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DAILY ENERGY NEWS | 11/05/2024

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This is what we're up against.

Daily Caller (11/4/24) reports: "The House Energy and Commerce Committee released a new report Monday detailing how the Biden-Harris administration has given huge amounts of taxpayer cash to left-wing activist groups under the guise of “environmental justice.' The report highlights how the Biden-Harris Environmental Protection Agency (EPA) used hundreds of millions of dollars from the Inflation Reduction Act (IRA) — President Joe Biden’s signature climate bill — to line the pockets of left-wing activist groups aligned with the administration’s sprawling climate and green energy agendas. The use of taxpayer funds to support these activist groups, some of which already receive considerable financial support from large environmentalist outfits like the Environmental Defense Fund and the Energy Foundation, is arguably 'akin to a taxpayer-funded lobbying operation,' the lawmakers argue in the report. 'The lists of organizations selected to receive funding or partner with those organizations include environmental activist organizations that work to influence public and elected officials to adopt their often-extreme views, such as completely eliminating the use of fossil fuels, which Americans recognize are an important part of an all-of-the-above energy mix,' the report states. 'While some selected organizations include other types of entities such as institutes of high education, many are special interest environmental nonprofit organizations. These organizations’ views and missions often align with those of the administration, in effect using taxpayer dollars to promote the Biden-Harris radical energy agenda.'"

"Starting on day one of my new administration, I will end Kamala Harris' war on Pennsylvania energy. And we will frack, frack, frack."

– Donald J. Trump

Not a bad return on investment if you can live with yourself...

Washington Free Beacon (11/4/24) reports: "After the Biden-Harris administration outlined strict eco-friendly eligibility rules for its lucrative $100 billion hydrogen production tax credit late last year, it immediately touted a passionate endorsement from the Pennsylvania-based energy corporation Air Products. '[These rules] will be essential to delivering real emissions reductions, creating the stimulus for broader investments across the hydrogen value chain, and cementing the U.S.’s global climate leadership,' Air Products president and CEO Seifi Ghasemi said in a Dec. 22 statement. The administration blasted out Ghasemi's praise—an anomaly in the hydrogen industry, which largely opposed the proposed rules—in a Treasury Department press release, which also highlighted a letter Air Products sent days earlier that called for stringent 'climate-aligned' rules governing which projects can receive the tax credit...Earlier this month, meanwhile, Ghasemi's wife Ellen donated $30,000 to the Harris Victory Fund and $20,000 to the Democratic National Committee. She wired another $40,000 to the then-Biden Victory Fund in April. 'There is nothing new here,' Tom Pyle, the president of the Institute for Energy Research, told the Free Beacon. 'Air Products lobbied for a specific policy outcome, namely a more restrictive framework for the tax credit, and the administration was more than happy to reward them for their longstanding political support.' 'Of course the policy will likely stymie efforts to develop the product domestically, but apparently that is a secondary consideration for the Biden-Harris administration,' he said. 'After all, there is an election on the horizon.'"

Vote.

Real Clear Energy (11/4/24) op-ed: "Expect Kamala Harris’ Justice Department to wage Green New Deal lawfare if she is elected president on Nov. 5. As with every last issue pertaining to this election, Harris has not said much about the substance of her climate policy. But a review of her record suggests she’d be amenable to unleashing the Justice Department on energy providers, and her conspicuously quiet allies on the climate left are optimistic she’ll do just that. Unleashing the Justice Department on American energy companies means hurtling this country deep into the last century. Traditional energy sources are essential for the world historic quality of life most Americans enjoy. Litigation will drive prices up. The lawsuits will also strongarm a transition to electric vehicles, stoves, and water heaters that will remain unpopular with most people because they aren’t affordable and don’t work as well as gas-powered alternatives. Green New Deal lawfare unfolding at the state and local levels all over the country means to force those appliances onto an unwilling public through settlement terms or public spending funded by big money verdicts...With preelection forecasts favoring a Republican takeover of the Senate, it’s quite likely a president Kamala Harris would not move landmark climate laws through Congress. That means she would have to think creatively about birddogging energy companies, and siccing the Justice Department on them is a likely step."

Russia, Russia, Russia...

Reuters (11/4/24) reports: "Sweden has rejected applications to build 13 offshore wind farms in the Baltic Sea due to defence concerns, while giving the go-ahead to one on its west coast, the government said on Monday. Defence Minister Pal Jonson told a press conference that building wind farms in the Baltic Sea would pose defence risks, not least by making it harder to detect and shoot down missiles using Sweden's Patriot batteries in case of a conflict. Jonson said Baltic wind farms could halve the time Sweden had to react to a missile attack to just one minute. Sweden's capital is just 500 kilometres (311 miles) from the Russian exclave of Kaliningrad. 'In the current, very serious international security climate with Sweden where it is and with Kaliningrad where it is ... the Swedish armed forces judge it would bring unacceptable risks and the government also has that view,' Jonson told reporters. The decision raises questions over how Sweden can meet its plans to double annual electricity production to around 300 terawatt-hours (TWh) over the next two decades. Demand is expected to soar as industry and the transport sector phase out using fossil fuels. Plans for 'green' production of steel, batteries and fertilisers in the Arctic north also depend on plentiful cheap, clean electricity...State-owned utility Vattenfall said in September it was halting development of its planned Kriegers Flakproject - also off the west coast - after the government scrapped subsidies for coupling offshore wind to the electricity grid."

Energy Markets

WTI Crude Oil: ↑ $72.17
Natural Gas: ↑ $2.81
Gasoline: ↑ $3.10

Diesel: ↑ $3.56
Heating Oil: ↑ $230.61
Brent Crude Oil: ↑ $75.73
US Rig Count: ↑ 614

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