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DAILY ENERGY NEWS  | 02/12/2025
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We have zero sympathy for an industry that went to bed with Team Biden and Governor Gavin even though they knew it would screw consumers. Keep your promise, President Trump, and cut off the gravy train.


Bloomberg (2/11/25) reports: "Automakers are lobbying against Washington lawmakers ending popular electric-vehicle tax credits that President Donald Trump has railed against, pushing instead for a gradual phase-out over several years if he moves to cut them. General Motors Co. and Ford Motor Co. are among the carmakers and industry lobbying groups making pilgrimages to ask the Trump administration and Republican legislators to preserve some EV incentives in the Inflation Reduction Act passed under Joe Biden, according to people familiar with the effort who weren’t authorized to speak publicly on the matter... It’s not immediately clear if Trump is receptive to the idea, or whether automakers can find enough votes among Republicans in Congress to keep EV incentives in place."

"We are on a path to continually shrink the electricity we generate from coal. That has made electricity more expensive and our grid less stable.”

 

– Chris Wright, Energy Secretary

Michael Mann helped create another hockey stick.


Robert Bryce (1/5/25) Substack: "While scientists and journalists can argue about Mann’s hockey stick, his methods, greenhouse gas emissions, and temperature forcings, there can be no argument about the staggering cost of the subsidies Congress has given to Big Wind, Big Solar, and other alt-energy outfits in the name of climate change. In late November, the Treasury Department published the newest edition of its annual report on tax expenditures, which it says are 'revenue losses attributable to provisions of Federal tax laws.' What do those Treasury reports show? A hockey stick... Between 2025 and 2034, the ITC and PTC will account for more than half of all energy-related tax provisions. And that total does not include the tax credits for electric vehicles."

Shot: The European public demands affordable and reliable energy.


OilPrice.com (2/10/25) reports: "The surge in energy prices, especially in Europe, has forced governments to address immediate concerns about the cost of living and high energy prices rather than gain more support for net-zero goals and policies. Households and businesses are now much more focused on energy affordability than on clean energy. As a result, voters in the developed nations in recent months have chosen to punish the politicians during whose tenure energy prices spiked in the aftermath of the Russian invasion of Ukraine, which coincided with a rise in energy demand after the initial Covid lockdowns. Sustainability and adoption of policies to advance net-zero goals were dominating energy policy and decision-making until the end of 2021. But in early 2022, the beginning of the war in Ukraine, the subsequent end of decade-old energy routes, and the spike in oil and gas prices upended the energy debate and policy."

Chaser: The best European officials can do is destructive price controls.


Bloomberg (2/12/25) reports: "Europe’s biggest energy producers and traders warned the European Commission against introducing a gas price cap as a tool during times of crisis, after some officials raised the idea in recent months. The idea of a cap is opposed by most member states, according to people familiar with the matter, and the industry raised its concerns as the European Union’s executive arm prepares to unveil a plan on Feb. 26 to boost industrial competitiveness and ensure affordable energy. Gas prices have more than doubled in the past 12 months and soared to a two-year high this week amid concerns about depleting storage." 

Energy Markets

 
WTI Crude Oil: ↓ $72.44
Natural Gas: ↓ $3.48
Gasoline: ↑ $3.15
Diesel: ↑ $3.67
Heating Oil: ↓ $249.91
Brent Crude Oil: ↓ $76.24
US Rig Count: ↓ 586

 
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