Time flies

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DAILY ENERGY NEWS | 03/22/2023

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It's tough to make predictions, especially about the future.

Notice she nuanced it this time. No end date...

“ESG is a scam, an idea that was born in sanctimony, nurtured in hypocrisy and sold with sophistry. The inhabitants of this space are either useful idiots, who think that they are making a difference to society when they are, in fact, just pushing problems behind curtains, or feckless knaves, who use it to make money. The only healthy endgame for ESG is another acronym: RIP. And it will not be a moment too soon."

– Aswath Damodaran,
NYU’s Stern School of Business

We were assured the "transition" would bring down energy costs... 🤔

Politico (3/13/23) reports: "New York is eager to move away from fossil fuels. Customers, though, will feel the switch in their wallets. The state has largely funded the recent investments in clean energy, electric vehicle chargers, heat pumps and new transmission lines incrementally through piecemeal decisions by the quasi-independent Public Service Commission, which regulates utilities. But larger bills for the aggressive transition are increasingly coming due, and it has the potential for sticker shock for ratepayers — a byproduct of the tremendous complexity of shifting from from fossil fuels to heat and power homes and businesses. Some of the costs are already impacting utility bills, but more are set to hit in the coming years as projects come online....While lawmakers’ concerns are growing over the impact on consumers, they have few levers to shift course on the already-approved costs. A wholesale transition of the state’s energy system is not optional: It is mandated under a sweeping 2019 law requiring 70 percent renewable electricity by 2030 and an emissions-free grid by 2040, alongside overall reductions in planet-warming gasses. So it requires a wholesale electrification of the state’s economy if New York is to meet the statutory targets. The nation-leading initiative won’t come cheap, even though the changeover represents just a small fraction of the state’s economy. "

Shot:

Chaser:

Reuters (3/21/23) reports: "Just over one-third of Americans would consider buying an electric vehicle for their next model, a new Reuters/Ipsos poll found. The seven-day poll completed on Monday found 34% of all respondents would consider an EV, while 31% said no. Among Democrats 50% said they would consider an EV, while 26% of Republicans and 27% of independents said they would consider. There are now more than 80 EV models for sale in the United States. EVs represented nearly 6% of all U.S. sales in 2022, with EV sales up by more than 60% last year. President Joe Biden wants 50% of all new vehicles sold in 2030 to be EV or plug-in hybrid models. Tesla Inc is the leading EV maker in the U.S., but other top-selling models include Ford Motor Co's Mustang Mach-E SUV, General Motors Co's Chevrolet Bolt and Hyundai Motor's Ioniq 5. The poll found 56% of respondents would be willing to pay no more than $49,999 for an EV. In August, the Biden administration won a significant expansion of $7,500 electric vehicle tax credits and other battery and EV manufacturing incentives to shift the industry toward electric models but EVs are still often significantly above $50,000."

Energy Markets

WTI Crude Oil: ↓ $69.55
Natural Gas: ↓ $2.29
Gasoline: ↓ $3.43

Diesel: 3↓ $4.27
Heating Oil: ↑ $273.79
Brent Crude Oil: ↓ $75.28
US Rig Count: ↓ 835

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