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DAILY ENERGY NEWS | 10/17/2022
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** Reasonable people look to Europe with horror, Biden and company see a set of great ideas.
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Real Clear Energy ([link removed]) (10/16/22) reports: "'Every government intervention creates unintended consequences, which lead to calls for further government interventions,' observed the great Austrian economist Ludwig von Mises. He was being generous by describing interventionism’s nasty side-effects as 'unintended.' Some younger interventionists are naïve, and know not what they do, but the older, street-smart captains of progressive politics understand the harms their policies entail. For them, the adverse consequences are features, not bugs. The only downside is the risk of political retribution at the polls. That’s the predicament in which the Biden administration now finds itself. It is also the theme of 'Energy Inflation Was by Design,' a new report by supply-chain consultant Joseph Toomey. President Biden and congressional Democrats want to replace fossil fuels
with a 'zero-carbon' energy system. Their biggest win to date is the comically mistitled Inflation Reduction Act (IRA). A Penn-Wharton analysis estimatedthat the IRA would increase federal climate and energy spending by $369 billion over ten years. A recent article in The Atlantic touts a Credit Suisse estimate that actual climate-related federal support could reach $800 billion. That’s because the incentives for electric vehicles and renewable energy are 'uncapped tax credits.' Moreover, since federal spending leverages private-sector investment, total economy-wide green-tech spending could increase by as much as $1.7 trillion. Nor is that all. The Department of Energy (DOE) estimates that the IRA has increased its loan program authorities by up to $350 billion. No wonder Democrats celebrated the IRA’s enactment. No bigger program to rig energy markets against fossil fuels was ever enacted."
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** "Nuclear power and fossil fuels brought us here. They caused this crisis, they are not the solution."
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– Robert Habeck, Vice-Chancellor of Germany ([link removed])
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Hard times are ahead for New England, but you get the government you vote for...
** Wall Street Journal ([link removed])
(10/17/22) reports: "New England power producers are preparing for potential strain on the grid this winter as a surge in natural-gas demand abroad threatens to reduce supplies they need to generate electricity. New England, which relies on natural-gas imports to bridge winter supply gaps, is now competing with European countries for shipments of liquefied natural gas, following Russia’s halt of most pipeline gas to the continent. Severe cold spells in the Northeast could reduce the amount of gas available to generate electricity as more of it is burned to heat homes. The region’s power-grid operator, ISO New England Inc., has warned that an extremely cold winter could strain the reliability of the grid and potentially result in the need for rolling blackouts to keep electricity supply and demand in balance. The warning comes as executives and analysts predict power producers could have to pay as much as several times more than last year for gas deliveries if severe weather creates urgent
need for spot-market purchases. 'The most challenging aspect of this winter is what’s happening around the world and the extreme volatility in the markets,' said Vamsi Chadalavada, the grid operator’s chief operating officer. 'If you are in the commercial sector, at what point do you buy fuel?' Power producers in New England are limited in their ability to store fuel on site and face challenges in contracting for gas supplies, as most pipeline capacity is reserved by gas utilities serving homes and businesses. Most generators tend to procure only a portion of imports with fixed-price agreements and instead rely on the spot market, where gas prices have been volatile, to fill shortfalls."
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Everything has a cost.
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Sorry, The West. Your "green" energy is just too expensive. I wonder how China makes it so cheap?
** The Guardian ([link removed])
(10/15/22) reports: "BMW is to axe all UK production of the award-winning electric Mini and relocate it to China, dealing a major blow to hopes that Britain could be a global hub for zero-emission vehicle manufacture. BMW makes 40,000 electric Minis per year at its Cowley factory on the outskirts of Oxford. In an article published by the Times on Saturday, it was confirmed that BMW Oxford’s production of electric vehicles will end next year as part of plans to reshape the carmaker’s lineup from 2024. The move is a further blow to the UK’s ambition to become a leader in global electric car manufacturing, following Honda’s decision to quit Britain in 2016. BMW’s joint venture with Great Wall Motor means their hatchback and small SUV models will now be made in east China, as will the next generation zero-emission Mini Aceman."
Energy Markets
WTI Crude Oil: ↑ $85.87
Natural Gas: ↓ $6.02
Gasoline: ↓ $3.88
Diesel: ↑ $5.28
Heating Oil: ↑ $408.52
Brent Crude Oil: ↑ $91.96
** US Rig Count ([link removed])
: ↑ 880
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