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DAILY ENERGY NEWS | 09/05/2024
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** One election-timed political stunt doesn't unwind hundreds of attacks on America's energy producers.
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Daily Caller ([link removed]) (9/4/24) reports: "The Biden administration issued its first license for natural gas exports in months on Tuesday, but the move is likely motivated by a desire to help the Harris campaign, energy sector experts told the Daily Caller News Foundation. The Department of Energy (DOE) issued a five-year license to New Fortress Energy to export liquefied natural gas (LNG) to non-free trade agreement (non-FTA) countries this week, the first such license it has issued to export terminal developers since announcing a freeze on non-FTA LNG export approvals in January. The DOE’s decision should not be interpreted as a sign that the Biden administration is retreating from its pause, but instead as a potential political ploy meant to help Vice President Kamala Harris present a more moderate image on energy issues as the election approaches, energy experts explained. 'While I’m glad
they issued the permit, no one should be fooled by the optics here. The facility, located in Mexico, is very small relative to the larger U.S. based projects being held hostage by the Biden-Harris Administration’s LNG pause,' Tom Pyle, president of the American Energy Alliance, told the DCNF. 'Like her supposed reversal on banning fracking, or her newly discovered love for gasoline powered vehicle, issuing one LNG permit for a Mexico-based facility two months before the election is not a thawing of this Administration’s hostility towards the oil and gas industry. It is a political tactic to enable Kamala Harris to appear as if she is somehow moving to the middle in the run up to the election,' Pyle continued. 'If the Biden-Harris Administration were serious about this, there are several U.S. based LNG facilities they could approve right now that have the potential to generate billions in economic activity and energy jobs here at home. But don’t hold your breath.'"
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** "Harris has said that she doesn’t want to take away Americans’ choice of vehicles. If so, the Biden-Harris administration indeed needs to hit the brakes on the EV mandate."
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– Diana Furchtgott-Roth, The Heritage Foundation ([link removed])

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No need for comment from the VP as she's made it clear her "values have not changed."

** Axios ([link removed])
(9/4/24) reports: "Vice President Kamala Harris' campaign won't say whether she supports requiring automakers to build only electric or hydrogen vehicles by 2035 — a position she took during her 2020 campaign for president. Why it matters: Since taking over President Biden's campaign in July, Harris has been light on policy details. Harris' campaign has said she no longer supports many of her past progressive positions and has embraced more centrist stances on health care, immigration, gun control and fracking...Driving the news: Harris' campaign has sent contradictory signals about her position on a mandate for automakers — a key issue in pivotal Midwestern states such as Pennsylvania, Michigan and Wisconsin, where many autoworkers are based...In a lengthy 'fact-check' email last week that covered several issues, a campaign spokesperson included a line saying that Harris 'does not support an electric vehicle mandate' — suggesting she changed her previous position, without elaborating. On
Aug. 28 Axios asked the Harris campaign to clarify her position, and whether she would sign or veto a bill she co-sponsored in 2019 that included such a mandate for manufacturers. On Tuesday afternoon, Harris' campaign ultimately declined to comment...During her 2020 campaign, Harris promised to go further and implement an 'accelerated model' of the Zero-Emission Vehicles Act, according to her archived website. She proposed requiring '50% of all new passenger vehicles sold are zero-emission by 2030, and 100% are zero-emission by 2035.'"

It's not easy installing green...

** Offshore Magazine ([link removed][pull]=omeda|1106C8551289F9V&utm_campaign=CPS240828229&utm_medium=email&utm_source=OFF+Daily)
(9/4/24) reports: "Equinor has reportedly cancelled its offshore wind projects in Spain and Portugal, in addition to its previously announced exit from Vietnam, and could withdraw from more countries to rein in spending, according to a recent Reuters report. 'We have been actively pursuing early-phase opportunities in a series of markets around the world, in different geographies, and we confirm that we are exiting Vietnam, Spain and Portugal,' Equinor’s head of renewables, Paal Eitrheim, was quoted by Reuters to say. Local media first reported Equinor’s exit from Spain and Portugal on August 27th. As reported by Reuters, Equinor officials have indicated the need to prioritize capital more than in the past given rising costs in the offshore wind sector. Those rising costs have resulted from inflation, high interest rates and supply chain delays. With regard to offshore wind, 'it’s getting more and more expensive, and we think things are going to take more time in quite a few markets around
the world,' Eitrheim was as saying. He added that Equinor may pull out from more markets...Equinor announced its decision to pull out of Vietnam on August 23, citing cost, and it is closing its local office in Hanoi. In addition to the same inflation and cost-of-capital factors found elsewhere, regulatory delays and the local preference for state-owned enterprises are holding back development off the Vietnamese coast, even though Vietnam has favorable near-shore site options and strong wind conditions. Orsted, the market leader in global offshore wind, suspended its Vietnamese-market plans last year; Equinor’s departure leaves the Southeast Asian country without any international partners for offshore wind projects."

Volvo cancels it's plan to be all EV by 2030 yet “remains the most bullish about the transition.”

** Reuters ([link removed])
(9/4/24) reports: "Swedish automaker Volvo Cars said on Wednesday it had abandoned is ambition of selling only fully electric cars in 2030, and would instead allow plug-in vehicles as well as some hybrid engine cars as part of its lineup. 'We are resolute in our belief that our future is electric,' CEO Jim Rowan said in a statement. 'However, it is clear that the transition to electrification will not be linear, and customers and markets are moving at different speeds of adoption,' he added."

Energy Markets


WTI Crude Oil: ↑ $70.08
Natural Gas: ↑ $2.22
Gasoline: ↓ $3.30

Diesel: ↓ $3.68
Heating Oil: ↑ $218.69
Brent Crude Oil: ↑ $73.58
** US Rig Count ([link removed])
: ↑ 624



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