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DAILY ENERGY NEWS | 09/09/2024
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** This long distance dedication goes out to all those Californians who long for the days when they didn't have to worry about losing their power. Someday you'll have sane politicians again. In the meantime, keep your feet on the ground and keep reaching for the stars.
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Wall Street Journal ([link removed]) (9/8/24) opinion: "Summer ain’t over in California until the lights go out. A one-hour power outage kicked off my Labor Day weekend. My sister, who lives 15 minutes away, had it worse: Her home lost electricity for nearly a day. On Friday folks across the state lost power with nearly 130 outages in the city of Los Angeles alone. Such is life in California. Los Angeles Mayor Karen Bass blamed Friday’s outages on 'extreme heat.' The real culprit: the state’s climate policies. As the Golden State plunges into darkness, the rest of the country could follow. Democrats in Sacramento last year scrambled to keep open the state’s only active nuclear plant and several aging natural-gas plants to prevent power shortages. But their drive to power all things with green energy is straining the grid and people’s pocketbooks to a
breaking point. As the Los Angeles Times documented last month, power surges are causing the Port of Los Angeles—which handles 16% of the country’s international seaborne cargo—to experience momentary losses of electricity. That has disrupted operations, delayed port traffic and caused accidents. Thanks to one outage this summer, a driverless cargo truck crashed into a container. The risk of power surges increases as more devices plug into the grid. This can overload local distribution systems, in the same way that too many power-guzzling appliances can fry a home circuit. That hasn’t deterred the L.A. port from seeking to make all equipment 'zero emission' by 2030, or the state from mandating electric trucks and forcing ships to plug into the grid. California’s utilities are spending heavily to upgrade power systems to accommodate more electric vehicles and intermittent green energy. Unlike nuclear and fossil-fuel plants, solar and wind don’t produce constant power at a steady frequency.
High levels of renewable penetration can therefore make the grid less stable."
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** "While U.S. emissions peaked in 2007, global emissions are rising, due in part to increased pollution from China and India. Despite the futility, cost, and potential danger of addressing global warming with emissions reductions in the U.S., 23 states and the District of Columbia have set 100% renewable energy goals. Many Americans may be shivering in the dark before these policies are reconsidered."
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– K ([link removed]) evin Killough, Just the News ([link removed])
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The Unregulated Podcast #198: Flex Alert!
** American Energy Alliance ([link removed])
(9/9/24) podcast: On this episode of The Unregulated Podcast Tom Pyle and Mike McKenna unveil their big plan for the 200th episode and get into the latest turns in the presidential contest.
** Listen Now ([link removed])
Europe picked the wrong path.
** Bloomberg ([link removed])
(9/9/24) reports: "For TotalEnergies SE Chief Executive Officer Patrick Pouyanne, the difference in the performance of his company’s stock and that of Exxon Mobil Corp., the largest US producer of oil and gas, is in no small part explained by an acronym: ESG. Exxon’s aggressive oil and gas strategy has been rewarded by investors, with its shares more than doubling in the past three years. For Europe’s second-biggest oil company, in contrast, pressure on the region’s asset managers to invest using environmental, social and governance standards has capped gains and prompted Pouyanne to flirt with the idea of listing shares in the US. The French oil giant isn’t alone in pointing to the skewing effect of ESG regulations that critics say have put European businesses at a competitive and valuation disadvantage to their US peers, with potentially long-lasting effects for the bloc’s economy. Companies from Mercedes-Benz Group AG to Unilever Plc are pushing back. The European Round Table for
Industry, whose members have combined annual sales of €2 trillion ($2.2 trillion), says overly stringent regulations are 'accelerating loss of competitiveness' and warn that members’ prospects 'are better outside Europe.'”
Remember what they did to Bill Wehrum? The double standard here is breathtaking.
** Washington Free Beacon ([link removed])
(8/30/24) reports: "Joseph Goffman, a senior Biden-Harris administration official who crafted some of the EPA's most high-profile climate initiatives targeting the manufacturing and automobile sectors, repeatedly violated financial conflict-of-interest rules, his agency's top watchdog said in a scathing report published this week. Goffman was found to have owned tens of thousands of dollars in companies directly associated with multiple regulations that he, as head of the agency's Office of Air and Radiation, helped write, the EPA's Office of Inspector General said in its report. He also withheld that information, failing to meet federal ethical obligations. The inspector general ultimately referred the results of its probe into Goffman to the United States Attorney’s Office for the District of Columbia earlier this summer. The watchdog, though, gave its findings to the office's civil division, opting against making a criminal referral. Goffman remains an assistant administrator at the EPA.
Federal prosecutors accepted the findings but declined to investigate any further."
Energy Markets
WTI Crude Oil: ↑ $68.24
Natural Gas: ↓ $2.19
Gasoline: ↓ $3.27
Diesel: ↓ $3.65
Heating Oil: ↑ $214.37
Brent Crude Oil: ↑ $71.62
** US Rig Count ([link removed])
: ↑ 637
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