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DAILY ENERGY NEWS | 01/31/23
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** Move along. Nothing to see here.
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Politico Pro (1/30/23) Reports: "John Morton spent the last two years forging the Treasury Department’s first agencywide climate strategy. Now, he’s headed back to the private sector to help companies capitalize on it. The sustainable finance veteran and Obama-era official became Treasury’s first climate counselor in 2021 amid growing concern over global warming’s potential to topple the U.S. financial system. His time in the role ushered in an overhaul of Treasury’s priorities — placing global warming near the top of the list. During his tenure, the agency pushed U.S. financial regulators to better account for climate risk, advanced major international climate finance deals and helped implement President Joe Biden’s landmark climate law. Now, Morton is onto the next gig. This time, it’s with the climate change investment firm Pollination Group. His new job will entail helping major companies, finance firms and governments decarbonize — and make a profit to boot."
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** "“I have two options: to remain silent in the last years of my life and witness the destruction of the world economy, as just happened in Venezuela. Or alert many to the threat to blessed living to avoid a repeat of destruction. In clear conscience, I opt for the second!”"
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– ([link removed]) Julián Salazar Velásquez V ([link removed]) enezuelan geologist, engineer, and educator ([link removed])
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Net zero timelines get pushed further into the future.
** Reuters ([link removed])
(1/29/23) Reports: "India has asked utilities to not retire coal-fired power plants till 2030 due to a surge in electricity demand, according to a federal power ministry notice reviewed by Reuters, just over two years after committing to eventually phase down use of the fuel. The energy-hungry nation said last May it plans to reduce power generation from least 81 coal-fired plants over the next four years, but the proposal did not involve shutting down any of its 179 coal power plants. India has not set a formal timeline for phasing down coal use. "It is advised to all power utilities not to retire any thermal (power generation) units till 2030 and ensure availability of units after carrying out renovation and modernisation activities if required," the Central Electricity Authority (CEA) said in a notice dated Jan. 20 sent to officials in the federal power ministry."
More money down the drain.
** The ([link removed])
** Hill ([link removed])
(1/27/23) reports: "The Department of Energy on Thursday announced a grant of $118 million in funding for domestic production of biofuels, part of the Biden administration’s emission-reduction goals. Funding was divided between 17 projects, each of which received between $500,000 and $80 million, according to Energy Secretary Jennifer Granholm. The projects are sited in nine states and the District of Columbia, according to the department. They are divided into four categories: emission reduction using ethanol and integrated biorefinery technology in the pre-pilot, pilot and demonstration stages. Biofuels are quickly produced fuels derived from organic material, distinct from fossil fuels both for their renewability and the much shorter time span they take to produce. The federal government has set a goal of reducing greenhouse gas emissions, the primary driver of climate change, by 70 percent by the end of the decade."
EPA Gets $100 billion to spend in 18 months: That buys a lot of sand for America's gas tank.
The Wall Street Journal (1/30/23) reports: "Congress has given the Environmental Protection Agency more than $100 billion to spend on climate-related projects over the next 18 months, but the massive sum is triggering controversies. The money, which comes from the 2021 infrastructure package and last year’s Inflation Reduction Act, is aimed mainly at setting the U.S. economy on a path to cut planet-warming greenhouse gases 40% by 2030. It also includes money for what is known as environmental justice, or helping low-income and historically disadvantaged communities recover from exposure to health risks from industrial activity. Community groups that have long demanded funds to right past wrongs say they are struggling to navigate the new rules."
Ford slashes EV prices, jacks up prices for real vehicles. (who do you think pays for EVs, America?)
** Zero Hedge ([link removed])
(1/30/23) reports: "Five days after we reported that Tesla was accused of 'weaponizing' price cuts in order to crush their competition in the electric vehicle space, Ford announced priced cuts for their electric Mustang Mach-E along with several other models 'across the board. The company will also increase production, "underscoring the company’s commitment to lead the EV revolution by increasing the value of its EVs for customers," according to a Monday press release.'"We are not going to cede ground to anyone. We are producing more EVs to reduce customer wait times, offering competitive pricing and working to create an ownership experience that is second to none," said Marin Gjaja, Chief Customer Officer, Ford Model e. "Our customers are at the center of everything we do – as we continue to build thrilling and exciting electric vehicles, we will continue to push the boundaries to make EVs more accessible for everybody.""
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Energy Markets
WTI Crude Oil: ↓ $77.55
Natural Gas: ↓ $2.64
Gasoline: ↑ $3.51
Diesel: ~ $4.68
Heating Oil: ↓ $311.14
Brent Crude Oil: ↓ $84.13
** US Rig Count ([link removed])
: ~ 816
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