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DAILY ENERGY NEWS | 08/10/2022

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The curious case of car companies losing interest in making cars.

Wall Street Journal (8/9/22) column: "General Motors CEO Mary Barra has apparently learned from rival Elon Musk of Tesla that the first key to succeeding in the electric-vehicle business is greasing the political system for government handouts. She appeared at a White House event last Thursday to promote the Inflation Reduction Act, Senate Democrats’ tax-and-spending bill, even as the Business Roundtable, the big-business outfit that she chairs, lobbied furiously against it. Was this a betrayal of the roundtable’s members? The roundtable’s leaders elected Ms. Barra last September to help them navigate the progressive climate in Washington, as she’d proved adept at doing. After the 2020 election, she took a U-turn and went from backing the Trump administration’s legal fight against California over its electric-vehicle mandate to promoting Joe Biden’s EV agenda. Shortly after Mr. Biden’s inauguration, GM announced that it would stop selling gasoline-powered cars by 2035. After other auto makers followed with similar pledges, Mr. Biden praised Ms. Barra for having 'electrified the entire automobile industry.'"

“Every single Democrat, all of them voted to increase gas taxes. So the next time you see a Mark Kelly in Arizona, or Raphael Warnock in Georgia, or a Maggie Hassan in New Hampshire, or a Michael Bennet in Colorado, or Catherine Cortez Masto in Nevada say, ‘Hey! We want gas prices to be lower!’”

– Senator Ted Cruz (R-Texas)

"If you can't afford gas, get an EV!"

Wall Street Journal (8/9/22) reports: "Ford Motor Co.’s new all-electric truck is getting a price increase fewer than four months after it started shipping to dealerships for the first time. The Dearborn, Mich., auto maker said Tuesday that it plans to reopen the order bank for its new F-150 Lightning truck this week and will raise prices between 7% and 18% for many configurations. Ford said it is adjusting prices because of higher materials costs and other factors. The new prices will apply only to new orders placed when the order bank reopens Thursday, the company said. The cheapest version of the truck will now start at $46,974. That is about $7,000 higher than the sub-$40,000 starting price tag that was originally promoted by Ford executives. Auto makers more broadly have been raising prices on electric vehicles, looking to offset higher costs for raw materials such as lithium and cobalt that are key inputs for batteries. For instance, General Motors Co. in June tacked on $6,250 to the price of GMC Hummer electric pickup-truck models, which now range from around $85,000 to $105,000, citing an increase in commodity and logistics costs."

Why aren't they banning the use of oil & gas too?

Fairfield Sun-Times (8/9/22) reports: "Today, Los Angeles City Planning released a draft ordinance that would prohibit new oil and gas extraction, phase out existing extraction operations, and protect the public from the range of risks and hazards associated with oil and gas extraction. 'The stark realities of the past have led us to face systemic injustice,' stated Director of Planning Vince Bertoni. 'Not only did we witness firsthand how the pandemic impacted underinvested communities, but we were reminded of the harsh consequences of climate change. To truly lead in the field of sustainability, we are putting an end to oil extraction next to homes, schools, and child care centers.' Rather than imposing setback requirements, this ordinance goes further, with the end result of phasing out all oil and gas extraction activities in Los Angeles. This new citywide approach responds to Mayoral and Council direction and builds upon ongoing efforts by the Department to center issues of environmental justice, equity and sustainability through land use considerations...In Los Angeles, there are 26 oil and gas fields and over 5,000 oil and gas wells—some active, others idle, and some abandoned. City Planning, along with the Office of Petroleum and Natural Gas Administration and Safety, Department of Building and Safety, and Fire Department, are responsible for monitoring and enforcement of existing drill sites."

Trust "The Science"™ crowd really doesn't want you digging into the data.

Real Clear Energy (8/9/22) reports: "Be careful about circulating scientific data that debunks the assumptions standing behind costly climate change policies. Otherwise, technology companies reserve the right to muzzle those dissenting views. That appears to be message LinkedIn has been sending to scientists and researchers who question the premise of regulations aimed at curtailing carbon dioxide emissions. Earlier this summer, the Microsoft-owned, California-based online platform shut down the account of Gregory Wrightstone, a geologist who serves as director of the CO2 Coalition, a nonprofit outfit that seeks to highlight the economic and environmental benefits of CO2 (carbon dioxide). Wrightstone had posted data from the National Oceanic and Atmospheric Administration (NOAA) that showed current atmospheric concentrations of CO2 to be at low historical levels when compared to Earth’s paleoclimatic record...That’s the kind of information that can greatly unsettle the latest climate change boondoggle flowing out of the Biden White House. With the critical support of Sen. Joe Manchin, a West Virginia Democrat, Biden’s latest climate change spending scheme has moved within striking distance of passing Congress to the detriment of taxpayers. An analysis of the taxpayer-funded climate provisions folded into the bill from the Institute for Energy Research demonstrates why it’s time for the American people to hold onto their wallets. The nonprofit group that advocates for free market policies in the energy sector identified several provisions in the bill that deserve more scrutiny including one that provides tax credits for non-carbon sources of electricity and energy storage in combination with about $30 billion in grants and loans for states and their electric utilities to transition away from carbon-based energy. "

Energy Markets

WTI Crude Oil: ↓ $88.75
Natural Gas: ↑ $7.86
Gasoline: ↓ $4.01

Diesel: ↓ $5.09
Heating Oil: ↓ $327.00
Brent Crude Oil: ↓ $94.57
US Rig Count: ↑ 831

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