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DAILY ENERGY NEWS | 08/29/2024
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** Without massive subsidies, EVs are mere lifestyle products.
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Bloomberg ([link removed]) (8/29/24) reports: "Auto sales in Europe were roughly flat in July as demand for electric vehicles weakened further in Germany, the region’s biggest car market. New-car registrations ticked up just 0.4% compared to a year ago to 1.03 million units last month, the European Automobile Manufacturers’ Association said Thursday. While sales of battery-electric cars increased in countries including France and the UK, those gains weren’t enough to offset a 37% decline in Germany. EV sales have slumped for months in Europe, in part due to governments paring back financial incentives to purchase battery-powered cars. Germany abruptly ended EV subsidies in mid-December, and the country’s persistent economic downtrend has weighed on consumer spending. EV sales have slumped for months in Europe, in part due to governments paring back financial incentives to purchase battery-powered cars. Germany abruptly ended EV subsidies in mid-December, and the
country’s persistent economic downtrend has weighed on consumer spending."
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"Kamala Harris is the most radical anti-energy presidential candidate in American history."
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– Kevin D. Roberts, PhD, Heritage Foundation ([link removed])
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Paying someone to dig a ditch and fill it back up again is definitely a job created, but how wise is that, really?
** Epoch Times ([link removed])
(8/28/24) reports: "'Clean energy' development accounted for 6 percent of all new employment in the United States in 2023, adding 142,000 jobs to the nation’s collective payroll, according to a U.S. Department of Energy (DOE) report released on Aug. 28. The DOE’s 227 page 2024 U.S. Energy and Employment Report (USEER) states the nation’s overall energy workforce grew by more than 250,000 jobs, or 2 percent, in 2023 with 56 percent of those new jobs in clean energy—primarily solar, wind, and construction of related infrastructure...** Institute for Energy Research ([link removed])
President Tom Pyle—among those contacted by The Epoch Times who acknowledged they had not yet digested USEER specifics—said much of the clean energy job growth is underwritten by taxpayers 'vis-a-vis subsidies, loan guarantees' and tax credits, including nearly $390 billion in 2022’s Inflation Reduction Act. 'I would hope and assume with all the billions of dollars the Biden-Harris administration is giving corporations that produce renewable energy, there would be some job growth,' he said. Also, Pyle said, after the recent 28-percent downward adjustment in overall 2022 and 2023 employment numbers by the U.S. Department of Labor, he views job growth announcements from the federal government with skepticism."
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IER's Dan Kish issues some truth bombs on the latest episode of the** Financial Sense podcast ([link removed])
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I guess Orsted is tired of making money (and electricity).
** Reuters ([link removed])
(8/29/24) reports: "Denmark's Orsted will shut down its last coal-fired power units this week, it said on Thursday, marking a milestone in its transition to fossil-free energy generation. The company, formerly known as DONG Energy, has pioneered offshore wind energy and rebranded itself as a 'renewable major' since selling its oil and gas business in 2017. Orsted said it will shut its coal-fired power plant in Esbjerg and another coal-fired unit at its Studstrup plant on Saturday, which it said was the last major step to meeting its target of a 99% green share of energy generation by 2025...Orsted had earlier planned to eliminate coal burning entirely by March 2023, but the state-controlled company was ordered by the Danish government to continue operations at the Esbjerg plant and other units during the energy crisis that followed Russia's invasion of Ukraine. The government order expires on Saturday."
Energy Markets
WTI Crude Oil: ↑ $76.18
Natural Gas: ↑ $2.03
Gasoline: ↓ $3.36
Diesel: ↓ $3.71
Heating Oil: ↑ $227.44
Brent Crude Oil: ↑ $80.23
** US Rig Count ([link removed])
: ↓ 619
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