Your Morning Energy News
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MORNING ENERGY NEWS | 10/26/2021
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** Tesla is worth $1 trillion and yet Joe Biden and Nancy Pelosi want to stuff more of the tax money you send to Washington straight into his back pocket.
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Wall Street Journal ([link removed]) (10/25/21) editorial: "Elon Musk struck gold again Monday when Tesla Inc., the electric-car maker he founded and runs as CEO, reached a stock market capitalization of $1.03 trillion. That’s a staggering business achievement, even discounting for today’s monetary-policy induced surge in asset prices...No one should begrudge Mr. Musk his commercial success, but one question comes to mind: Why does Tesla still need subsidies to make and consumers to buy electric cars? The House reconciliation bill would extend the existing $7,500 EV tax credit through 2031 and remove the 200,000 car per-manufacturer cap, which both GM and Tesla have hit. This is in addition to the many other government subsidies to produce batteries and the cars themselves. Tesla also benefits from the sale of regulatory credits to companies that don’t produce
enough electric or hybrid cars to meet government mandates. Tesla’s 10-Q filing shows revenue of $1.15 billion from selling regulatory credits through Sept. 30 this year. A $1 trillion company doesn’t need government aid. If the Democrats follow through on their latest plan to impose a new wealth tax, the IRS will soon be pursuing Mr. Musk to turn over much of his wealth and any gain in his Tesla shares. We’d prefer to let him keep the gains of his entrepreneurial tenacity but give up the subsidies."
** "We need to change the focus of conversation, and here is where business leaders can take charge. Focus on a 21st century vision for electric power infrastructure, with abundant, cheap and clean electricity. Sell prosperity and thrivability as the motivations for this. Support innovation. Not greenwashing."
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– Judith Curry, Georgia Institute of Technology ([link removed])
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Energy delayed is energy denied.
** Wall Street Journal ([link removed])
(10/24/21) column: "Africa can’t sacrifice its future prosperity for Western climate goals. The continent should balance its energy mix, not rush straight toward renewables—even though that will likely frustrate some of those gathering at next week’s global climate conference in Glasgow. My continent’s energy choices will dictate much of the climate’s future. Conservative estimates project that Africa’s population of 1.3 billion will double by 2050. Africans’ energy consumption will likely surpass that of the European Union around the same time. Knowing this, many developed nations are pushing an accelerated transition to renewables on Africa. The Western aid-industrial complex, composed of nongovernmental organizations and state development agencies, has poured money into wind and solar projects across the continent. This earns them praise in the U.S. and Europe but leaves many Africans with unreliable and expensive electricity that depends on diesel generators or batteries on overcast or
still days. Generators and the mining of lithium for batteries are both highly polluting...Africans have a right to use reliable, cheap energy, and doing so doesn’t prevent the development of the continent’s renewables. Forcing Africa down one route will hinder our fight against poverty."
Other than "Special Envoy" Kerry (remember to say it in your best Thurston Howell III accent), these people are our best allies...
** ([link removed])
Savage: President Xi snubs COP26. He'll probably be securing more coal, oil, and LNG deals while Team Biden and the Europeans argue over who cares more about the planet.
** Reuters ([link removed])
(10/26/21) reports: "The leaders of most of the world's biggest greenhouse gas emitters gather in Glasgow from Sunday, aiming to thrash out plans and funds to tilt the planet towards clean energy. But the man running the biggest of them all likely won't be there. Chinese President Xi Jinping's expected absence from the talks could indicate that the world's biggest CO2 producer has already decided that it has no more concessions to offer at the U.N. COP26 climate summit in Scotland after three major pledges since last year, climate watchers said. Instead, China will likely be represented by vice-environment minister Zhao Yingmin along with the veteran Xie Zhenhua, who was reappointed as the country's top climate envoy earlier this year following a three-year hiatus."
Energy Markets
WTI Crude Oil: ↓ $83.69
Natural Gas: ↓ $5.65
Gasoline: ~ $3.38
Diesel: ↑ $3.61
Heating Oil: ↓ $256.83
Brent Crude Oil: ↑ $86.04
** US Rig Count ([link removed])
: ↑ 641
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