Out of the coconut tree

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DAILY ENERGY NEWS | 09/10/2024

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Someone is trying to unburden themselves from what they have been.

Daily Caller (9/9/24) reports: "The Harris campaign unveiled an explanation of her positions on energy issues on Monday, and the euphemistic language used signals that she has not truly moderated her views, according to energy experts who spoke with the Daily Caller News Foundation. After Vice President Harris and her team mostly avoided divulging specifics about her policy stances for weeks, the campaign’s website debuted an 'issues' page the day before the only scheduled debate of the 2024 presidential race. The energy section of her 'issues' page does not include a single specific policy position and instead features a heavy dose of vague, euphemistic language meant to disguise her views on energy and environmental issues as more moderate than they truly are, energy experts told the DCNF. The campaign’s explanation of Harris’ energy views is 'the sort of political gibberish designed to muddy a record,' Dan Kish, a senior research fellow at the Institute for Energy Research, told the DCNF. 'Instead of trying to please everyone by being obtuse, she should just level with voters about her record, and hers is a record of making energy more expensive, less reliable and pushing to ban the kinds of energy we use the most because it meets people’s needs and family budgets. Her energy plan isn’t working in Europe, California or anywhere else it’s being pushed by politicians, no matter what she says.'"

"At worst, Kamala’s climate policies will increase energy costs for all Americans, degrade their standard of living with new climate mandates, leave them vulnerable to dangerous weather and make America a worse place to live."

– Senator J.D. Vance (R-OH)

There's no denying it – the Biden-Harris administration has been a disaster for electricity prices.

EIA (9/9/24) reports: "Utility regulators in the United States are considering increases to electricity rates again this year as electric utilities seek to cover the investments needed to maintain and expand their systems. Utilities requested rate increases in recent years to pay for improvements to transmission and distribution lines to withstand increasingly serious weather and fire events, prepare for increased electrification as state and federal clean energy legislation is implemented, and move more energy reliably, according to S&P Global Market Intelligence Capital IQ Pro. State utility regulators signed off on $9.7 billion in net rate increases in 2023, more than double the $4.4 billion authorized in 2022. The net increase—increases minus decreases—reflects $10.3 billion in authorized rate increases and only $0.6 billion in rate decreases. More than one-third of the net rate increase supported increases at two California utilities seeking to make their grids less susceptible to wildfire. From the start of 2023 through August 12, 2024, regulators nationwide have authorized 58% of the net rate increases that were requested by electric utilities, according to S&P Global Market Intelligence Capital IQ Pro. If the same ratio of rate increase requests is allowed for the rest of 2024, rate increases are on track to reach $8.9 billion (adjusted for inflation to 2023 dollars) this year. In many states, all components of a typical electric bill are approved by the state utility regulator. In states that allow competition for electricity supply, energy suppliers charge competitive rates for the generation component of power bills. All charges for energy delivery over transmission and distribution lines are still regulated by state utility commissions."

If there is another group that has done more to uphold modern civilization or been more demonized by those who benefit from it than American oil & gas producers, I'm all ears.

Real Clear Energy (9/9/24) reports: "Students are going back to university, but this time, administrators are prepared to tamp down the antisemitism that roiled universities in the spring. The University of California president banned encampments, even temporary ones. Columbia University is restricting access to campus to ensure pro-Hamas agitators don’t again take over the campus and shut out Jewish students. Administrators learned that free speech doesn’t mean they have to surrender their campuses to outside groups with an agenda antithetical to the free exchange of ideas and search for the truth...Like colleges, the country doesn’t have to surrender to those who shut down debate and ignore fundamental realities about energy and climate policy. For years, extremist environmental groups and some politicians in their sway have accused the oil and natural gas industry of contributing to the destruction of the planet, called us criminals, and demanded the country cease all use of oil, natural gas, and coal. Yet ending the very sources of energy that provide over 80% of global energy would have immediate, catastrophic impacts on human health and flourishing...Despite all the anti-oil-and-gas rhetoric and demonization, American companies are producing 13.2 million barrels of oil per day, a milestone that no other nation has ever achieved. In the absence of an alternative energy source that does everything that oil and natural gas do, producing it here under strict environmental controls rather than in other countries leads to fewer greenhouse gas emissions. Demonization of the American industry is counterproductive to activists’ own goals and carries the chance of protests turning violent or another attack on a pipeline with the risk of explosion. Now is the time to jettison extreme rhetoric, wherever it’s found."

Only one candidate understands the importance of American energy. Tonight’s debate should make that crystal clear.

E&E News (9/10/24) reports: "Vice President Kamala Harris and former President Donald Trump will meet Tuesday for their first debate, and there’s a good chance their energy and environmental agendas will come up. The pressure will be on both candidates at the matchup in Philadelphia in the closely fought race for president. Their answers could illuminate their plans for office while highlighting stark differences between the two. Harris, who became the Democratic nominee after President Joe Biden dropped out of the race in July, has thus far said little about energy and climate change on the trail, apart from promising to defend Biden’s agenda like the landmark climate law, the Inflation Reduction Act. She did release a broad policy platform Monday, but it’s light on specifics. Harris has flipped on several key energy and climate policy positions she had in 2019, including on whether she’d support a ban on hydraulic fracturing for oil and gas. Trump, meanwhile, has vowed to roll back Biden’s climate policies and significantly boost fossil fuel production, even though oil and natural gas production has soared to record levels since Biden took office. 'The first thing I will do to make middle-class life dramatically more affordable is to end Kamala’s war on American energy, terminate her Green New Scam and drill, baby, drill,' Trump said in a Potterville, Michigan, speech in late August. 'We have more liquid gold than Saudi Arabia. We have more than Russia. And we were going to use it,' he continued, referring to oil."

Energy Markets

WTI Crude Oil: ↓ $66.35
Natural Gas: ↑ $2.22
Gasoline: ↓ $3.26

Diesel: ↓ $3.64
Heating Oil: ↓ $207.40
Brent Crude Oil: ↓ $69.60
US Rig Count: ↓ 623

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