Your Daily Energy Update
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DAILY ENERGY NEWS | 12/20/2021
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** It starts with lines like "you'll actually make money from these climate policies..."
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American Spectator ([link removed]) (12/19/21) op-ed: "Like mushrooms after a rain, new pro-carbon tax youth groups are sprouting before our very eyes. Unlike wild mushrooms, however, this growth is anything but organic. The latest iteration, High Schoolers for Carbon Dividends, joins Students for Carbon Dividends and Young Conservatives for Carbon Dividends. Each draws its framework from the so-called Baker-Shultz plan, which would tax oil, natural gas, and coal at a clip of $40 per ton of carbon emission and dole out the proceeds in the form of cash payments that it calls carbon dividends...This wouldn’t be surprising, since while almost everyone hates the idea of paying more for gasoline, electricity, and heat, they might be willing to come around on the idea if it includes the corresponding promise of free cash. The problem here is that it abandons the economic case that gives a carbon tax legs in the first place. The essential aim of
taxing an externality is to achieve better economic efficiency by internalizing the cost of our actions. If we’re going to correct that alleged inefficiency, the bulk of the literature shows that the sensible way to do it wouldn’t be through the lump-sum payments these groups call a carbon dividend, but rather through the reduction of costly taxes elsewhere, such as payroll taxes. This conclusion has been reached by pro-tax groups (like the Alliance for Market Solutions), by agnostic groups (like the Tax Foundation), and by tax-skeptical groups (like my own, the Institute for Energy Research ([link removed]) )."
** And it ends with choosing between food or a heated home.
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Scotsman ([link removed]) (12/19/21) reports: "Polling by YouGov on behalf of Citizens Advice Scotland (CAS) found 36 per cent of people find their bills unaffordable. Some 54 per cent of these said they have had to reduce household expenditure at least once to afford bills. Asked to identify what spending was cut back, 56 per cent of these people said groceries. Based on the latest population estimate for over 18s in Scotland, CAS said this would work out at around 483,255 people. The charity is releasing the figures as part of its Big Energy Saving Winter' campaign, which is encouraging people to seek advice to manage soaring energy bills...'An estimated half a million people are cutting back on their weekly food shop to afford soaring energy bills, and this should have alarm bells ringing.'"
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** "My Democratic colleagues in Washington are determined to dramatically reshape our society in a way that leaves our country even more vulnerable to the threats we face."
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– Senator Joe Manchin (D-WV) ([link removed])
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BBBreaking up is hard to do.
** CNBC ([link removed])
(12/19/21) reports: "en. Joe Manchin, a conservative Democrat, said Sunday he won’t support the Biden administration’s “Build Back Better” plan. Manchin’s decision will likely kill the $1.75 trillion social spending and climate policy bill as it is now. Democrats need Manchin’s vote in the 50-50 Senate, plus a tie-breaker from Vice President Kamala Harris. 'If I can’t go home and explain it to the people West Virginia, I can’t vote for it. And I cannot vote to continue with this piece of legislation. I just can’t. I’ve tried everything humanly possible. I can’t get there,' Manchin said on 'Fox News Sunday,' saying he was concerned with adding to the national debt. White House press secretary Jen Psaki said Manchin’s decision represents 'a sudden and inexplicable reversal in his position, and a breach of his commitments to the President and the Senator’s colleagues in the House and Senate.'"
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“You can do your part to save the planet, if you’re rich that is.”
** Gizmodo ([link removed])
(12/19/21) reports: "More than a year after its unveiling, General Motors proudly announced that it was now delivering its Hummer EV Edition 1 Pickup, a 9,000-pound (4,082 kilograms) luxury electric beast with a 1,000-horsepower motor that can go from 0 to 60 mph (96 kph) in three seconds. The message: You can do your part to save the planet, if you’re rich that is. In a press release on Friday, GM announced the beginning of 'a new era' for the company, marked by the delivery of its first next-generation electric vehicles. Unfortunately, that new era is headlined by the Hummer EV Edition 1, a $110,295 car with an estimated 329 miles (529 kilometers) of range, 'modular sky panels,' the ability to do a 'crabwalk' and drive diagonally, and an 'extract mode' to navigate over boulders and water. Luckily, this isn’t GM’s last EV. The company, which is working towards selling only zero emission cars and trucks by 2035, has plans to release 30 new electric vehicles over the next four years.
According to the release, two-thirds of those new cars will be available in North America...While I do get that it makes business sense to create an electric vehicle for certain customer segments, debuting a luxury electric truck like this when the planet is in crisis is flabbergasting"
Of course, who else but the wealthy can buy-in with cobalt, nickel, lithium, and now graphite prices are all increasing?
** Reuters ([link removed])
(12/15/21) reports: "s they scour the globe for the lithium, nickel and cobalt resources needed to keep China on top in the electric vehicle (EV) stakes, Chinese battery and EV makers are fretting about supply of another mineral closer to home - graphite. Graphite, in both natural and synthetic forms, is used for the negative end of a lithium-ion battery, known as the anode. Around 70% of all graphite comes from China, and there are few viable alternatives for batteries. Chinese producers have their work cut out keeping up with global demand for graphite, which has surged along with rapid growth in the battery market in recent years. Consultancy Benchmark Mineral Intelligence (BMI) sees a roughly 20,000 tonne graphite deficit in 2022, versus a similar-sized surplus last year. About 20,000 tonnes of graphite is enough to make batteries for roughly 250,000 EVs, an industrial source said. Top global EV battery maker Contemporary Amperex Technology Co Ltd is 'desperate' to secure supply of key
ingredients such as graphite to keep up with rising orders, said a person with knowledge of the matter."
Dear Goldman Sachs, you knuckleheads obviously don't listen to The Unregulated Podcast. To understand Washington much better we suggest you listen and make a small (7 figure) donation to the American Energy Alliance.
** ([link removed])
Energy Markets
WTI Crude Oil: ↓ $67.16
Natural Gas: ↑ $3.88
Gasoline: ↑ $3.30
Diesel: ↑ $3.58
Heating Oil: ↑↓ $160.43
Brent Crude Oil: ↓ $70.23
** US Rig Count ([link removed])
: ↑ 700
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