From American Energy Alliance <[email protected]>
Subject Tearing down is the easy part
Date December 14, 2022 4:10 PM
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DAILY ENERGY NEWS | 12/14/2022
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** Civilization, once destroyed, is not easily rebuilt.
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Markets Insider ([link removed]) ([link removed]) (12/12/22) reports: "Europe's energy crisis is going to get worse and may drag on for years, according to JPMorgan CEO Jamie Dimon. 'It is as serious as you can get,' Dimon said of the energy crisis in an interview with CBS's Face the Nation on Sunday. 'And it can go on for years. But this oil and gas thing – it looks like the Europeans will get through it this winter – but this oil and gas problem is going to go on for years.' Europe has been threatened with a looming energy crisis since Russia slashed natural gas flows to the continent this summer amid the west's sanctions over its invasion of Ukraine. The shortage of natural gas has sent European electricity prices skyrocketing over 1000% above normal levels earlier this year, and sparked as desperate scramble for
alternative energy sources, including burning coal and garbage for fuel. Europe is also facing heavy competition on the spot market from Asian natural gas customers, particularly as China ramps up its energy demands as the nation emerges from COVID-19 lockdowns. That's expected to put more pressure on supply, pushing natural gas prices higher, the International Energy Agency warned."
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** “The only true path to energy security, stable power prices, prosperity and a livable planet lies in abandoning polluting fossil fuels — especially coal — and accelerating the renewables-based energy transition.”
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– Antonio Guterres, U.N. secretary general. ([link removed])

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Gavin "it wasn't me" Newsom trying out increasingly ludicrous talking points as the predictable consequences of his policies hit families across California.

** Fox Business ([link removed])
(12/13/22) reports: "Petroleum and oil market experts blasted California Democratic Gov. Gavin Newsom after he unveiled a plan to combat alleged price gouging by major oil corporations. Newsom announced last week that California would begin punishing Big Oil companies with a financial penalty when they are found to have increased gasoline prices excessively. The California governor said the action, which he unveiled with Democratic state Sen. Nancy Skinner, would deter price hikes and 'keep money in Californians’ pockets.' 'Big Oil has been lying and gouging Californians to line their own pockets long enough,' Newsom said in a statement. Over the course of the last year, California has consistently recorded the highest average gas prices of any state, even surging past $6 per gallon in both June and October, according to data from the Energy Information Administration. While pump prices have fallen considerable in the state over the last two months, at an average of $4.56 a gallon they are
still far higher than they are in any other state...'The Biden administration and people for a while have been bashing oil production. They're making it more difficult with canceling pipelines, delaying permits, things like that,' David Kreutzer, the senior economist at the Institute for Energy Research, told FOX Business. 'California does it even more and they have a particular problem that their petroleum market is isolated and requires special blends for their gasoline. It doesn't make sense for refiners outside of California to do it.' 'So, if there's a refinery outage or a spike in demand, then California prices spike up and there's no help coming from the rest of the country because they can't sell the gasoline that California requires — the particular blends,' Kreutzer continued. 'So, California's been susceptible to price spikes for a while, but they also have more onerous regulation on refining capacity.'"

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Europe continues to legislate itself into Third-World status.

** Reuters ([link removed])
(12/13/22) reports: "After all-night negotiations, the European Union struck a political deal on Tuesday to impose a carbon dioxide emissions tariff on imports of polluting goods such as steel and cement, a world-first scheme aiming to support European industries as they decarbonise. Negotiators from EU countries and the European Parliament reached a deal at around 5am in Brussels, on the law to impose CO2 emissions costs on imports of iron and steel, cement, fertilisers, aluminium and electricity. Companies importing those goods into the EU will be required to buy certificates to cover their embedded CO2 emissions. The scheme is designed to apply the same CO2 cost to overseas firms and domestic EU industries - the latter of which are already required to buy permits from the EU carbon market when they pollute. Mohammed Chahim, European Parliament's lead negotiator on the law, said the border tariff would be crucial to EU efforts to fight climate change."

Struggling with gas prices amind soaring inflation? Just by a new EV, now selling at record high prices...

** Kelly Blue Book ([link removed])
(12/12/22) reports: "New-vehicle inventory levels are improving, but prices remain elevated. According to data released today by Kelley Blue Book, a Cox Automotive company, the average transaction price (ATP) for a new vehicle in the United States in November 2022 hit a new record high of $48,681. November prices rose 0.9% ($422) month over month from October 2022 and were up 4.4% ($2,250) from year-earlier levels. According to Kelley Blue Book calculations, new-vehicle ATPs have been higher than the average manufacturer's suggested retail price (MSRP), also known as the sticker price, since July 2021. Sales volumes in November were up year over year by more than 11%, but down from October. The elevated prices and high loan rates are likely putting downward pressure on sales...Strong luxury vehicle sales have been a primary reason for overall elevated new-vehicle prices. Luxury vehicle share remains historically high, increasing to 18.2% of total sales in November from 17.8% in October. The
high share of luxury sales helps to push the overall industry ATP higher. In November 2019, the luxury share of the U.S. market was 16.1%...The average price paid for a new non-luxury vehicle in November was $44,584—also a record and higher by $330 month over month. The previous record high was recorded in August. On average, car shoppers in the non-luxury segment paid $410 above sticker price, a slight increase from October...The average price paid for a new EV increased in November by $1,172 (up 2%) compared to October and was up by 9% compared to a year ago in November 2021. The average new EV price was $65,041, according to Kelley Blue Book estimates, well above the industry average and aligning more with luxury prices versus mainstream prices."

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Energy Markets


WTI Crude Oil: ↑ $76.71
Natural Gas: ↓ $6.57
Gasoline: ↑ $3.21

Diesel: ↓ $4.85
Heating Oil: ↑ $316.91
Brent Crude Oil: ↑ $81.93
** US Rig Count ([link removed])
: ↑ 850



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