility vehicles.'"
Energy Markets
WTI Crude Oil: ↓ $77.78
Natural Gas: ↓ $2.21
Gasoline: ↓ $3.50
Diesel: ↑ $3.83
Heating Oil: ↓ $242.06
Brent Crude Oil: ↓ $81.80
** US Rig Count ([link removed])
: ↓ 615
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