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DAILY ENERGY NEWS | 02/26/2025
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** The Lucid Motors story continues, but we all know how it will end. Skip to Chapter 11...
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Automotive News ([link removed]) (2/25/25) reports: "Lucid Motors CEO Peter Rawlinson stepped down from his post and will transition to an advisory role, the company said after reporting a fourth-quarter net loss of $397 million and a 2024 net loss of $2.7 billion. The surprise announcement came as part of Lucid’s earnings report after the market close Feb. 25. Rawlinson did not participate on the earnings call. Lucid said COO Marc Winterhoff has taken the chief executive role on an interim basis. The automaker, which launched the Air sedan in 2021, has begun a formal CEO search. 'The new CEO will help Lucid execute its strategy and prepare for the next chapter,' the company said in a statement."
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** "On the whole, we should not fear climate change. Instead, we should fear climate change policies that are expensive, destructive, and erode our energy security and economic stability."
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– F ([link removed]) rank Lasee, Truth in Energy and Climate ([link removed])
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I don't understand. I thought she was trying to save us from the ravages of climate change? Incidentally, I'm glad she is finally approving permits, but these rate increases are getting out of control. Especially in blue states.
** Fox News ([link removed])
(2/18/25) reports: "New York Gov. Kathy Hochul has approved permits to expand capacity on a major bi-state pipeline despite years of pushing green policies like bans on natural gas use in new construction. The Hochul administration signed off on permits to expand capacity in the Iroquois Pipeline – a crucial 414-mile route from St. Lawrence County -- near the border with Cornwall, Ontario, – running down the Adirondacks, through western Connecticut, under Long Island Sound and forking toward Commack, Long Island, or Hunts Point, Bronx...ConEd, the main utility provider in New York City and the Hudson Valley, is planning to implement 11.5% increases in electric rates and 13% increases in gas rates – amounting to about $500 per year – unless the New York Public Service Commission (PSC) steps in, according to FOX-5."
ESG isn't dead yet. Keep the pressure on.
** Washington Examiner ([link removed])
(2/20/25) op-ed: "Contrary to recent reports, woke is not yet broke on Wall Street, at least when it comes to the all-important sustainability problem of climate change. While many financial firms have adopted a lower profile around environmental, social, and governance policies of late, this is mainly a tactical retreat rather than a capitulation on the net-zero agenda. In the latest example, over the past few weeks, the six largest U.S. banks have exited the Net-Zero Banking Alliance, while BlackRock, the largest investment management firm in the world, quietly left the Net Zero Asset Managers initiative... All the financial institutions now leaving these climate alliances posthaste are doing so mainly to reduce their legal exposure, both to red state investigations into financial discrimination against oil, gas, and coal companies and possible antitrust charges given the coordinated anti-competitive behavior that these groups engage in... With ESG still fully entrenched across the U.S.
financial markets, red states such as Texas, which have been leading the anti-ESG charge in recent years, should not be standing down at this point. Yet surprisingly, that is what is happening. In response to the NZBA departures, Texas Attorney General Ken Paxton announced that his office was closing out its outstanding legal reviews of all the major U.S. banks under the state’s Senate Bill 13, which prohibits Texas government entities from doing business with financial institutions that boycott the oil and gas sector. If only the Lone Star State were more like the Show Me State when it comes to energy, climate, and ESG."
All gas, no brakes.
** Oil Price ([link removed])
(2/25/25) op-ed: "Japan is planning to step up its imports of U.S. natural gas by potentially taking a stake in a $44-billion LNG project in Alaska—and it is not the only Asian energy importer to consider boosting U.S. energy supplies. President Trump is happy to enable this boost, with Asia turning into Trump’s new energy dominance focus. On his first day in office, President Trump signed an executive order aiming to unleash 'Alaska’s extraordinary resource potential,' which includes 'prioritize the development of Alaska’s LNG potential, including the permitting of all necessary pipeline and export infrastructure related to the Alaska LNG Project, giving due consideration to the economic and national security benefits associated with such development.' Less than two weeks later, Reuters reported that Japan had expressed interest in participating in the project as a stakeholder and long-term buyer... Last week, the Interior Secretary and the head of the new National Energy Dominance
Council, Doug Burgum, indicated that Asia would be the focal point of energy dominance efforts in Washington. 'When we sell LNG to our friends and allies - from places like Alaska into Japan and South Korea and the Philippines - it not only helps stabilise the world, it also reduces our trade deficits,' he said during a speech to senators, as quoted by Reuters."
Energy Markets
WTI Crude Oil: ↓ $68.77
Natural Gas: ↓ $4.11
Gasoline: ↓ $3.13
Diesel: ↓ $3.96
Heating Oil: ↓ $234.58
Brent Crude Oil: ↓ $72.81
** US Rig Count ([link removed])
: ↑ 597
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