Meritocracy and Freedom

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DAILY ENERGY NEWS | 07/25/2024

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Tom and Mike break down the Delaware coup, the latest pull backs in the EV market, the media's clean up of Kamala's record, and EPA's recent round of walking around money on the latest episode of The Unregulated Podcast. Now streaming on our website, or wherever you enjoy podcasts.

"Alaska can be the tip of the spear in the mission of America becoming energy dominant...Let’s hope Biden is done, Trump begins on day one to reestablish Alaska’s opportunities, and the Great Land becomes a key piece in Making America Great Again."

– Rick Whitbeck, Power The Future

Big Green, Inc. is raking it in.

Washington Free Beacon (7/25/24) reports: "Environmental groups represented on President Joe Biden and Vice President Kamala Harris's own environmental justice council are among the largest beneficiaries of the president's environmental programs, collectively receiving hundreds of millions of dollars, according to a database of federal grants reviewed by the Washington Free Beacon. In total, four leading environmental justice organizations—WE ACT for Environmental Justice, the Bullard Center for Environmental & Climate Justice at Texas Southern University, the Deep South Center for Environmental Justice, and Kean University's Center for the Urban Environment—have been awarded a staggering $229 million in Environmental Protection Agency grants and have been named as partners to grantees awarded another $200 million. Leaders of those groups serve on the White House's so-called Environmental Justice Advisory Council, which is formally housed at EPA, the same agency doling out the grants. The council provides the administration with 'independent advice and recommendations on how to address current and historic environmental injustice,' the White House description notes."

On Biden's watch, wind power has fallen to the lowest level in almost 3 years. On the flip side, fiberglass washing up on the beach is at an all time high.

Reuters (7/24/24) reports: "The amount of electricity produced by wind farms in the U.S. fell to a 33-month low on Monday, forcing power generators to crank up natural-gas fired plants to keep air conditioners humming during a hot summer day. Over the past few years, much of the money energy firms have invested in new generation has gone into renewable power sources like wind and solar. But when the wind stops blowing and the sun does not shine, gas is still needed to keep the lights on. Wind power in the Lower 48 states produced about 335,753 megawatt hours (MWh) on July 22, the lowest since Oct. 4, 2021, according to preliminary data from the U.S. Energy Information Administration (EIA). When the wind did not blow, power companies usually burn more gas because it is the only big source of power they can turn to quickly to provide more energy to maintain reliability. And with power demand expected to keep growing as technology firms build more data centers and consumers use more electricity to power cars and heat homes and businesses, reliability is becoming increasingly important following some deadly blackouts like the February freeze in 2021 that left millions in Texas without power, heat and water for days."

Welcome to the Green New Deal, where your car is more expensive and wildly inconvenient.

Bloomberg (7/24/24) reports: "Up until recently, buying an electric car made sense to many people around the world, not just for environmental reasons, but also economic ones. Now, the removal of EV subsidies and tax breaks in some nations, a lack of reasonably priced models, rising insurance premiums, high repair costs and fears about falling resale values have skewed the financial equation. That hit to the wallet, combined with ongoing concerns about charging infrastructure, has resulted in a slowdown in the adoption rate of battery-powered cars...Early adopters were more accommodative of downsides to owning an EV, said Jochen Siebert, managing director at consulting firm JSC Automotive. The market has moved on from those pioneer customers, and most consumers just need a car that 'makes sense for their lifestyle.'...Insurance and repair costs for EVs are expensive, and JSC’s Siebert forecasts they will go even higher given how minor damage can require full battery pack replacements...Although it’s not a direct financial cost, the state of charging networks in many nations — and the time lost waiting in queues to power up — is still a major drawback, according to a recent Harvard University study. In the US, some chargers don’t report their status, or do so erroneously, the study’s primary researcher Omar Asensio said. Maintenance of public EV chargers, especially those installed by state or municipal governments, is a significant contributing factor, he said."

Energy Markets

WTI Crude Oil: ↓ $76.94
Natural Gas: ↓ $2.06
Gasoline: ↑ $3.52

Diesel: ↑ $3.83
Heating Oil: ↓ $243.34
Brent Crude Oil: ↓ $80.75
US Rig Count: ↑ 611

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