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DAILY ENERGY NEWS | 10/06/2022
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** Talk about inflation! April 2022 -- $40 K. August 2022 -- $46.97K. October 2022 -- $51.974K. And that's the cheapest model! Somebody tell Mayor Pete!
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Wall Street Journal ([link removed]) (10/5/22) reports: "Ford Motor Co. is raising the starting price of its all-electric truck for the second time in recent months. The new price tag for the 2023 F-150 Lightning Pro is $51,974, the company said. The increase is expected to affect only the Pro, its most affordable trim level. Customers who have current orders with Ford won’t be affected by the price increase. The Dearborn, Mich., auto maker said supply-chain problems, rising material costs and market factors were the main reasons for the increase in price. Ford raised prices for all models of its F-150 Lightning truck in early August, less than four months after it began shipping the pickup to dealerships. At that time, the price for the F-150 Lightning Pro was $46,974. In April, the company said the truck’s price would start at around $40,000,
making it more affordable than many competitors and about the same price at the time as the Cybertruck by Tesla Inc., which leads the country in electric-vehicle sales. Ford’s new plug-in truck is a battery-powered version of the F-150 pickup, which has been America’s bestselling vehicle for decades. Auto makers including Tesla and General Motors Co. have also been raising prices on certain electric vehicles, as they look to offset the higher costs of raw materials used in their batteries."
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** "We are working every single day to make sure, to the best of our ability, that energy supply from wherever is actually meeting demand in order to ensure that energy is on the market and that prices are kept low."
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– Secretary of State Antony J Blinken ([link removed])
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When industries close because of a policy-driven energy crunch, they are unlikely to come back. Thank you, Europe for test-driving Biden’s policies.
** ICIS ([link removed])
(10/5/22) reports: "The 70% of European ammonia production which has been shut down on the back of high natural gas costs is unlikely to return, an analyst at Boston Consulting Group (BCG) said on Tuesday. Andreas Gocke, global lead for chemicals at BCG, said natural gas prices in Europe are also unlikely to return to levels prior to the war in Ukraine, putting a strain on ammonia producers for whom gas is the main feedstock. Gocke was speaking to delegates at the European Petrochemicals Association (EPCA) annual meeting at a session titled ‘Competitiveness of European chemical industry’. '[Before the war] The entire cash cost of ammonia production in Europe was already bad, but [with current gas prices] there is a brutal translation: there is no chance anymore for cost-competitive production of ammonia in Europe,' said Gocke. This will have an impact not only on fertilizers production, he added, but also for downstream products such as polyamide 6 (PA6) or by-products from ammonia
production such as carbon dioxide (CO2), which is used in a variety of industrial sectors, not least the food and drinks sector. 'We have modeled how the European natural gas price could develop [in coming years and we modeled that] we will not get back to the levels we had in 2019 – this has very strong implications,' concluded Gocke."
And thank you Mel Gibson for providing a cinematic preview what it's like getting gas in Biden's America.
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Biden won't let anyone drill here, but Venezuela is just great.
** Wall Street Journal ([link removed])
(10/5/22) reports: "The Biden administration is preparing to scale down sanctions on Venezuela’s authoritarian regime to allow Chevron Corp. to resume pumping oil there, paving the way for a potential reopening of U.S. and European markets to oil exports from Venezuela, according to people familiar with the proposal. In exchange for the significant sanctions relief, the government of Venezuelan President Nicolás Maduro would resume long-suspended talks with the country’s opposition to discuss conditions needed to hold free and fair presidential elections in 2024, the people said. The U.S., Venezuela’s government and some Venezuelan opposition figures have also worked out a deal that would free up hundreds of millions of dollars in Venezuelan state funds frozen in American banks to pay for imports of food, medicine and equipment for the country’s battered electricity grid and municipal water systems. U.S. officials said details are still under discussion and cautioned that the deal could
fall through, because it is contingent on Mr. Maduro’s top aides resuming talks with the opposition in good faith."
Energy Markets
WTI Crude Oil: ↑ $88.39
Natural Gas: ↑ $7.05
Gasoline: ↑ $3.86
Diesel: ↑ $4.88
Heating Oil: ↑ $377.75
Brent Crude Oil: ↑ $94.15
** US Rig Count ([link removed])
: ↑ 878
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