View this email in your browser
DAILY ENERGY NEWS  | 03/05/2025
Subscribe Now

Lawyer up


The Free Press (3/4/25) reports: "The Department of Justice is investigating the Greenhouse Gas Reduction Fund, a $27 billion program that was part of Joe Biden’s $740 billion Inflation Reduction Act. Created in the spring of 2023, and managed by the Environmental Protection Agency, the fund was supposed to be a 'first-of-its-kind' program to address the climate crisis while revitalizing communities that it considered 'historically left behind.' But it appears little of the $27 billion revitalized anything—except the coffers of a range of environmental nonprofits associated with former Obama and Biden administration officials... A Free Press investigation reveals that of the $27 billion, $20 billion was rushed out the door to eight nonprofit groups after Kamala Harris lost the election—but before President Donald Trump took office. As one former EPA official put it on a secretly recorded video, it was akin to 'tossing gold bars off the Titanic.' The eight groups were allocated sums ranging from $400 million to $6.9 billion. Several of them were formed in August of 2023, just one month after the grant applications went live in July of 2023, when it became clear that large nine- and 10-figure grants would be up for grabs. The boards and staff of these eight groups include Democratic donors, people with connections to the Obama and Biden administrations, and prominent Democrats like Stacey Abrams."

"The energy demands of 21st century computing and manufacturing in America will not be met by windmills and solar panels—at least not anytime soon. Modern families and businesses need affordable and reliable electricity sources that will keep the lights on even when the sun isn’t shining."

 

– Rea S. Hederman Jr., The Buckeye Institute

They got the money, hey, you know they got away. They headed down south and they're still running today...


National Review (3/4/25) reports: "A Michigan electric vehicle manufacturer, which received $900,000 as part of a state grant six years ago, will face no financial penalties for closing two Detroit-area plants and moving production to South Carolina... Despite moving out of state, Akasol will keep its taxpayer-funded money. In 2019, the Michigan Strategic Fund granted Akasol $900,000 after the battery maker agreed to create 90 jobs. It was initially set to receive a $2.24 million performance-based grant for creating 224 jobs, but the financial award was reduced in accordance with the reduced number of new jobs. Akasol will not face any clawback provisions for relocating to South Carolina because it met the minimum hiring requirements and retained those jobs through 2023, according to Michigan Economic Development Corporation Communications Manager Otie McKinley."

You can beg as much as you want Mindy Lubber, but your gravy train of taxpayer dollars is coming to an end. 


Forbes (2/28/25) op-ed: "Right now, the American economy is experiencing two important trends at the same time. First, we are witnessing a manufacturing boom. After decades of offshoring, new factories and plants are opening in communities across the U.S. to build cutting-edge technologies that are in growing global demand, with domestic supply chains and good jobs quickly springing up in their support. At the same time comes a sharp increase in U.S. energy usage. It’s a sign of a dynamic economy, due in part to the rise of major innovations like artificial intelligence and data centers to support it, but it brings real risks... Both stories exemplify the importance of federal clean energy tax credits. And I’ve been thinking about this connection as Congress begins to formally debate tax policy in the coming weeks."

Governor Gavin needs the refineries to keep producing his pomade.


Oil Price (3/4/25) op-ed: "In the U.S., refiners were also subjected to additional pressure during the Biden administration to join the federal government’s climate change-oriented energy policy and switch to biofuels from petroleum fuels. In California, specifically, pressure has been strong, both on the federal and state level, with the government in Sacramento recently demanding from refiners in California to keep a certain level of fuel inventories to avoid price spikes that the refiners themselves attribute to the state government’s energy policies seeking to phase out vehicles using petroleum fuels. The closure of the Phillips 66 refinery in Los Angeles is one consequence of that policy. There are even reports that California authorities are considering refinery nationalizations to secure the supply of fuels to drivers in the state. Two refineries in California have already converted to biofuel production plants because biofuel production fetches generous subsidies from the state government: Phillips 66 is closing the L.A. facility by the end of this year, and Chevron and Valero are also considering shutdowns. As a result of these refinery closures, the supply of fuels will understandably tighten, with diesel and jet fuel especially vulnerable, it seems. As a result of these refinery closures, the supply of fuels will understandably tighten, with diesel and jet fuel especially vulnerable, it seems."

Energy Markets

 
WTI Crude Oil: ↓ $67.09
Natural Gas: ↑ $4.35
Gasoline: ↑ $3.11
Diesel: ↑ $3.66
Heating Oil: ↓ $223.69
Brent Crude Oil: ↓ $70.11
US Rig Count: ↑ 604

 
Donate
Subscribe to The Unregulated Podcast Subscribe to The Unregulated Podcast
Subscribe to The Plugged In Podcast Subscribe to The Plugged In Podcast
Connect on Facebook Connect on Facebook
Follow on X Follow on X
Subscribe on YouTube Subscribe on YouTube
Forward to a Friend Forward to a Friend
Our mailing address is:
1155 15th Street NW
Suite 525
Washington, DC xxxxxx
Want to change how you receive these emails?
update your preferences
unsubscribe from this list