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DAILY ENERGY NEWS | 10/07/2024
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** BP: Back to Petroleum.
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Reuters ([link removed]) (10/7/24) reports: "BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said. When unveiled in 2020, BP's strategy was the sector's most ambitious with a pledge to cut output by 40% while rapidly growing renewables by 2030. BP scaled back the target in February last year to a 25% reduction, which would leave it producing 2 million barrels per day at the end of the decade, as investors focused on near-term returns rather than the energy transition."
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** "Oregon and Washington residents will pay hundreds of billions of dollars to achieve emissions reductions without measurable impacts on world climate. By contrast, the impacts on the economic well-being of those individuals and businesses would be only too real. Soaring electricity costs will cripple the two states’ economies, causing the loss of thousands of jobs. Energy-intensive industries will likely flee, just as they have left European countries and California because of electricity costs that render them uncompetitive."
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– J ([link removed]) ohnathan Lesser and Mitch Rolling, Discovery Institute ([link removed])

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Is the energy transition dead?

** E&E News ([link removed])
(10/7/24) reports: "Duke Energy said Thursday it plans to delay the retirement of its largest coal-burning power plant, scuttling its efforts to be free of the fossil fuel by 2035. The utility outlined its plans in an online presentation that said the Gibson station in Indiana would convert two of five total units to 'enable co-firing natural gas with coal, allowing them to continue to operate through 2038.' The utility listed that 2038 scenario as its 'preferred portfolio' in the presentation. Previously, Duke was aiming to retire the facility by 2035 with the rest of its coal fleet. The potential move was criticized by environmentalists, but Duke said in an emailed statement that its emissions goals remain unchanged and that progress on them 'will not be linear as we retire coal and bring new generation resources online.'”

Tom and Mike break down the Senate races and way more on The Unregulated Podcast, Episode 201.

** Listen Now ([link removed])

Your periodic reminder that energy security is national security.

** Oil Price ([link removed])
(10/5/24) reports: "The oil market is on edge after tensions between Israel and Iran flared up this week. Fears of an all-out war and an actual disruption to oil supply from the Middle East intensified, pushing oil prices higher. As the world awaits the Israeli response to the Iranian missile attack on Israel early this week, reports suggest that Israel could target some of Iran's energy and oil infrastructure. Unlike in similar geopolitical flare-ups in the recent past, oil prices remained relatively muted for the year after Hamas's attack on Israel in October 2023, which triggered the current crisis in the Middle East."

Energy Markets


WTI Crude Oil: ↑ $76.10
Natural Gas: ↓ $2.83
Gasoline: ↓ $3.17

Diesel: ↓ $3.57
Heating Oil: ↑ $234.84
Brent Crude Oil: ↑ $79.64
** US Rig Count ([link removed])
: ↓ 627



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