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DAILY ENERGY NEWS | 10/02/2024

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That look you give a reporter who clearly hasn't read IER's Environmental Quality Index.

USA Today (10/1/24) reports: "Ohio Sen. JD Vance called climate change "weird science" during a question on the topic connected to Hurricane Helene during the vice presidential debate Tuesday night. Vance, former President Donald Trump's running mate, dodged putting forward his stance on the science as a whole, conceding the validity of climate change science for the purpose of debate and said that a potential Trump-Vance administration would focus on onshoring jobs and energy production. During the section, Vance falsely claimed the United States has one of the cleanest economies in the world. The United States emitted .26 kilograms of carbon dioxide per dollar of economic activity in 2022 and is the third dirtiest economy behind India and China, according to the Global Carbon Budget."

"If we actually care about getting cleaner air and cleaner water, the best thing to do is to double down and invest in American workers and the American people. And unfortunately, Kamala Harris has done exactly the opposite. "

– Senator J.D. Vance (R-OH)

Someone didn’t get the memo.

Reuters (10/2/24) reports: "The impact of a political backlash against environmental, social and governance-related (ESG) issues in the United States is overstated and having little bearing on the country's burgeoning green economy, a JPMorgan executive said on Tuesday. While some companies and investors were saying less about sustainability, they were still moving money in a similar way to peers in Europe, Chuka Umunna, JPMorgan's global head of sustainable solutions, told the Reuters Energy Transition conference in London. 'If you peel away all the noise and look at what investors are doing, it isn't so different, albeit they may not be using the labels quite in the way that we do in Europe,' Umunna, who is also the bank's regional head of green economy investment banking, said. 'The U.S. is not so much pulling back because of the weaponisation of the term ESG, the reality in the States is more complex than that.' A host of U.S.-based investors, including the fund arm of JPMorgan, have pulled back from global climate coalitions this year amid a tense political backdrop as some U.S. Republican politicians said membership could breach antitrust rules."

What else can this Administration possibly screw up in the time they have left?

Fox Business (10/2/24) reports: "The union dockworkers strike that began early Tuesday impacting dozens of U.S. ports is not expected to disrupt the oil and gas industry right away, but experts say that will eventually change if the work stoppage lasts long enough. The Department of Energy issued a statement after the strike began saying the shutdown of the 36 East and Gulf Coast ports 'will not impact crude oil, gasoline, natural gas, and other liquid fuel exports and imports, as such operations are handled by other workers. Therefore, the strike will not have any immediate impact on fuel supplies or prices.' In response to the DOE's statement, oil and gas expert Adam Ferrari, CEO of Phoenix Capital Group, told FOX Business, 'While you can say there might not be an ‘immediate’ impact, there is still the consideration of the overall economic hit the US will take across all industries, including the oil and gas industry.' Ferrari noted that the East and Gulf Coast ports are responsible for approximately half of U.S. container imports. So if the strike heightens, he says, it is possible that the entire supply chain is affected. The supply chain is essential for the oil and gas industry to import and export their products, and Ferrari argues that because of these strikes, there could be major disruptions in shipments and product shortages. He said the labor of loading and unloading natural gas products could also be disturbed, potentially leading to shortages and price hikes – especially on the consumer end."

Holy ridiculous amounts of electricity, Batman.

CNBC (10/1/24) reports: "As Microsoft investors get ready for quarterly earnings this month, there’s one particular metric that’s become increasingly important: finance leases. A finance lease lets a company pay for an asset over years, rather than all upfront. For companies like Microsoft that are building massive data centers to handle artificial intelligence workloads, shareholders have to get used to some big numbers. In July, Microsoft told investors in a footnote of its annual report that finance leases that had not yet begun had soared to $108.4 billion, up $20.6 billion from the quarter before, and nearly $100 billion higher than two years earlier. Leases will commence between the 2025 and 2030 fiscal years, and will run for up to 20 years, the filing said. Overall, Microsoft made $19 billion in capital expenditures in the latest quarter. The total, which includes assets acquired under finance leases, was up from $14 billion in the March quarter and was as much as Microsoft shelled out in the entire 2020 fiscal year. 'It’s an insane ramp,' said Charles Fitzgerald, a former Microsoft manager."

Energy Markets

WTI Crude Oil: ↑ $71.83
Natural Gas: ↑ $2.94
Gasoline: ↓ $3.19

Diesel: ↑ $3.57
Heating Oil: ↑ $224.01
Brent Crude Oil: ↑ $75.48
US Rig Count: ↑ 639

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