The big 200

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DAILY ENERGY NEWS | 09/26/2024

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The 200th episode of The Unregulated Podcast is in the books. Thanks to all of our loyal listeners for spending an hour a week with us. Now streaming on our website, or wherever you listen.

"Without the fear of human-caused climate change and a rising level of government subsidies and mandates, many of these green companies would not exist. It’s doubtful that carbon dioxide pipelines, heavy electric trucks, offshore wind systems, green hydrogen fuel equipment, and EV charging stations would be viable businesses in unsubsidized capital markets."

– Steve Goreham,
The Heartland Institute

This is the same team that wants to pack the Supreme Court...

CBS (9/25/24) reports: "Gov. Gavin Newsom signed three bills Wednesday that regulate the locations and operations of gas and oil drilling sites across California, a move he says will allow local governments to restrict how close they operate to places like schools and neighborhoods. One of the new laws, AB 3233, gives these smaller governments authority over how and where oil and gas operations can be run, allowing them to override decisions by the State Oil and Gas Supervisor which currently has the final say. Another one of the bills, AB 1866, puts stricter regulations over idle wells which can leak and contaminate areas when they're no longer in use. The last of the three new pieces of legislation, AB 2716, makes new rules specifically regarding a Los Angeles-area oil field — known for being the largest urban oil field in California and facing scrutiny in the past from health officials over its pollution of nearby areas...This new law allows local governments to ban new gas and oil developments in their communities, overriding court decisions that blocked such bans by Monterey County and the Los Angeles City Council. Earlier this month, a judge ruled that a new LA city ordinance intended to phase out oil production could not be enforced since the state — not the city — has jurisdiction over such regulatory decisions, the Los Angeles Times reports."

Shawn Fain is full of bluster, but in the end he is totally failing the workers in the UAW...

National Review (9/24/24) reports: "Three Michigan Republican lawmakers are asking Stellantis for an update on the car manufacturer’s economic footprint in the state and its shift towards electric vehicles. Representatives John James, Jack Bergman, and Bill Huizenga wrote a letter to Stellantis North America CEO Carlos Tavares listing out their 'grave concerns' about Stellantis’s business practices in Michigan and the implications of electrification for Michigan workers...Despite being awarded hundreds of millions in electric-vehicle grants from the Biden administration, Stellantis is considering moving Ram 1500 production from a plant outside Detroit to Mexico, United Auto Workers vice president Rich Boyer said last month amid contract negotiations between the company and the union. Now, lawmakers are demanding to know whether those jobs will be made up elsewhere. 'Of the $406 million announced in investments to assembly plants in Warren, Dundee, and Sterling Heights, $97.6 million is committed to Warren. How much of that will be invested in job creation—and how does that compare to the total amount of jobs lost after the announcement of 2,450 layoffs on the Ram 1500 Classic line? Is total workforce at the Warren plant a net gain or loss?'"

Great explainer from the team at Mackinac Center on the road to avoidable blackouts.

Politically correct doesn't mean profitable

Argus Media (9/25/24) reports: "Vertex has entered into a restructuring support agreement with its lenders and secured $80mn of new funding to finance its day-to-day business operations, the company said late Tuesday. The refiner is also considering a 'more value-maximizing sale transaction' and expects to confirm its chapter 11 bankruptcy plan by the end of the year, according to the 24 September press release. Vertex announced in May this year that it would 'pause' renewable diesel production at its Alabama refinery and return the unit to producing fossil fuel products. The company later said it would use a third quarter turnaround to return the Alabama plant's converted hydrocracking unit to processing fossil fuel feedstocks and be back online in the fourth quarter."

Energy Markets

WTI Crude Oil: ↓ $67.63
Natural Gas: ↓ $2.62
Gasoline: ↑ $3.22

Diesel: ↑ $3.66
Heating Oil: ↓ $211.82
Brent Crude Oil: ↓ $71.57
US Rig Count: ↑ 634

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