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DAILY ENERGY NEWS | 02/27/2025
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** Can't take a shower, honey, the windmill isn't turning.
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Wall Street Journal ([link removed]) (2/25/25) opinion: "The House is expected to vote Thursday on whether to repeal one of Joe Biden’s crazier regulations—an effective ban on the production and sale of certain gas-powered water heaters. Natural gas is a clean-burning fuel that has made America’s air cleaner, with lower lead, soot and carbon-dioxide emissions compared with coal. The gas water-heater ban could add $450 to $1,000 to the cost of a water heater, according to a trade group, and put hundreds of Americans who make this product for Georgia-based Rinnai America out of work. The company recently invested $70 million in a new gas-heater production facility that may have to be shuttered if this regulation goes forward. If Republicans want to be the pro-American manufacturing party, this is precisely the kind of regulation they need to toss. Under
the Congressional Review Act, they can do so with a simple majority in both chambers. But in a strange twist that could happen only in Washington, the loudest lobbyists for retaining the rule aren’t the environmentalists but rather the manufacturers of electric heaters, which aren’t subject to the rule and want Congress to knock out their competition."
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** "I think there's an opportunity … to increase the capacity of some of the coal-fired power plants that have been slowed down in recent years. Because if we don't do that, we're not going to compete with the Chinese."
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– Gov. Patrick Morrisey, West Virginia ([link removed])

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Another one bites the dust.

** Reuters ([link removed])
(2/19/24) reports: "Nikola (NKLA.O) said on Wednesday [February 19th,] it had filed for Chapter 11 bankruptcy protection and would pursue a sale of its assets, the latest electric-vehicle maker to stumble after grappling with tepid demand, rapid cash burn and funding challenges. The development ends a challenging journey, which included several leadership changes, plummeting share values and short-seller allegations. EV startups that went public during the pandemic, promising to revolutionize the sector, such as Fisker, Proterra and Lordstown Motors have filed for bankruptcy in recent years as funding for their capital-intensive operations dried up due to high interest rates and flagging demand. The firm will continue some support operations for trucks in the field and some hydrogen-fueling operations through the end of March."

** ([link removed])
Queen - Another One Bites the Dust

Putting the 'strategic' back in strategic petroleum reserve.

** Oil Price ([link removed])
(2/20/25) op-ed: "The U.S. Administration will fill up fast the Strategic Petroleum Reserve (SPR), President Donald Trump said at an investment conference in Miami. 'We’ll fill it up fast, but it’s at the lowest level. When we made the transition, it was at the lowest level in history, ever recorded,' President Trump said. 'They put it all out because they thought they could keep gasoline prices down a little bit, just go past the election, and after that, they didn’t care,' the President added, criticizing Joe Biden’s administration for failing to curb the hikes in gasoline prices. The Biden administration released more than 180 million barrels of oil from the SPR starting in 2021, amid high gasoline prices. The Department of Treasury claims that these releases, along with coordinated international efforts, helped reduce gasoline prices by up to 40 cents per gallon in 2022. The SPR currently houses 395 million barrels of crude—a figure that is about 250 million barrels less than oil in the
SPR at the beginning of Joe Biden’s term in office. The Reserve’s total capacity is 714 million barrels of crude."

Maybe if you weren't an oppressive dictator we could be friends.

** Bloomberg ([link removed])
(2/26/25) reports: "President Donald Trump said he plans to revoke Chevron Corp.’s oil license to operate in Venezuela, threatening to torpedo the nation’s slow economic recovery. The US president referred to a concession agreement from November 2022, which would match the date that Chevron was granted a license to produce and sell oil in Venezuela despite sanctions against Nicolás Maduro’s authoritarian government. Under the terms of the license, Chevron would have a six-month wind-down period to exit Venezuela. The move represents an intensification of US restrictions on the South American nation after Maduro’s contested reelection and a sweeping crackdown on his opponents. If Trump actually follows through — and isn’t just using the threat as a negotiation tactic — it could cut Venezuela’s overall production by 100,000 barrels per day, according to Francisco Monaldi, director of the Latin American energy policy at Rice University’s Baker Institute for Public Policy in Houston. And other
foreign oil producers may follow suit."

Energy Markets


WTI Crude Oil: ↑ $69.58
Natural Gas: ↓ $4.01
Gasoline: ↓ $3.12

Diesel: ↓ $3.67
Heating Oil: ↑ $236.10
Brent Crude Oil: ↑ $73.47
** US Rig Count ([link removed])
: ↑ 604



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