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DAILY ENERGY NEWS | 10/24/2024
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** Thanks to Governor Gavin, Californians are now paying more for gas than any other state in the Union.
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Daily Caller ([link removed]) (10/22/24) reports: "California’s latest law cracking down on fuel refiners in the state is likely to drive already-high prices at the pump even higher, according to several energy experts. Democratic California Gov. Gavin Newsom signed ABX2-1 into law on Oct. 14, empowering state bureaucrats to require refiners to maintain certain inventory levels in an effort to prevent alleged price gouging by energy companies and adding to the list of anti-fossil fuel industry policies and regulations in the state. Along with rules already on the books, the new policy will further squeeze refiners and fuel producers, undermine supply and send prices even higher with the help of other costly rules on the books regulating the fossil fuel industry, according to several energy sector experts. At about $4.64, California already has the highest per-gallon gas prices of any state in the
U.S., according to AAA gas price data. In the week since the bill became law, Phillips 66 announced that it plans to close one of its refineries in the Los Angeles area in 2025, meaning that one of California’s nine refineries and 8% of the state’s available refining capacity will be closing down, according to the Los Angeles Times."
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** "[Kamala's campaign] is all an exercise in avoiding dealing with anything that’s important. She’s in favor of 'the freedom to breathe clean air, drink clean water, and live free from pollution.' OK, how about having electricity that works, or heat that keeps you from freezing to death in the winter, or trucks that can bring you the goods you need to live? Rather than dealing with any of that seriously, the approach is: let’s just pretend that those subjects don’t exist."
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– Francis Menton, Manhattan Contrarian ([link removed])
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From all of us at the American Energy Alliance, a big thank you to all of the “cult” members who keep our homes heated, our cars fueled, and our economy running.
** Slay News ([link removed])
(10/22/24) reports: "Democrat presidential nominee Kamala Harris’s new climate chief has declared that the entire fossil fuel industry is a 'death cult.' The Harris campaign hired far-left activist Camila Thorndike to serve as the vice president’s 'climate engagement director.' However, Thorndike’s extreme views are raising some eyebrows. According to Thorndike, blue-collar oil and gas workers are part of the 'toxic patriarchy.' She argues that the oil and gas industry should be considered 'fascism.'... In early September, the Harris-Walz campaign brought Thorndike onboard as its climate czar. She had previously worked for socialist Sen. Bernie Sanders (I-VT) as a legislative aide drafting climate-related policies. The activist also served in a senior director post at Rewiring America. While with Sanders, Thorndike said there is 'something evil' about the fossil fuels sector"
Kamala used her town hall appearance to clear up exactly zero inconsistencies with her previous position on fracking.
** ([link removed])
Bloomberg drops a truth bomb: “despite the lingering effects of the energy crisis and inflation shock of 2022 — [the transition to a low carbon economy] means higher bills for all."
** Bloomberg ([link removed])
** ([link removed])
(10/24/24) reports: "Russia’s invasion of Ukraine touched off an acceleration in Europe’s clean-energy expansion. But it’s not fast enough.There’s broad agreement that the pace of deployment needs to speed up to meet net zero targets. Yet recent stumbles show the challenges of building out complex, expensive projects across the region. In industrial powerhouse Germany, the government’s ambitious bet on hydrogen is facing substantial setbacks after key pipeline plans were shelved or pushed back. In the UK, costs and schedules for two new atomic reactors at a site in southwest England have blown out amid labor shortages and supply-chain problems. A final investment decision on another large nuclear project may get pushed into next year...Even energy majors with deep pockets are scaling back exposure to renewables to focus on their core oil and gas business, which offers heftier returns. Europe is effectively a net importer of energy and can’t afford to jeopardize security of supply —
especially at a time when geopolitical risk is roiling the market — so governments must find ways to lure cheaper pools of private capital."
Energy Markets
WTI Crude Oil: ↑ $71.42
Natural Gas: ↑ $2.44
Gasoline: ↓ $3.15
Diesel: ↓ $3.58
Heating Oil: ↑ $224.89
Brent Crude Oil: ↑ $75.71
** US Rig Count ([link removed])
: ↓ 612
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