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DAILY ENERGY NEWS | 10/01/2024
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** Clearly, no one has been reading the assigned literature.
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Washington Times ([link removed]) (9/30/24) op-ed: "A few days ago, President Biden finally said the quiet part out loud: The Inflation Reduction Act, which was sold to the American people as a way to reduce the deficit, is actually a climate bill — more specifically, a climate spending bill. The president boasted that it was the most significant climate change law ever. While the significance of this measure is questionable, the cost is undeniable. In that speech, Mr. Biden bragged about 'his $369 billion climate investment' as if he were cutting the checks himself. Meanwhile, the Joint Committee on Taxation has increased the cost of the green subsidies to $515 billion, and Goldman Sachs estimates that it will balloon to $1.2 trillion by 2032. Even these are likely to be low estimates. Who’s really picking up the check? American taxpayers...Every single Republican in the House and Senate voted against the
Inflation Reduction Act., and for good reason: The bill’s green subsidies are projected to bust the budget. While these costs are somewhat constrained for now, all bets are off if this bill becomes law. As a matter of policy, Republicans should oppose the transmission provisions in the Manchin-Barrasso legislation. Politically, if they are willing to trade meaningful permitting reform for a further expansion of the Inflation Reduction Act’s costly green giveaways, they should demand a much steeper concession from Democrats."
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** "The Biden-Harris renewable energy and electrification policies make America dependent on China, thereby handcuffing the U.S. to the Chinese Communist Party."
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– Diana Furchtgott-Roth, Heritage Foundation ([link removed])

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It isn't that Britain doesn't need steel, it's just that importing it from overseas will make the weather better according to their politicians.

** BBC ([link removed])
(10/1/24) reports: "Eleven years ago, a senior Tata manager claimed investment in Port Talbot would secure steelmaking for the next 100 years. That was the day the £185m blast furnace number four was switched on. This week it has been turned off. None of us knew it would be shut after just half its production life, or that it would mark the end of more than 100 years of traditional steel making at the UK's biggest plant...The change has been dramatic and painful for those losing well-paid jobs. No steel will be made from scratch for at least the next five years. Slabs will be shipped from the Netherlands or India to be rolled and treated in Port Talbot before being sent to customers. When a new electric arc furnace is completed, with £500m of taxpayers' cash, and production returns, it will be without coal, iron ore or limestone."

Biden killed Keystone XL and Canada’s crude imports to the U.S. just hit an all-time high.

** ([link removed])

Yes, California's state legislature is really that ridiculous. And yes, Governor Gavin still thinks he can be president one day.

** E&E News ([link removed])
(9/30/24) reports: "California Gov. Gavin Newsom on Friday vetoed a bill that would have made California the first state in the country to mandate labels on gas stoves warning of health risks. Newsom vetoed Assemblymember Gail Pellerin’s A.B. 2513, which would have required warning labels on natural gas stoves sold online to Californians starting next year and in stores starting in 2026. He said the bill would have been overly prescriptive. 'This static approach falls short in enabling timely updates to the labeling content that should align with the latest scientific knowledge so that consumers are accurately informed about their purchases,' he said in a veto message. The bill is one of the embers of a national political conflagration that flared up over natural gas stoves last year and mostly died out early this year. The warning label proposal was tried in New York and Illinois along with California."

Energy Markets


WTI Crude Oil: ↓ $68.08
Natural Gas: ↑ $2.89
Gasoline: ↓ $3.20

Diesel: ↑ $3.57
Heating Oil: ↓ $213.00
Brent Crude Oil: ↓ $71.54
** US Rig Count ([link removed])
: ↑ 633



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