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DAILY ENERGY NEWS | 11/09/2022

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Did someone say oversight?

Washington Times (11/8/22) reports: "The independent energy commission overseeing the U.S. power sector is facing accusations of shielding public records to protect one of President Biden‘s top climate-change lieutenants and the agency’s leader. The Federal Energy Regulatory Commission (FERC), which has jurisdiction over power companies and natural gas pipelines, is in the midst of a monthslong lawsuit with the nonprofit Institute for Energy Research (IER) for its refusal to release documents under the Freedom of Information Act. IER alleges it’s because FERC is protecting its chairman, Richard Glick. Mr. Glick, a Democrat who’s been reappointed by Mr. Biden, has advanced the administration’s climate change priorities but faces an uncertain future. His tenure expires at the end of the year unless Senate Energy Committee Chairman Joe Manchin III, who has traded barbs with Mr. Glick in the past over FERC’s anti-pipeline policies, advances his renomination. The Democrat, who hails from natural-gas-rich West Virginia, has declined to do so since May, when Mr. Biden nominated Mr. Glick for a second five-year term. In a statement to The Washington Times, Mr. Manchin’s office declined to say whether or when Mr. Glick would get a hearing. The ongoing litigation revealed earlier this year that Mr. Glick‘s independent body successfully implemented new climate reviews for energy projects after regular meetings with White House staff. In its latest court filing Tuesday, IER said it appears FERC is illegally withholding additional documents that would otherwise be public, such as Mr. Glick‘s calendars, government phone records, emails and other files, for political purposes."

"As we head into the winter months, President Biden should embrace policies that boost domestic energy production to continue improving prices at the pump. Unfortunately, a windfall profits tax won’t secure America’s energy future. The only thing that can? Producing more American energy"

– Guy Caruso,
Real Clear Energy

Even Californians get it right every now and then...

Market Watch(11/9/22) reports: "In an apparent loss for ride-hailing giant Lyft Inc., Californians on Tuesday night were on their way to rejecting a ballot measure that would have imposed additional taxes on the wealthy to help fund the state’s electric-vehicle infrastructure. With about 48% of the state’s votes counted, Proposition 30 was losing about 57% to 43%, according to the Secretary of State’s website. Prop. 30 proposed to impose a 1.75% tax on the personal income of those earning at least $2 million and use that revenue for zero-emission vehicle subsidies and EV charging stations, plus wildfire-suppression and -prevention programs. Lyft was the biggest backer of the initiative, with more than $45 million in contributions out of the approximately $48 million raised for the campaign. The ride-hailing giant has a direct interest in making sure California has a robust electric-vehicle infrastructure. State rules mandate that 90% of ride-hailing miles take place in EVs by 2030. The ballot measure was opposed by California Gov. Gavin Newsom and other prominent Californians, who portrayed it as a money grab by Lyft. Opponents of the initiative raised about $25 million. Among them are some well-known figures from the tech industry: Netflix Co-Chief Executive Reed Hastings, who contributed $1 million; Sequoia Capital venture capitalist Michael Moritz, who donated $1.3 million; Intuit Inc. INTU, -2.06% co-founder Scott Cook, who contributed almost $1 million; and Zynga Chairman Mark Pincus, who contributed $964,000. But a spokesman for the Yes campaign has said Lyft will receive none of the money from the tax revenue, a point underscored by Lyft Chief Executive Logan Green, who in a blog post said: 'We are committed to achieving 100% vehicle electrification regardless of Proposition 30’s outcome.' The California ballot measure was only one measure that sought to tax millionaires for public goals. Massachusetts voters also appeared to be on their way to approving a 4% tax for households making more than $1 million for education and infrastructure spending."

If only they were capable of the slightest bit of introspection.

EV stocks are struggling. Aren't they the future?

Barrons (11/8/22) reports: " Tesla stock is now down about 46% year to date. Growing competition in electric vehicles, inflation, softening demand, Covid issues in China, and an uncertain economy all might have derailed Tesla stock (ticker: TSLA). Yet shares held up relatively well through all those headwinds. Twitter is the straw that is breaking the camel’s back. Tesla stock closed down own another 2.9% to $191.30 Tuesday, the third consecutive decline. The S&P 500 closed up 0.6%, while the Dow Jones Industrial Average added 1%. Shares have been on a painful slide ever since CEO Elon Musk closed his acquisition of Twitter. Since then, Tesla stock is down about 15%. The S&P 500 is up almost 1% over the same span. The Nasdaq Composite is off about 2%. The pattern in the Tesla stock chart looks troubling, according to technical analysts Katie Stockton of Fairlead Strategies and John Roque of 22V Research. Stockton sees some support at $180 a share and then lower at $150 a share. Roque says that $100 is possible if things don’t start improving for the auto maker. Both analysts are concerned with stock charts, not fundamentals. Traders look for patterns in stock charts as a shortcut to understanding what fundamental-focused investors are thinking."

Energy Markets

WTI Crude Oil: ↓ $87.23
Natural Gas: ↓ $5.89
Gasoline: ↑ $3.80

Diesel: ↑ $5.35
Heating Oil: ↓ $371.24
Brent Crude Oil: ↓ $93.67
US Rig Count: ↓ 855

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