Your Daily Energy News
View this email in your browser ([link removed])
DAILY ENERGY NEWS | 08/09/2022
Subscribe Now ([link removed])
** Expanding tax credits for luxury vehicles won't do anything to fix "climate change," especially since we can't source them here thanks to Biden.
------------------------------------------------------------
Real Clear Energy ([link removed]) (8/8/22) column: "Senator Manchin’s (W.Va) new Inflation Reduction Act (IRA) dedicates hundreds of millions of dollars to addressing climate change, including tax credits for new and used electric vehicles (EVs). Unfortunately, the tax credits are practically useless and will do little, if anything, to help boost the EV market and decrease emissions. The IRA tax credits also come with a caveat — all EVs purchased with the tax credits must be made with materials from the US or in countries with which we have a free-trade agreement and the vehicles must be sold below a certain price cap. But here’s the rub — thanks to regulatory red tape from the Biden administration, the United States doesn’t have the materials needed to build EVs domestically, but we should, considering all the rare earth mineral deposits across the country....Yet federal and state climate policies — including the IRA’s EV tax credits — are creating high demand
for rare minerals as they push for renewable energy mandates and EV tax breaks. Unfortunately, we can’t have a clean, green future without natural resources, such as those critical minerals. The 'made in America' requirement put upon EV companies to receive IRA tax credits completely ignores the harsh reality that the US is not able to provide the very materials needed to manufacture the vehicles. This will result in the government choosing which EV companies will win or lose in the market, as only select companies can fulfill the IRA requirements.
[link removed]
** "Congress is about to make a near half-trillion-dollar bet on the wrong horse. The bill will make America poorer and less competitive, and it will cost lives."
------------------------------------------------------------
–Steve Moore, Committee to Unleash Prosperity ([link removed])
============================================================
Signal your support for the virtues of slave labor....Go solar!
** Wall Street Journal ([link removed])
(8/9/22) reports: "The U.S. solar industry is confronting fresh disruptions as U.S. officials crack down on human-rights abuses in China’s Xinjiang region, which produces almost half the world’s supply of a crucial component in solar panels. Several Chinese solar-panel suppliers, among the world’s largest, have had shipments to the U.S. detained or sent back during the past several weeks as customs agents enforce a new law, industry executives and analysts say. The extent of the disruption is still hard to gauge: The Uyghur Forced Labor Prevention Act, or UFLPA, went into effect at the end of June, and importers, suppliers and customs agents are still feeling their way on what it will take to get goods into the country, the industry executives and analysts say. Companies must prove that imports weren’t produced by forced labor, and the level of documentation required by authorities so far has caught many in the industry off guard, analysts say."
Now that Manchin's climate handouts are in play, climate change is over.
** ([link removed])
Biden is having a worse impact on Americans' ability to travel than the lockdowns.
** Yahoo Finance ([link removed])
(8/9/22) reports: " Americans are officially driving less than they did in the summer of 2020, when pandemic travel restrictions all but halted movement. The four-week average of US gasoline consumption -- the best gauge for the country’s demand -- is now more than 1 million barrels a day below pre-Covid seasonal norms, according to Energy Information Administration data. The drop suggests the glimmer of demand recovery seen last week was fleeting: Though pump prices have fallen for 50 straight days, it’s not enough to lure drivers back to the road with historic inflation constraining consumer budgets. The dip in demand caused gasoline futures to plunge as much as 11% in New York Wednesday. While that should pull retail prices even lower, the relief at the pump may come too late as the summer driving season nears its end."
Energy Markets
WTI Crude Oil: ↑ $91.92
Natural Gas: ↑ $7.86
Gasoline: ↓ $4.03
Diesel: ↓ $5.12
Heating Oil: ↑ $330.97
Brent Crude Oil: ↑ $97.97
** US Rig Count ([link removed])
: ↓ 825
** Donate ([link removed])
** Subscribe to The Unregulated Podcast ([link removed])
** Subscribe to The Unregulated Podcast ([link removed])
** Subscribe to The Plugged In Podcast ([link removed])
** Subscribe to The Plugged In Podcast ([link removed])
** Connect with us on Facebook ([link removed])
** Connect with us on Facebook ([link removed])
** Follow us on Twitter ([link removed])
** Follow us on Twitter ([link removed])
** Forward to a Friend ([link removed])
** Forward to a Friend ([link removed])
Our mailing address is:
** 1155 15th Street NW ([link removed])
** Suite 900 ([link removed])
** Washington, DC xxxxxx ([link removed])
Want to change how you receive these emails?
** update your preferences ([link removed])
** unsubscribe from this list ([link removed])
