It's all about choice

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DAILY ENERGY NEWS | 10/16/2024

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Families enjoy choice in vehicles. Workers enjoy choice in career. Team Harris enjoys taking it all away.

The Street (10/11/24) reports: "Japanese automaker Toyota (TM) is a household name known for making some of the most popular and most dependable cars out on the road, but if one thing stands out about the popular brand today, it's the company's electric vehicle offerings...In remarks during the unveiling of a bust of the late Toyota chairman, Shoichiro Toyoda at Nagoya University in Japan, current Toyota chairman Akio Toyoda, his son, warned that a hard transition to a future where EVs are the sole offering, will cause devastating harm to the automotive workforce. He finds that much harm will be done to those who work on engine technologies, especially the suppliers that produce such components. 'There are 5.5 million people involved in the automotive industry in Japan. Among them are those who have been doing engine-related (work) for a long time,' Toyoda said. 'If electric vehicles simply become the only choice, including for our suppliers, those people's jobs would be lost.' Toyoda has long been a skeptic of electric vehicles and has argued on numerous occasions that there are multiple ways to tackle the threat of carbon emissions without sacrificing people's mobility."

"Almost anytime federal bureaucrats across multiple agencies can agree on something, it is bad news."

– David R. Burton,
The Heritage Foundation

A dark week for the United Kingdom... the first of many to come...

Energy Central (10/14/24) reports: "The United Kingdom is set to make history by shutting down its final coal-fired power plant, Ratcliffe-on-Soar, on Monday, effectively ending over 140 years of coal-generated electricity in the nation that ignited the Industrial Revolution. Located in central England, the Ratcliffe-on-Soar station will cease operations after more than 50 years of converting coal to electricity. As the plant prepares to wind down its final shift at midnight, owner Uniper has confirmed that many of the 170 remaining employees will continue working during a two-year decommissioning phase. The UK government has celebrated this closure as a pivotal step toward its goal of generating all electricity from renewable sources by 2030. This makes the UK the first major economy within the Group of Seven (G7) to eliminate coal from its energy mix, although other European nations, such as Sweden and Belgium, achieved this milestone earlier."

A new low for Big Green, Inc.

Politico (10/15/24) reports: "Aid workers, community groups and environmental organizations say few people are likely to take advantage of federal programs to help move out of flood-damaged homes that are flush with new funding from Congress. Congress has poured billions of dollars into programs to buy out homeowners and help them relocate to safer areas after natural disasters. But they're not expected to win over many residents in flood-ravaged rural North Carolina. Powerful storms, worsened by climate change, are causing more frequent flooding and destroying communities once considered safe — including those wiped out by Hurricane Helene, which killed more than 230 people across the Southeast."

An A.I. powered future cannot be an intermittently powered future.

Real Clear Energy (10/14/24) article: "A shuttered nuclear power plant in Pennsylvania, long associated with the nation’s worst accident involving atomic energy, is riding to the rescue of tech giant Microsoft, a company desperately in need of reliable energy for its growing network of AI-driven data centers. Under an unprecedented deal announced Sept. 20 by the decommissioned nuclear plant’s owner, Constellation Energy, Microsoft would be the sole purchaser of Three Mile Island’s electricity, once the plant has restarted in 2028. Microsoft will receive its electricity from a reactor (shut down since 2019) that was not damaged in the 1979 Three Mile Island partial meltdown. The supply contract between Constellation Energy and Microsoft will run for 20 years and will require that the reactor undergo safety upgrades and receive regulatory approval before going into effect. The voracious energy demands of data centers, driven by AI, quantum computing, and elaborate cooling systems, are upending energy markets and pose new challenges to the nation’s already shaky electric grid. Dominating the data center sector are Microsoft, Google, Meta, and Amazon Web Services, all of which plan to expand the number of data centers, which currently stands at 2,700 nationwide...Tilting at windmills – in this case wind turbines and solar panels – has been a preoccupation of the Biden White House and the climate cartel since Biden took office. Now, even its Big Tech allies are wising up to wind and solar power’s shortcomings. They recognize a simple truth: A full-time economy cannot run on part-time energy."

Energy Markets

WTI Crude Oil: ↑ $70.92
Natural Gas: ↓ $2.43
Gasoline: ↑ $3.20

Diesel: ↑ $3.61
Heating Oil: ↑ $219.23
Brent Crude Oil: ↑ $74.55
US Rig Count: ↓ 614

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