Caveat emptor

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DAILY ENERGY NEWS | 08/08/2024

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Keep in mind the current administration, which includes the Democratic nominee for president, is attempting to mandate these.

Just The News (8/6/24) reports: "Between safety and reliability issues, as well as a dearth of charging stations, electric vehicle owners have been having quite a bit of buyer’s remorse, and now they may have another reason to go back to gas cars — EVs are rapidly depreciating. Rental company Hertz announced in 2021 it would buy 100,000 EVs from Tesla, only to find lackluster interest from renters. In January, the Hertz announced it was selling off 20,000 of the vehicles, with prices as low as $25,000. Vehicle depreciation cost the company $588 million in the first quarter of this year compared to the last quarter of 2023. Zach Shefska, chief executive officer for CarEdge, explains in a video that depreciation of Teslas are sometimes double that of gas-powered vehicles, based on CarEdge’s latest figures. The data shows that a Tesla Model 3 will depreciate 45% after three years. A gas-powered Toyota RAV4, for comparison, will depreciate 22% after three years. The resale value of the Tesla Model 3 after one year of ownership, according to CarEdge, is only 64.38% of its purchase price. It’s not much better for other Tesla models. The Tesla Model Y, Model S, and Model X will depreciate 57% after five years. For the RAV4, it’s 28% after five years."

"For every megawatt of power capacity, a natural gas power plant requires about 1 ton of critical minerals, while...onshore wind plants require 11 tons....Politicians need to reconsider support for environmentally damaging, unreliable wind power."

– Austin Gae,
The Heritage Foundation

Your friendly reminder that John Curtis ran as a Democrat for a Utah state senate seat and is the former chairman of the Utah County Democratic Party...

Deseret News (8/7/24) reports: "Rep. John Curtis and his opponent in Utah’s open U.S. Senate race, outdoor activist Caroline Gleich, want you to know that even though they both want to protect the environment, they support very different pathways to get there. But their shared focus on climate policy has divided the support of Washington, D.C., interest groups on what is typically a Democrat-dominated issue. Both Curtis, the Republican Party nominee to replace Sen. Mitt Romney, and Gleich, the Democratic pick, have developed personal brands built around protecting the Beehive State’s natural resources and enabling a transition to cleaner and cheaper energy production. Their similar goals have brought them together on Capitol Hill over the years as they’ve engaged with the same environmental lobbying groups...These GOP-leaning groups were joined by EDF Action, the advocacy partner of the Environmental Defense Fund, which Politico calls 'one of the most influential green groups in the country.' EDF Action spent over $100,000 to support Curtis in the primary. Curtis was the first Republican EDF Action backed in 2024, with the group’s president calling Utah’s 3rd Congressional District representative 'authentic' and 'results oriented' on the issue of climate policy...The American Energy Alliance, a 'conservative energy advocacy group,' spent $100,000 to oppose Curtis in June because of his support for the PROVE IT Act, which would commission a study to calculate the United States’ manufacturing emissions compared to other countries. Curtis introduced the House version of the bill in July. Some conservatives have criticized the bill as a step toward taxing carbon emissions."

The fact that the left is mocking Trump because of his answer to this question reveals how clueless they are about how the world works.

See above 👆

Daily Caller (8/7/24) reports: "California’s electricity prices are surging, burdening residents with bills that in some cases exceed the rent they pay for their homes or businesses, The Wall Street Journal reported Monday. Prices have increased thanks in large part to the state’s push to make infrastructure upgrades like burying power lines, as well as demand increases driven by electric vehicle (EV) adoption and the proliferation of power-hungry data centers needed to sustain the growing artificial intelligence (AI) sector, according to the WSJ. These costs — as well as the capital costs of new wind and solar farms that policymakers want to replace fossil fuel generation for a green grid — are being passed on to California’s consumers, leaving ordinary people on the hook for huge electricity bills. Californians owed a combined $2.1 billion in late utility bills at the end of 2023, representing a more than four-fold increase since 2019, according to the WSJ. Approximately 27% of all California residents have missed payments on utility bills at some point over the last 12 months, and power was shut off for more than 200,000 people in the state in 2023 for not paying bills, with about 20% of those people not getting their power turned back on."

Energy Markets

WTI Crude Oil: ↑ $75.31
Natural Gas: ↓ $2.06
Gasoline: ↓ $3.45

Diesel: ↓ $3.78
Heating Oil: ↑ $234.21
Brent Crude Oil: ↑ $78.20
US Rig Count: ↑ 629

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