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DAILY ENERGY NEWS | 08/18/2022
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** The new Dem talking point: All you need to do is buy new energy-saving appliances, retrofit your home, and buy an EV. See, we're reducing inflation...
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The Hill ([link removed]) (8/12/22) column: "Since the Inflation Reduction Act passed the Senate, Democrats have been calling the bill a gamechanger for climate adaptation and emissions reductions. And they are right. The bill will transform entire sectors to be more energy efficient and rely less on fossil fuels than ever before. But perhaps the most exciting provisions of the IRA, the subsidies for low-income households and disadvantaged communities, have gotten very little coverage. Up to now, federal incentives to help families switch from gasoline to electric vehicles and retrofit their homes were accessible primarily to upper income families. This is because the incentives usually came in the form of tax breaks, which many low-income households cannot benefit from because they do not make enough money to owe income tax, or as credits that only covered a portion of
the costs of the measure. The Inflation Reduction Act of 2022 provides funding for more than 100 programs to help the nation meet its climate goals and transition to a clean energy economy. An important subset of these programs provides $60 billion in grants, tax credits and other subsidies to meet the administration’s environmental justice goals. These programs will help lower-income families transition to a clean energy economy and adapt to rising temperatures by increasing the energy efficiency of their homes, cars, and communities."
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** "Like the old joke about the Holy Roman Empire (it was neither holy nor Roman nor an empire), the Inflation Reduction Act will likely exacerbate inflation while not doing anything useful in the realm of emissions reduction, either."
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– Michael Puttré, Discourse Magazine ([link removed])
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Think of how much money you can save on gas by spending $66k on a new electric vehicle!
** Kelly Blue Book ([link removed])
(8/10/22) reports: "The average price paid for a new vehicle in the U.S. in July 2022 topped June's record and kept the average transaction price (ATP) solidly above the $48,000 mark, according to new data released today by Kelley Blue Book, a Cox Automotive brand. The Kelley Blue Book new-vehicle ATP increased to $48,182 in July 2022, beating the previous high of $48,043 set last month. July prices rose 0.3% ($139) from June 2022 and 11.9% ($5,126) from July 2021...The average price paid for a new electric vehicle (EV) dropped in July by 2.3% compared to June but increased by 18.8% versus a year ago. The average price for a new electric vehicle – over $66,000, according to Kelley Blue Book estimates – remains well above the industry average and more aligned with luxury prices versus mainstream prices. Incentives increased slightly in July versus June, but remain low, at only 2.4% of the average transaction price. A year ago, incentives averaged 5.9% of ATP. Full-size cars and luxury cars
had the highest incentives in July, while high-performance cars, full-size luxury SUVs, and electric vehicles had the lowest incentives."
Live in the pod. Eat the bugs. Own nothing. Then the weather will be nice.
** ([link removed])
Somebody get Special Envoy Kerry a charter jet to India ASAP (preferably one way)...
** Reuters ([link removed])
(8/17/22) reports: "Indian oil explorer and producer Oil and Natural Gas Corp (ONGC.NS) said on Wednesday it signed a Heads of Agreement (HoA) with global petroleum giant ExxonMobil Corp (XOM.N) for deepwater exploration in the country's East and West coasts. The two oil explorers would focus on the Krishna Godavari and Cauvery basins in the eastern offshore and the Kutch-Mumbai region in the western offshore, ONGC said in a release. India, the world's third biggest oil importer and consumer, ships in over 85% of its oil needs from overseas. The country wants to quickly monetise its oil and gas resources to reduce its reliance on costly imports. ONGC's head of exploration Rajesh Kumar Srivastava said his company is looking for a 'long-lasting partnership with Exxon.' 'Through the discovery route, ONGC hopes to move to development wherein the inherent strength of ExxonMobil would be beneficial for efficient fast-track monetization,' he said."
Energy Markets
WTI Crude Oil: ↑ $89.81
Natural Gas: ↓ $9.22
Gasoline: ↓ $3.93
Diesel: ↓ $4.99
Heating Oil: ↓ $361.26
Brent Crude Oil: ↓ $95.50
** US Rig Count ([link removed])
: ↑ 837
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