New year, same Gavin

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DAILY ENERGY NEWS | 12/31/2024

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Governor Gavin tomorrow, when asked why his government has gone out of it's way to shake down drivers all year. ⬇️

Oil Price (12/21/24) reports: "In 2022, California Governor Gavin Newsom signed SB-1322, the Oil Refiner Price Disclosure Act, into law. The legislation was hailed as a major step toward transparency, requiring refiners in California to report detailed monthly data on their gasoline profit margins. Specifically, refiners must disclose: the cost of crude oil purchased, the wholesale price of gasoline sold, and the gross and net profits earned per gallon of refined gasoline. Supporters, including consumer advocacy groups like Consumer Watchdog, argued that SB-1322 would expose 'excessive profits' earned by refiners and hold them accountable amid California’s notoriously high gasoline prices. In fact, as captured in this recent TikTok video from Matt Randolph, Gavin Newsom continues to claim that oil companies are fleecing California consumers. However, a little over two years after signing the bill into law, the data tells a different story. Far from uncovering windfall profits, the disclosures reveal razor-thin — and often negative — margins for refiners in the state...SB-1322 may have been designed to shine a light on oil refiners, but its findings reveal a fundamental truth: California itself profits more from gasoline sales than the refiners do. When operational costs are factored in, the profits earned by refiners are minimal."

"The hard reality is that climate change policy doesn’t have much traction in international affairs and its importance is declining amid concerns about inflation, all-out war with Russia, trade, and immigration."

– Robert Bryce, Substack

If only someone could invent a car that ran on the principles of internal combustion.

Euro News (12/28/24) reports: "As electric vehicles (EVs) become increasingly popular, many potential buyers are concerned about their performance in winter conditions. Are electric cars cut out for driving in the cold? From reduced range to slower charging, here’s how to get the most from your EV during winter weather. Like humans, cars prefer ambient temperatures and cold weather will cause all cars - petrol, diesel, and electric - to function less efficiently. A flat battery, a faulty alternator, or a problem with the starter motor can result in an internal combustion engine (ICE) car struggling to start in winter. EVs, however, face unique challenges due to battery chemistry. Low temperatures reduce battery capacity and range. Capacity is essentially the amount of energy the battery can hold and how quickly it can discharge it so recharging will take longer. In extreme cold, the charging points can also be affected and the result can be a considerably slower charging time so you can expect to spend longer at charging stations during winter...Other results varied widely, BMW's i5 lost only 12.2 per cent of its range, while Toyota's bZ4X, Volvo's C40 Recharge, and Polestar's Long Range models dropped close to 30-31 per cent. Energy consumption also fluctuated, with Ford’s F-150 Lightning consuming 49.2 per cent more energy per 100 km than rated. A study by Recurrent in the US also found similar range differences across models, noting that the Audi e-tron retains up to 80 per cent of its range at 0°C, while the Ford F-150 Lightning retains only 64 per cent."

Here's hoping the disastrous ESG fad gets left in 2024.

Just The News (12/23/24) reports: "The State of Texas has been a leader in the pushback against environmental, social and governance (ESG) policies, passing some of the first anti-ESG laws in the country. Last week, Texas Attorney General Ken Paxton moved to protect the coal industry from what Paxton says is an effort on the part of large investment firms to not only shrink coal companies — but also unfairly profit from them. Paxton teamed up with 10 other attorney generals in GOP states to file a lawsuit against BlackRock, State Street Corporation and Vanguard Group, three of the largest investors in the world. The lawsuit alleges that the three asset managers acquired substantial stockholdings in every significant publicly held coal producer in the United States. The defendants shared information, communicated with the management of the coal companies they invested in, and voted with their shares to artificially reduce production and constrain the supply of coal. Smaller coal producers, according to the lawsuit, lacked the capacity and financial resources to raise production and sufficiently meet demand in order to capture a market share. Likewise, banks’ ESG policies made it difficult for these competitors to obtain financing to expand their operations."

Uzbekistan: Green energy utopia.

Radio Free Europe (12/28/24) reports: "In 2021, Uzbekistan’s energy minister said the country produces enough natural gas to meet domestic demand three times over. But production in the gas-rich nation has been dropping for half a decade, and the reality is this: Many Uzbeks rely on coal, firewood, and animal manure to heat their homes and cook their meals, and many of the power plants feeding the electrical grid are fueled by coal...Citizens accuse the government of failing to offer an alternative. The problem worsens every winter as demand for energy rises amid a chronic shortage of natural gas...'It’s been quite cold since late November, and we’re experiencing problems with gas supplies not only in the villages but even in cities, too,' says activist Abdusalom Ergashev, who lives in the eastern city of Ferghana...Many Uzbeks, especially those living outside urban areas, say they start preparing for the winter many months in advance, storing firewood, collecting and drying domestic animals’ manure, and buying coal. In many households, even walnut shells and fruit pits are used as fuel. The average village household burns about 1.5 tons of coal over the winter, in addition to firewood, cotton stalks, dry manure, and other fuels."

Energy Markets

WTI Crude Oil: ↑ $71.16
Natural Gas: ↓ $3.78
Gasoline: ↑ $3.04

Diesel: ↑ $3.50
Heating Oil: ↑ $230.85
Brent Crude Oil: ↑ $74.06
US Rig Count: ↓ 575

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