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DAILY ENERGY NEWS | 01/25/2022
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** GM is betting its future on EVs. Last quarter they sold 25 and a Hummer. And the Hummer was "symbolic"...

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Inside EVs ([link removed]) (1/5/22) reports: "The fourth quarter of 2021 was very challenging for General Motors, which noted 440,745 vehicle deliveries in the U.S. (down 42.9% year-over-year). Also the year ended in the red, at 2,218,228 (down 12.9%). The numbers look similarly bad for the Chevrolet brand: 288,647 in Q4 (down 44.7%) and 1,437,677 in 2021 (down 17.4%). Our attention is focused on GM's electric vehicle sales and, as it turns out, the fourth-quarter results are the weakest since the introduction of the Chevrolet Volt in December 2010 when the company handed over 326 cars. In Q4 2021, GM delivered in the U.S. only
26 all-electric vehicles (down almost 100% year-over-year). The number includes 25 Chevrolet Bolt EV/Bolt EUV and 1 GMC Hummer EV Pickup (the first one delivered in December). We thought that more electric Hummer EVs would be delivered before the end of the year, but it was just this one symbolic unit. The Chevrolet Bolt EV/EUV production pause was recently extended through the end of January, and then through the end of February. The lack of batteries might severely limit the production of the Bolt EV/EUV also in 2022, as the new battery modules are prioritized for the recalled vehicles."
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** "Texans and others shouldn't be fooled by BlackRock's PR campaign to pretend to be big supporters of oil and gas while leading the 'net zero' policy push that will destroy oil and gas--and, as a result, the global economy and standard of living."
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– Alex Epstein, Energy Talking Points ([link removed])

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Who's old enough to remember "peak" oil?

** Energy Information Administration ([link removed])
(1/21/22) reports: "After declining in 2020, the combined production of U.S. fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 quadrillion British thermal units. Based on forecasts in our latest Short-Term Energy Outlook (STEO), we expect U.S. fossil fuel production to continue rising in both 2022 and 2023, surpassing production in 2019, to reach a new record in 2023. Of the total U.S. fossil fuel production in 2021, dry natural gas accounted for 46%, the largest share. Crude oil accounted for 30%, coal for 15%, and natural gas plant liquids (NGPLs) for 9%. We expect those shares to remain similar through 2023. U.S. dry natural gas production increased by 2% in 2021, based on monthly data through October and estimates for November and December. In our forecast, improvements in drilling efficiency and new-well production will contribute to production increases of 3% in 2022 and 2% in 2023. U.S. crude oil production dropped slightly, by an estimated
1%, in 2021, but we expect it to increase by 6% in 2022 and 5% in 2023. We forecast that, in 2022 and 2023, crude oil prices will remain high enough to encourage growth in the number of active drilling rigs and continued improvement in drilling efficiency. U.S. coal production increased by an estimated 7% in 2021, driven by increased demand for coal because of rising natural gas prices."

If only there was some way to get these people more natural gas!

** ISO Newswire ([link removed])
(1/20/22) reports: "Wholesale power prices averaged $59.42 per megawatt-hour (MWh)* in the Real-Time Energy Market in December 2021, up 42% compared to the previous year. Day-Ahead Energy Market averages rose to $65.14/MWh, up 62% from December 2020...In general, the two main drivers of wholesale electricity prices in New England are the cost of fuel used to produce electricity and consumer demand...The mix of resources used in any given time period depends on price and availability, as well as supplemental resource commitments needed to ensure system stability. Natural gas-fired and nuclear generation produced about 78% of the 8,258 GWh of electric energy generated within New England during December, at about 48% and 30%, respectively. Renewable resources generated about 12% of the energy produced within New England, including 6.3% from wood, refuse, and landfill gas; 4.8% from wind; and 1.2% from solar resources."

Attention Climate Leadership Council: People are not dumb enough to be bribed into making their own lives worse.

** Nature ([link removed])
(1/24/22) article: "We find limited evidence that individual or household rebates (also called dividends) have increased public support for carbon taxes in Canada and Switzerland. In the presence of partisan and interest group conflict over climate policy, policymakers should not assume that voter support for carbon pricing will automatically increase with the inclusion of rebates. Rebates do not offer a panacea to public opposition to carbon taxation. Taxpayers often remain unaware of the rebate’s existence or underestimate the rebate’s value. Public support for carbon pricing remains structured by partisanship and ideology, even when individuals or households receive material benefits. In the presence of partisan and interest group conflict over carbon taxes, when the costs of carbon taxation are salient, policymakers should not assume that voters’ support for carbon pricing will automatically increase with rebate inclusion."

Energy Markets


WTI Crude Oil: ↑ $83.69
Natural Gas: ↓ $3.97
Gasoline: ↑ $3.33

Diesel: ↑ $3.67
Heating Oil: ↑ $262.90
Brent Crude Oil: ↑ $86.80
** US Rig Count ([link removed])
: ↓ 697



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