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DAILY ENERGY NEWS | 02/05/2025
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** Google the phrase "rent extraction." It will change your life.
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Wall Street Journal ([link removed]) (1/4/25) editorial: "PJM has approved 38 gigawatts of new generation—enough to power 28.5 million homes—that hasn’t been built. High interest rates and inflation have made offshore wind uneconomic even with generous subsidies. Permitting can delay new transmission lines by years, and a green-energy transition has exacerbated a shortage of power transformers. Enter Mr. Shapiro, who last week pitched an energy plan to fast-track the construction of renewables and a cap-and-trade program that would effectively subsidize them by punishing fossil fuels. Such policies would likely lead to the retirement of more base-load fossil fuel generators, resulting in higher auction prices and electric rates. To prevent the predictable results of his policies, Mr. Shapiro threatened to pull Pennsylvania out of PJM—which could result in
energy shortages across the region—if it didn’t lower its cap on auction prices. Now the Governor is claiming victory after PJM bowed to his demands."
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** "While certainly induced by California’s normally warm, dry climate and bouts of extreme weather, these wildfires have been amplified by poor policy choices. The intense fires have far more to do with leadership failures than carbon dioxide emissions. It’s time for the state to step away from symbolic gestures and return to sound, science-based management that protects its people and forests."
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– ([link removed]) Jason Hayes, Mackinac Center ([link removed])
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This tells you everything you need to know about the staying power of wind and solar...
** Oil Price ([link removed])
(2/5/25) reports: "U.S. clean energy groups and hundreds of their member companies are beginning on Wednesday a series of meetings with members of Congress to lobby the Trump Administration to keep the tax credits from the Biden-era climate and infrastructure laws... The trade groups, representing more than 2,000 U.S. companies, are set to hold more than 100 meetings with lawmakers, in a 'lobbying blitz' on tax credits, the Solar Energy Industries Association (SEIA) said on Wednesday."
Andrea Clabough is earning her paycheck.
** RealClearEnergy ([link removed])
(1/21/25) op-ed: "Taxpayer monies allocated toward clean energy spending are facing renewed scrutiny, especially with imminent congressional negotiations on the federal budget, spending targets, deficits and more set to dominate the coming year. Among the Biden administration’s signature legislative achievements was a transformation in federal support for low and zero-emissions fuels and technology – in the form of direct spending, tax incentives and other preferential fiscal treatment. The Inflation Reduction Act (IRA) has been the pinnacle of this policy approach and represented a ten-year, $370 billion commitment to clean fuels and energy investment throughout the US... This brief history is illustrative of today’s uncertain moment: subsidies for fuels and energy technologies are not simply a signaling measure. They act as sunshine and water for seeds – enabling factors to grow new American industries which might blossom in the not-too-distant future."
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I applaud Ann and Ned here, but Governor Gavin and the uniparty will never let it happen in California.
** California Globe ([link removed])
(2/4/25) op-ed: "Permitting reform at the federal, state, and local levels is desperately needed for America’s – and California’s – new Golden Age. Bringing permitting requirements up to speed would ensure that our nation has domestic energy of all types, and correlated minerals for years to come to support a renaissance in manufacturing, and to de-couple from our reliance on China... The mining and energy industries can always become more efficient, but without a parallel track that removes permitting obstacles currently blocking wise expedient use of our domestic natural resources, thereby discouraging investment in these US sectors, there is no viable starting point for investment into or reliance on a domestic minerals supply chain."
Energy Markets
WTI Crude Oil: ↓ $71.88
Natural Gas: ↓ $3.21
Gasoline: ↑ $3.13
Diesel: ↑ $3.67
Heating Oil: ↓ $240.62
Brent Crude Oil: ↓ $75.33
** US Rig Count ([link removed])
: ↓ 590
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