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DAILY ENERGY NEWS | 11/12/2024

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The boss is back. What's next for American energy? Find out on the latest episode of The Unregulated Podcast. Now streaming on our website, or wherever you listen.

"Electricity is critically important in our daily lives because it is a basic human need for all the products made from crude oil derivatives that need electricity to operate, such as iPhones, computers, EV vehicles, defibrillators, etc. We use electricity to heat and cool our human-made structures."

– Ronald Stein, P.E.,
The Heartland Institute

America, you just picked a plum.

Rigzone (11/11/24) reports: "Following President Donald Trump’s impending return to the White House, oil market participants are eagerly anticipating what lies ahead...In another release sent to Rigzone, American Energy Alliance (AEA) President Thomas Pyle said, 'congratulations to President Donald J. Trump on his election victory.' 'Throughout his campaign, President Trump expressed his unabashed support for American energy. He promised to embrace domestic oil and gas production, lower energy and electricity prices, and undo the inflationary Biden-Harris Green New Deal policies,' he added. 'That’s because President Trump understands that affordable and reliable energy is critical to our economic well-being and our national security,' he continued. 'We look forward to working with President Trump to unleash our energy potential, preserve the right for Americans to choose the types of cars and trucks that best suit our needs, and unwind the Biden-Harris administration’s regulatory onslaught on American energy producers,' Pyle went on to state. Following Trump’s election victory, Alex Stevens, Manager of Policy and Communications at the AEA, told Rigzone, 'President Trump’s victory underscores the vital role that oil, natural gas, coal, and nuclear play in our energy mix and their importance in driving economic growth. As demand for fuels and electricity continues to grow, it is critical that we create a policy environment that empowers energy producers to meet this need.'"

American producers are reaching record levels under the most hostile regime in the country's history. Imagine what they'll be capable of when Trump lets them off the chain.

Epoch Times (11/10/24) reports: "Former President Donald Trump’s reelection to the presidency was welcomed by many business leaders and investors, driving the S&P 500 index up more than 2.5 percent on the day after Election Day, when his victory became apparent. Many expect the Trump administration to enact lower taxes, lighter regulations, and reverse many signature programs of the Biden administration, including the government-mandated transition from fossil fuel energy to wind and solar, and from gasoline-powered cars and trucks to electric vehicles (EVs)...However, given America’s abundance of energy resources, analysts say there is a lot of room to expand domestic production further. 'We’ve got record production of energy, but it’s all happened despite the administration, and on lands that the administration cannot control,' Dan Kish, senior vice president of policy at the Institute for Energy Research, told The Epoch Times. 'We just don’t think there’s any reason to have a scarcity of affordable and reliable electricity or energy of any kind in the United States.' Expanding energy production, particularly in oil and gas, has been a cornerstone of Trump’s economic platform."

No need to hide how expensive green dreams are now that the election is over.

Politico (11/8/24) reports: "New York Gov. Kathy Hochul has taken a step to revive congestion pricing before President-elect Donald Trump, who opposes the extra toll, takes office. In recent days, the governor’s office asked the U.S. Department of Transportation whether implementing congestion pricing with lower tolls than the planned $15 for drivers entering parts of Manhattan would require another lengthy environmental review, two people with knowledge of the conversations told POLITICO. They were granted anonymity to discuss private conversations. 'She’s asking for it to go from $15 to $9,' said one of the people, an MTA board member. Hochul halted congestion pricing just before the Metropolitan Transportation Authority was to begin tolling drivers entering Manhattan’s central business district this summer, revenue the transit agency slotted for repairs and upgrades to its aging system. Congestion pricing was expected to help raise $15 billion. Hochul had said she was concerned the tolling plan, which is widely unpopular in the suburbs, would hurt Democrats this fall. The party ended up flipping three New York congressional seats and keeping every other — a victory amid a national trouncing by the GOP."

Energy Markets

WTI Crude Oil: ↑ $68.75
Natural Gas: ↑ $2.94
Gasoline: ↓ $3.07

Diesel: ↓ $3.54
Heating Oil: ↑ $222.80
Brent Crude Oil: ↑ $72.52
US Rig Count: ↑ 618

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