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DAILY ENERGY NEWS | 07/18/2022
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** It's a shame too because this new technology was only one handout away from breaking through to the mainstream...
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Detroit Bureau ([link removed]) (7/18/22) reports: "The extension of a tax credit for purchasers of electric vehicles appears to have died on Capitol Hill after Sen. Joe Manchin (D-West Virginia) refused to support climate change provisions President Joe Biden hoped pass as part of the “Build Back Better” package. Build Back Better died in December after efforts to reach a compromise acceptable to Manchin. But recently Democrats have been scrambling to a re-assemble a package after Manchin indicated he would support some key provisions of the original bill, and the discussions were intense, according to Representative Debbie Dingell (D-Michigan), a key supporter of the auto industry on Capitol Hill. The Alliance for Automotive Innovation, which represents more than 20 auto manufacturers, previously argued — with support of top auto executives — the credits are necessary to expand the move away from vehicles with internal combustion engines...With EV sales picking
up momentum —EV’s accounted for 5.6% of all sales during the second quarter of 2022, according to Cox Automotive. With more EV models reaching dealers and motorists, manufacturers are running out of credits. Tesla and General Motors are out of credits and Toyota just passed the 200K threshold. Ford and Nissan are not far behind with Honda and Hyundai moving quickly as well. With the average price of new electric vehicle climbing past $60,000, the EV tax credit has been attacked it as a giveaway to rich by Congressional Republicans, who have otherwise voted for other tax preferences for the wealthiest Americans."
** EVs are the future...
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** "Far from being near-omniscient sages of science, the bureaucrats making life-altering decisions at the EPA are people who bear no costs if they impose unnecessary burdens on the lives of ordinary people but who also find that the more draconian their edicts, the greater the praise from environmental interest groups and, of course, the New York Times. What possibly could go wrong?"
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– William L. Anderson, The Mises Institute ([link removed])
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Someone should have told Biden the Permian is much closer than Saudi Arabia if he was concerned about saving gas.
** New York Post ([link removed])
(7/18/22) reports: "The price of oil surged to more than $100 a barrel on Monday after President Joe Biden left Saudi Arabia over the weekend without winning a commitment from the kingdom to boost output. Brent crude, the international benchmark, rose by nearly 2.5% to around $103.50 in the early morning hours of Monday while West Texas Intermediate, the US benchmark, also spiked nearly 2% to more than $99 a barrel. The prices shot up on Monday following comments by Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, who said that the topic of OPEC+ boosting oil supply wasn’t even raised during a summit meeting between Biden and other Arab leaders. 'Traders got one clear message from Biden’s recent visit to Saudi Arabia, during which President Biden spoke to a number of Arab leaders,' market analyst Naeem Aslam told Guardian. 'The message is that it is OPEC+ that makes the oil supply decision, and the cartel isn’t remotely interested in what Biden is trying to achieve,' Aslam said."
Next stop on his energy dependency tour is China where he will be begging for more polysilicon.
** Fortune ([link removed])
(7/14/22) reports: "Commodity prices have begun to cool lately, even as inflation continues to rage at a 40-year high. But one critical metal is heading in the opposite direction—polysilicon. The price of the ultra-conductive metal that is crucial to the production of solar panels soared 2.3% on Wednesday to $38.05 per kilogram. Since January 2021, polysilicon prices have jumped more than 190% to their highest level in a decade, according to a Wednesday research note from Solarbe, a Chinese solar industry analysis firm. As a result, contract prices for solar from large-scale projects are up more than 25% from a year ago, Reuters reported on Thursday. Solarbe analysts argue that if the polysilicon price hikes continue, it could make major solar projects around the world uneconomical, slowing the pace of clean energy adoption. ..All of that additional demand has led to skyrocketing prices for the raw materials used in solar panel production, including polysilicon. And an explosion at a
polysilicon manufacturing plant in Xinjiang, China, in June has only added to the problem...Over the past decade, solar power has become the cheapest source of green energy worldwide, largely owing to China’s 'instrumental' role in the manufacturing of low-cost solar panels, International Energy Agency (IEA) officials said in a recent report. The only issue is that the world is now almost 'completely' dependent on China to supply the base metals used in solar panel production, and the IEA expects that will remain the case through 2025."
It won't be just the Germans for long. Everyone's got to pay to be part of the green dream.
** ([link removed])
Energy Markets
WTI Crude Oil: ↑ $101.55
Natural Gas: ↑ $7.50
Gasoline: ↓ $4.52
Diesel: ↓ $5.53
Heating Oil: ↑ $373.62
Brent Crude Oil: ↑ $105.50
** US Rig Count ([link removed])
: ↑ 845
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