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DAILY ENERGY NEWS | 11/15/2024

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IER alum and Cato guru Travis Fisher weighs in on what's next for Team Trump on the latest episode of The Unregulated Podcast—now streaming on our website or wherever you enjoy fine podcasts.

" If Musk and Ramaswamy are serious about cutting the bloat of the federal budget, DOGE should work with Congress to eliminate subsidies and tax credits—especially for mature technologies—and empower the market and private sector to pick energy winners and losers."

– Jeff Luse, Reason

You think maybe Elon should have been invited to Biden's EV summit back in 2021?

AP (11/15/24) reports: "General Motors is laying off about 1,000 workers worldwide, shedding costs as it tries to compete in a crowded global automobile market. The workers, mostly white collar, were notified about the decisions early Friday. The company confirmed the layoffs in a statement but gave few details. 'We need to optimize for speed and excellence,' the statement said. 'This includes operating with efficiency, ensuring we have the right team structure and focusing on our top priorities.' GM and other automakers have been navigating an uncertain transition to electric vehicles both in the U.S. and worldwide, trying to figure out where to invest capital and how fast the switch will happen. The company has had to develop and update gas-powered models while investing in EV battery and assembly plants as well as minerals and other parts for the next generation of electric vehicles."

Hydrocarbon hero Chris Wright would be a tremendous choice.

Bloomberg (11/15/24) reports: "The head of Liberty Energy Inc., the world’s second-largest fracking services company, has gained prominent endorsements as a potential pick for Donald Trump’s energy secretary. While Chris Wright has no Washington experience, he’s made a name for himself as a vocal proponent of fossil fuels, touting their ability to raise living standards with cheap energy, while downplaying the need to transition to clean energy. 'Chris is an excellent choice for Secretary of Energy,' said Thomas Pyle, president of the American Energy Alliance, a free-market advocacy group. He led Trumps Energy Department’s transition team in 2016. Continental Resources Chairman Harold Hamm, a Trump energy adviser and donor, told the Houston-based trade publication Hart Energy that Wright was his top choice for the job. Wright declined to comment when reached by phone. A spokeswoman for the transition team said decisions regarding who will serve in Trump’s second administration 'will be announced when they are made.' Wright holds engineering degrees from the Massachusetts Institute of Technology and the University of California at Berkeley and describes himself on his Denver-based company’s website as a 'tech nerd turned entrepreneur and a dedicated humanitarian.' His company published a 180-page paper earlier this year that said climate change 'is far from the world’s greatest threat to human life' and 'hydrocarbons are essential to improving the wealth, health, and life opportunities for the less energized.'"

A "setback" for Big Green, Inc. is a leap forward for American families.

Utility Dive (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...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.'”

Energy Markets

WTI Crude Oil: ↓ $68.02
Natural Gas: ↑ $2.79
Gasoline: ↓ $3.08

Diesel: ↓ $3.55
Heating Oil: ↓ $220.54
Brent Crude Oil: ↓ $71.95
US Rig Count: ↓ 603

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