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DAILY ENERGY NEWS | 11/07/2024
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** Time to get to work.
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Utility Dive ([link removed]) (11/6/24) reports: "A second term of Donald Trump’s presidency will be a 'setback' for climate protection and the clean energy transition, but advocates also say they expect momentum to continue, particularly at the local level. 'There is no denying that another Trump presidency will stall national efforts to tackle the climate crisis and protect the environment, but most U.S. state, local, and private sector leaders are committed to charging ahead,' Dan Lashof, U.S. director of the World Resources Institute, said in a statement. Trump made a victory speech at about 2:30 a.m. in Florida, and U.S. news media have called the race in his favor. He will be the second president to serve non-consecutive terms, and has vowed to support the U.S. oil and gas sectors, overturn rules limiting power plant emissions and roll back government support for
electric vehicles...The American Energy Alliance congratulated Trump, saying the group looks forward to working with him to 'unwind the Biden-Harris administration’s regulatory onslaught on American energy producers.' AEA is the advocacy arm of the Institute for Energy Research, which was a member of the 2025 Presidential Transition Project advisory coalition organized by the Heritage Foundation. Project 2025 sketched a potential roadmap for a second Trump administration, though the former and future President’s campaign has sought to distance itself from the plan. 'Throughout his campaign, President Trump expressed his unabashed support for American energy,' IER and AEA President Thomas Pyle said in a statement. 'He promised to embrace domestic oil and gas production, lower energy and electricity prices, and undo the inflationary Biden-Harris Green New Deal policies, especially the wasteful taxpayer funded subsidies in the so-called Inflation Reduction Act.'"
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** "The Fed’s legal mandate is to maximize employment and price stability. Why is it pouring money into climate research? And, given the low quality of its climate research, how can we trust its judgment about the soundness of its research on banking and monetary policy?"
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– David Barker, AIER ([link removed])
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A welcome addition to the team fighting to ** Save Our Cars. ([link removed])
** Fox 19 ([link removed])
(11/5/24) reports: "Cleveland businessman Bernie Moreno (R) defeated 17-year incumbent Sen. Sherrod Brown (D) in the Ohio U.S. Senate race, according to the Associated Press election results. The race to flip the seat was not only one of the most expensive races in the nation, but it was also a key race for Republicans and Democrats to control Congress. Now, both of Ohio’s Senate seats are red, and once Moreno is sworn in, every statewide elected official will be a Republican. AP reports that 50.2% of Ohioans voted in favor of Moreno, 46.4% voted in favor of Brown, and 3.4% voted for the Libertarian candidate, Don Kissick...''We’re going to make this country an energy-dominant nation so that my kids do not grow up in a country where we ever rely on a foreign nation for energy ever, ever again. And we have that energy right here in Ohio: That means coal, that means natural gas, it means oil, it means nuclear, and in terms of EV mandates, they need to be gone first thing in January.' -Bernie
Moreno (R). Days leading up to the Election, Moreno received an endorsement from former President Donald Trump and vice presidential candidate J.D. Vance."
The jig is up.
** ([link removed])
Not even the luxury crowd is willing to shell out for something this impractical.
** The Street ([link removed])
(10/29/24) reports: "During a recent conference call's media Q&A, Porsche (POAHY) CFO Lutz Meschke admitted that recent conditions have led the company to radically dial back its electrification strategy in response to recent customer behavior it observed. 'A lot of customers in the premium and luxury segment are looking in the direction of combustion-engined cars, there’s a clear trend,' Meschke said. 'We will refresh our combustion engine cars, including the Panamera and the Cayenne, and of course, we will continue to rely on plug-in hybrids' Meschke added. The automaker, which had penned future models exclusively as battery-powered EVs, is now looking for ways to shoehorn in gas-powered hybrid engines to diversify and save sales amidst a slowdown in EV sales and demand in key markets like the United States and Europe. 'As for our electrified lineup, we are very flexible when it comes to our production footprint. We can produce combustion engine, plug-in hybrids and electrified cars in
one production line in Leipzig,' Meschke continued...The latest news is a stark departure from statements Porsche made earlier in the year that would suggest that the luxury sports car maker was confident about its electrification strategy. "
Energy Markets
WTI Crude Oil: ↓ $71.26
Natural Gas: ↓ $2.68
Gasoline: ↓ $3.10
Diesel: ↑ $3.56
Heating Oil: ↓ $224.16
Brent Crude Oil: ↓ $74.55
** US Rig Count ([link removed])
: ↑ 617
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