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DAILY ENERGY NEWS | 08/20/2024
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** Industry leaders are feeling the pressure from the Biden-Harris war on energy.
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Just The News ([link removed]) ([link removed]) (8/19/24) reports: "As the Texas oil and natural gas industry continues to break production records and add jobs, it’s also calling on Congress to pass permitting reform legislation...Republicans in the U.S. House passed a series of bills to promote domestic energy production that were important 'in pushing back against the anti-energy and anti-consumer Biden Administration and its war on U.S. domestic energy,' Karr Ingham, economist and president of Texas Alliance of Energy Producers, said. 'It is critical for our industry, our nation, and the world to promote and expand abundant, affordable, and reliable petroleum energy production and support efforts to maintain our economy.' The series of bills have yet to pass the Democratic-controlled Senate. The Institute for Energy Research identified more than 200 actions it
says the Biden administration has taken against the U.S. oil and natural gas industry since January 2021. The latest include temporarily banning new permits for liquified natural gas export permits, which a federal court blocked.
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** "The Biden administration’s industrial policy distorts the market. Texas should not fall into the trap of picking another industrial policy and instead provide a level playing field where all forms of energy can compete."
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– Vance Ginn, Ph.D., Ginn Economic Consulting ([link removed])
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If you’re wondering what freedom of choice would look like under Harris…
** CNBC ([link removed])
(8/13/24) reports: "Trade groups say Chinese electric vehicles pose an “existential threat” to the U.S. auto industry. China currently makes about one out of every three of the world’s new vehicles, and it has the capacity to make even more, according to research firm Dunne Insights. But faced with a growing preference for hybrids at home and a brutal price war, Chinese automakers want to export more vehicles abroad...So how do Chinese EVs stack up? CNBC Beijing bureau chief Eunice Yoon tested four of them — and the Model Y — to see how they compare to the world’s top seller, and to give some insight into how non-China rivals might compete against them."
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Paper straws for thee; Commuting by jet for me!
** Wall Street Journal ([link removed])
(8/19/24) reports: "To woo its new chief executive, Starbucks offered a $10 million cash signing bonus and millions more in stock-based compensation. The coffee giant also didn’t insist that he move to the company headquarters in Seattle. Brian Niccol, the outgoing CEO of Chipotle, instead will be able to live in his home in Southern California and can commute to Starbucks’s head office on a corporate jet. The arrangement thrusts Niccol into the relatively rare position in the U.S. of a supercommuting CEO, and it shows how determined Starbucks was to pursue him. Most companies still prefer that their executives maintain a primary residence near a headquarters, corporate advisers say, though there have been some notable cases where a top leader lived and worked elsewhere."
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Energy Markets
WTI Crude Oil: ↑ $74.42
Natural Gas: ↑ $2.27
Gasoline: ↓ $3.40
Diesel: ↓ $3.73
Heating Oil: ↓ $226.05
Brent Crude Oil: ↑ $77.78
** US Rig Count ([link removed])
: ↑ 636
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