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DAILY ENERGY NEWS | 06/05/2025
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** Dear Senator Curtis, why are you supporting tax credits that empower China and foreign producers while hurting domestic sources of energy?
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Deseret News ([link removed]) (6/4/25) op-ed: "Just days after I was sworn into Congress in 2017, I found myself in the thick of negotiations over the Tax Cuts and Jobs Act. Republicans passed the bill within a month, and I returned to Utah eager to tell small-business owners and manufacturers about the historic tax relief they could expect....Specifically, the Senate must solve the right problem relating to American energy. The right policy solution must navigate tax credits and regulatory reform in what I believe is central to America’s economic future, the planet and our national security: energy...The simple truth is this: many of these credits are Republican policies that we fought to protect. They support strategic energy assets and a robust domestic economy. That’s why businesses from across the energy spectrum — oil and gas, nuclear, renewables — have already made billions in long-term
investments based on these policies...Some credits in the IRA should end. Others support strategic advantages."
** Remember when you were against the IRA ([link removed]) , before you became one of it's biggest champions?
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** "We likely wouldn’t have had the fracking revolution without federal research at the Department of Energy"
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– Senator John Curtis (R-UT) ([link removed])
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America has always had the minerals at home, we just needed big gov to get out of the way.
** Must Read Alaska ([link removed])
(6/4/25) reports: "Lucid Group Inc. has signed a multi-year supply agreement with Graphite One Inc. to source Alaska’s natural graphite anode active material for its electric vehicle batteries, the companies announced Tuesday. The announcement marks another step by Lucid to reinforce its domestic supply chain amid a global push for critical mineral independence from China. 'These agreements could lead to long lasting investment in Alaska. Alaska has the largest graphite find in North America and some of the largest in the entire world. This is good news for a great state,' said Gov. Mike Dunleavy. In a move that reflects the Trump Administration’s renewed focus on American mineral independence and energy security, the announcement came as Lucid Motors representatives were in Anchorage for the Alaska Sustainable Energy Conference, where over 1,000 business and government officials are meeting this week to jumpstart the Alaska resource-based economy."
The only thing that's "peaked" is over-dramatization (hopefully).
** World Oil ([link removed])
(6/4/25) op-ed: "The media are reporting new predictions that oil production in America is in irreversible decline. Apparently, peak oil is back in vogue, like it’s 2005 instead of 2025. As a regulator of the nation’s largest oil and natural gas producing state, I’ve seen these scary headlines many times before, but here’s the good news: they are always wrong...For half a century, analysts, environmentalists and policymakers have 'cried wolf,' trying to forecast the arrival of “peak oil”—the point at which a country’s oil production hits its maximum and begins an irreversible decline...Regardless of predictions of peak oil, Texas will continue to be the oil and gas workhorse for the nation. America has 48 Bbbl of proven oil reserves, and since 2016, Texas has accounted for 40% of that. According to the Institute for Energy Research, there are 1.66 trillion bbls of total technically recoverable oil in the U.S., which is enough to last for 227 years (or 539 years, if dedicated only to making
gasoline). This is more than 5.6 times the proven reserves of Saudi Arabia. The same study showed 4.03 quadrillion cubic feet of recoverable natural gas reserves or enough supply for 130 years. Additionally, there’ve been reports that the Permian basin holds more than 230 Bbbl of oil and 600 Tcf of natural gas.^7 Texas producers have told me that with current technology and techniques, they are only able to produce at most 5% to 6% of the oil underground. But when technology and technique improve, the sky is the limit on production, and we’ll have reliable energy for generations."
Not looking great for the "all EV future" crowd without a government mandate.
** Rochester Business Journal ([link removed])
(6/4/25) reports: "Back in January of 2023, executives from General Motors gathered at the automakers’ Lexington Avenue plant in Rochester to unveil a $68 million investment in the future. The two-pronged strategic initiative would allow GM to still cater to its core customer base while tapping into the growing percentage of consumers that were embracing electric vehicles. In leveraging a well-established manufacturing infrastructure — investing $56 million to produce EV battery pack cooling lines and another $12 million for making traditional combustion engine manifolds — GM was plotting a path to continued profitability...Overall car sales were up 10 percent nationally in April as consumers sought to beat tariff-inspired price increases, but EV sales declined by 5 percent, according to the Institute for Energy Research. That all plays into the slowing of EV penetration in the market. The International Energy Agency said year-over-year EV sales in the U.S. increased 40 percent in 2023, but
just 10 percent in 2024."
Energy Markets
WTI Crude Oil: ↑ $63.10
Natural Gas: ↓ 3.70
Gasoline: ↑ $3.14
Diesel: ↑ $3.51
Heating Oil: ↑ $207.81
Brent Crude Oil: ↑ $66.14
** US Rig Count ([link removed])
: ↑ 589
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