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DAILY ENERGY NEWS | 12/26/2022
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** EVs need energy too.
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Wall Street Journal ([link removed]) (12/25/22) reports: "Rocketing electricity prices are increasing the cost of driving electric vehicles in Europe, in some cases making them more expensive to run than gas-powered models—a change that could threaten the continent’s electric transition. Electricity prices have soared in the wake of Russia’s invasion of Ukraine, in some cases eliminating the cost advantage at the pump that EVs have enjoyed. In some cases, the cost difference between driving both types of cars 100 miles has become negligible. In others, EVs have become more expensive to fuel than equivalent gasoline-powered cars. The price rises for power, which economists expect to last for years, remove a powerful incentive for consumers who were contemplating a switch to EVs, which used to be much cheaper to run than combustion engines.Coming
just as some governments are removing subsidies for EV buyers, this change could slow down EV sales, threaten the region’s greenhouse-gas emission targets, and make it hard for European car makers to recoup the high costs of their electric transition."
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** "The question for 2023 is whether the policymakers who have been pushing to increase renewable energy production will care and/or understand the fallacies of their energy transition plans and correct these errors to ensure that consumers have affordable and reliable sources of power and heat."
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– ([link removed]) Ellen Wald, Investing.com ([link removed])
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Tesla tankathon sales event.
** Yahoo News ([link removed])
(12/24/22) reports: "Tesla suspended production at its Shanghai plant on Saturday, according to an internal notice and two people with knowledge of the matter, bringing ahead a previous plan to pause most work at the plant in the last week of December. The U.S. automaker canceled the morning shift and told all workers at its most productive manufacturing hub they could start their break, said the people and the notice seen by Reuters. The company did not give a reason. Reuters reported earlier this month that the electric car giant planned to suspend Model Y production at the plant from Dec. 25 to Jan. 1."
The world is now using more coal than ever.
** Quartz ([link removed])
(12/22/22) reports: "The world’s use of coal will hit an all-time high in 2022, just two years after a steep drop gave hope that the problematic energy source had peaked. According to a report released last week by the International Energy Agency (IEA), 2022's global coal use will surpass the last record, which was set in 2013. The IEA expects coal use to peak either this year or in 2023, then plateau until 2025, before declining again."
The shocking EU energy subsidies.
** Powerline Blog ([link removed])
(12/22/22) reports: "The second part of this story, however, is that soaring energy prices are causing European governments to subsidize energy bills for its citizens. Having massively subsidized 'green' energy for 20 years that can’t ramp up to fill the gap of lost Russian oil and gas, the subsidies now required to backstop the population are truly massive. Germany is going to spend 7.7% of GDP providing subsidies for its hard-pressed consumers and industry. 'Energy revolution' indeed."
Energy Markets
WTI Crude Oil: ↑ $79.56
Natural Gas: ↑ $5.08
Gasoline: ↓ $3.10
Diesel: ↓ $4.68
Heating Oil: ↑ $326.61
Brent Crude Oil: ↑ $83.92
** US Rig Count ([link removed])
: ↓ 865
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