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DAILY ENERGY NEWS | 01/02/2025
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** 2025 will be the year of energy.
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Just The News ([link removed]) (12/31/24) reports: "Coming with the new year is a new president with a very different vision on energy than President Joe Biden, who campaigned on a promise to 'end fossil fuel.' President-elect Donald Trump is dismissive of the immediate 'climate crisis' narrative that drove much of Biden’s energy policies. He promises to establish American 'energy dominance' and focus policy on bringing down the cost of energy. While Trump can overturn Biden’s industry-punishing executive orders and create a friendlier regulatory environment for the oil, gas, coal and mining industries, experts say there are economic and technical limits to what the outcomes of his policies will be. Looking ahead to 2025 and beyond, here’s what we might expect for energy and industry in the second Trump administration...Alex Stevens, manager of policy and communications for
the Institute of Energy Research, told Just the News that market signals will ultimately shape production under the new administration, but the administration will make investments safer. 'I think the main point of "drill baby drill" is to signal to American energy producers that they will have the freedom to invest in new production so long as the market signals that it is needed. In this environment, markets will be better able to adapt to changes in supply and demand because regulatory red tape will not be in the way,' Stevens said."
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** "The U.S. must rapidly expand electricity generation to prevent the rapid escalation of energy prices. Excessive red tape and litigation risk under NEPA threaten to derail the infrastructure projects needed to meet growing energy demands."
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– Mario Loyola, The Heritage Foundation ([link removed])

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You can frame it however you want, but renewables always need more money, plain and simple.

** Wall Street Journal ([link removed])
(1/1/25) reports: "Green-energy companies are freaking out, trying to figure out how to navigate the Republican sweep of the White House and Congress. After being a favorite punching bag of President-elect Donald Trump’s campaign, they are contacting incoming cabinet appointees, hunting for friendly members of the transition team and calling on Republican members of Congress, according to executives. Some say they raced to order equipment or move dirt on projects before the new year to grandfather-in lucrative tax credits. Stakes are high. Significant reductions to tax credits, and Trump’s promised tariffs on imports, could reduce investment in new renewables plants by $350 billion over the next decade, said Chris Seiple, vice chairman of power and renewables at Wood Mackenzie. In Washington, D.C., the industry has gone into defense mode. Executives traveled to the capital to meet with Republican members of Congress in December, people familiar with the matter say...Tax cuts passed in 2017
during Trump’s first term will expire at the end of this year, and Republican leaders say extending them is a must. They will look to cut trillions of dollars to offset deficits. Repealing clean-energy subsidies in part or whole has been repeatedly mentioned as a potential source of funding."

Hochul should be paying residents "recovery" money for not developing the state's gas resources.

** New York Post ([link removed])
(12/30/24) op-ed: "Gov. Kathy Hochul last week signed a new climate bill forcing fossil fuel companies to pay $75 billion in 'recovery' assessments over the next 25 years for their alleged role in causing 'extreme weather.' 'It’s time for large polluters to pay their fair share,' she declared. But the claim is an unscientific joke — and the law, passed by some of the nation’s most obtuse and know-nothing legislators, means the political class in Albany just hit the gas pedal on the Empire State’s economic demise. Under this law, New York will 'impose cost recovery demands' for extreme weather events 'on responsible parties,' or fossil fuel companies, which 'shall be strictly liable, without regard to fault'. Each company will be assessed a share of the $75 billion pot equal to its 'applicable share of covered greenhouse gas emissions' — that is, carbon dioxide resulting from the fuel and power they have sold. But it’s a colossal money grab based on junk science, so arbitrary and capricious
that court challenges are certain...New Yorkers now pay some of the highest electricity rates in the nation, up by 13.6% in the last year alone. Gas prices here are seventh-highest nationally, currently averaging $3.13 per gallon. These costs will surely increase with the state’s new climate assessments on energy companies, which will inevitably pass them on to consumers. New York’s politicians also for years have refused to access the state’s abundant natural gas through hydrofracturing (fracking), as adjacent Pennsylvania and other states do."

Not even geothermal is safe from the parting shots of Biden's war on energy.

** Reuters ([link removed])
(12/30/24) reports: "The Biden administration on Monday took steps to protect the Ruby Mountains in northeast Nevada from oil, gas and geothermal development for 20 years. The Interior Department said it had approved an application by the U.S. Forest Service to withdraw 264,442 acres of federal lands in the Ruby Mountains from mineral and geothermal leasing. The application's approval removes the lands from development for up to two years and kicks off a 90-day period for the public to comment on the proposed 20-year withdrawal. The proposal comes three weeks before President-elect Donald Trump, who has vowed to step up domestic oil and gas production, succeeds President Joe Biden, a Democrat who has sought to conserve large amounts of public land."

Energy Markets


WTI Crude Oil: ↑ $72.80
Natural Gas: ↑ $3.70
Gasoline: ↑ $3.06

Diesel: ↓ $3.50
Heating Oil: ↑ $234.39
Brent Crude Oil: ↑ $75.73
** US Rig Count ([link removed])
: ↓ 573



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