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DAILY ENERGY NEWS | 12/02/2024
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** Time to get to work.
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Rigzone ([link removed]) (12/2/24) reports: "Incoming U.S. President Donald Trump has 'chosen strong candidates to comprise his energy team,' American Energy Alliance (AEA) President Thomas Pyle said in a statement sent to Rigzone. 'Throughout his campaign, President Trump expressed his unwavering commitment to American energy, and his selections show how serious he is about unlocking our country’s resource potential,' Pyle noted in the statement, which was sent to Rigzone by the AEA head. 'He has chosen strong candidates to comprise his energy team, all of which should instill confidence in the American people,' he added. 'All of these leaders share a vision for energy dominance and economic growth. Their dedication to prioritizing domestic energy production and addressing regulatory burdens will serve to spur job creation and strengthen our economy,' Pyle went on to note. A statement posted on Donald
J. Trump’s Truth Social page on November 23 announced the nomination of Russell Thurlow Vought as the Director of the United States Office of Management and Budget (OMB)... Pyle said in his statement that “it’s encouraging to see President-elect Trump nominate Russ Vought to resume his leadership at the Office of Management and Budget”. 'Under his direction during the first Trump administration, he focused on cutting through red tape to make government more efficient. His vision and focus are exactly what is needed in the push to strengthen America’s infrastructure and champion American energy,' he added. Pyle also noted that Wright is the right person for the job, adding that, 'over the past decade, Wright has led the way making the moral case for energy development, recognizing the link between economic growth and environmental progress.'"
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** "As debates continue to rage over energy in the years ahead, it is worth remembering that the American people clearly favor solutions that embrace fossil fuels and keep energy prices down. This is something Democratic policymakers should keep in mind the next time Greenpeace protesters encamp at a pipeline site or college campus."
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– ([link removed]) The Honorable Jason Isaac, The Daily Signal ([link removed])

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We are watching.

** Wall Street Journal ([link removed])
(11/30/24) reports: "Donald Trump’s campaign-trail vow to end President Biden’s signature climate law is running into a cold reality: Too many Republican lawmakers want to keep it. The Inflation Reduction Act has channeled billions of dollars to renewable-energy projects across the country, with Republican-led states getting the lion’s share of the funding. Even though not a single Republican in the House or Senate backed the Democratic package, today there likely isn’t enough support in Congress to pass a repeal, according to Capitol Hill watchers and former Trump administration officials who worked on energy policy. 'There are too many things in there that are too important to too many constituencies' to throw out the law, said Sen. Kevin Cramer (R., N.D.). A clash between Trump and congressional Republicans over the fate of the IRA would mark a high-stakes showdown determining the fate of hundreds of projects, billions of dollars and tens of thousands of jobs. It would pit Trump against
some of his staunchest oil-and-gas supporters, who have plowed money into projects funded by the climate law, while presenting another test of how hard GOP lawmakers are willing to push back against the president-elect."

What should Trump do about energy policy?

** The Bob Murphy Show Ep 362 ([link removed])
(12/1/24) podcast: "IER's alum, Dr. Robert Murphy, discusses ** IER's North American Energy Inventory ([link removed])
and the future of energy policy under President Trump."
** ([link removed])

ESG's reckoning.

** Attorney General of Texas Ken Paxton ([link removed])
(11/27/24) press release: "Attorney General Ken Paxton sued BlackRock, State Street Corporation, and Vanguard Group, three of the largest institutional investors in the world, for conspiring to artificially constrict the market for coal through anticompetitive trade practices. Over several years, the three asset managers acquired substantial stockholdings in every significant publicly held coal producer in the United States, thereby gaining the power to control the policies of the coal companies. Using their combined influence over the coal market, the investment cartel collectively announced in 2021 their commitment to weaponize their shares to pressure the coal companies to accommodate “green energy” goals. To achieve this, the investment companies pushed to reduce coal output by more than half by 2030. Blackrock, Vanguard, and State Street utilized the Climate Action 100 and the Net Zero Asset Managers Initiative to signal their mutual intent to reduce the output of thermal coal, which
predictably increased the cost of electricity for Americans across the United States. These firms also deceived thousands of investors who elected to invest in non-ESG funds to maximize their profits. Yet these funds pursued ESG strategies notwithstanding the defendants’ representations to the contrary. Deliberately and artificially constricting supply increased prices and enabled the investment companies to produce extraordinary revenue gains. This conspiracy violated multiple federal laws that prevent a major shareholder, or a group of shareholders, from using their shares to lessen competition or engaging in other anticompetitive schemes. Further, the companies broke Texas antitrust and deceptive trade practices laws."

Mary Barra should be next.

** Forbes ([link removed])
(12/2/24) reports: "Stellantis shares dropped just over 8% in Europe after news storied CEO Carlos Tavares had stepped down just over a year before his contract expired. Stellantis shares have lost almost 60% of their value since March, when falling sales in the U.S. and burgeoning stocks shook its financial position. This led to a profit warning in September which included a forecast of a cash burn of up to €10 billion ($10.5 billion) in 2024. Stellantis cautioned shareholders that the profit margin in 2024 would be closer to 5.5 to 7.0%, not 10%. German automakers also issued profit warningsat the same time, but not on this scale."

Energy Markets


WTI Crude Oil: ↑ $68.73
Natural Gas: ↓ $3.17
Gasoline: ↓ $3.05

Diesel: ↓ $3.54
Heating Oil: ↑ $221.41
Brent Crude Oil: ↑↓ $72.59
** US Rig Count ([link removed])
: ↓ 612



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