Maybe he should be selling brake pads instead

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DAILY ENERGY NEWS | 08/22/2024

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How many more mistakes will Chris Farley's cousin make before he ends up living in a van down by the river?

Wall Street Journal (8/21/24) reports: "Ford Motor is canceling plans for a large electric sport-utility vehicle and expects to take $1.9 billion in related special charges and write-downs, as automakers continue adjusting their EV plans because of softer-than-expected demand. The Dearborn, Mich., automaker said it is scrapping plans for an electric three-row SUV, citing tough pricing pressure as automakers resort to aggressive discounts to move their EVs. This spring, GM had said it would delay the plans by two years to a 2027 release date...The company also pushed back the launch of a new electric pickup truck by one year, until 2027. In addition, Ford said it would trim its capital spending on fully electric vehicles to about 30% of its budget, from 40%. 'Based on where the market is and where the customer is, we will pivot and adjust and make those tough decisions,' Ford Chief Financial Officer John Lawler said...Carmakers are trying to strike a tricky balance on electric vehicles. Tougher tailpipe-emissions rules, along with the rapid rise of Chinese EV makers, are pressuring them to invest in the technology. But consumer interest in EVs has waned after a burst of enthusiasm.

""[Harris] was an original co-sponsor of the Green New Deal. That hasn't gone away; the fact that she's now saying fracking is OK for Pennsylvania so she can win votes doesn't erase that record. We have seen overregulation; we've seen the subsidies and the Inflation Acceleration Act and so many things that will make energy more expensive and less reliable for average Americans."

– Kathleen Sgamma,
Western Energy Alliance

The Veep says she supports infrastructure, but I guess it depends on where...

E&E News (8/21/24) reports: "The Biden administration has suspended a water and wetlands permit for the proposed Ambler mining road in Alaska, a month and a half after the Bureau of Land Management rejected the contentious project. In a letter sent this month, the Army Corps of Engineers informed the Alaska Industrial Development and Export Authority that a previously issued permit to fill in approximately 1,400 acres of wetlands was suspended, 'effective immediately.' The authority is a state-owned development bank pursuing the project. A 211-mile industrial access road, the Ambler Road Project is intended to support the development of new mines for minerals like zinc and copper in northwestern Alaska and benefit the area’s economy...The Trump administration approved Ambler Road in 2020, a decision that opponents later challenged in court. Then the Biden administration reversed course. In June of this year, the Bureau of Land Management issued a decision terminating the right-of-way permits that the project needed to cross federal land."

God blessed Texas.

EIA (8/21/24) reports: "In our latest Short-Term Energy Outlook (STEO), we forecast that crude oil production in the United States will grow to an average of 13.7 million barrels per day (b/d) and marketed natural gas production will grow to an average of 114.3 billion cubic feet per day (Bcf/d) in 2025. Most of the forecast growth in oil and natural gas production comes from the Permian region of western Texas and eastern New Mexico, where we expect productivity gains, new and expanded infrastructure, and high crude oil prices will support rising production. In order to better capture drilling activity in several onshore U.S. regions, our STEO now makes use of multiple drilling productivity metrics. The number of active rigs is the first in a sequence of metrics that affects regional production; currently more rigs are active in the Permian region than in the rest of the Lower 48 states combined. We also capture and report the number of new wells that those rigs have drilled each month...In the Permian, increased rates of production from new completions are offsetting existing wells’ production declines and leading to higher crude oil and natural gas output. These productivity increases indicate significant efficiency gains and technological advancements in the drilling and completion process."

The triumph of the Permian producers is even more impressive considering the Biden-Harris team has put more than 250 roadblocks in their way.

Just The News (8/21/24) reports: "Texas’ oil and natural gas production reached new record highs in July, after breaking records in May. Texas’ energy exports and production of natural gas liquids (NGLs) also broke records, according to new monthly energy economic analysis by Texas Oil & Gas Association. TXOGA’s projections show that Texas set new records for crude oil production of 5.76 million barrels per day (mb/d); natural gas marketed production of 32.8 billion cubic feet per day (bcf/d); and natural gas liquids (NGLs) production of 3.85 mb/d – each setting record highs. Texas’ petroleum value chain highlights for May 2024 also achieved records...The Institute for Energy Research has identified over 200 actions the Biden-Harris administration has taken against the U.S. oil and natural gas industry, including halting federal onshore and offshore permits and leases, hamstringing production in other states. As the Biden-Harris administration has advanced restrictions and threatened to tax and fine the industry, Texas Gov. Greg Abbott, the Texas legislature, state comptroller and the Texas Railroad Commission have implemented measures to facilitate production and safeguard the industry from federal actions."

Energy Markets

WTI Crude Oil: ↑ $72.26
Natural Gas: ↓ $2.11
Gasoline: ↓ $3.38

Diesel: ↓ $3.72
Heating Oil: ↓ $224.11
Brent Crude Oil: ↓ $76.45
US Rig Count: ↑ 631

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