Mitt's legacy

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DAILY ENERGY NEWS | 03/18/2024

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Massachusetts' third senator has some zingers on his way out and Utah has a great replacement lined up for him (assuming they don’t choose He Who Must Not Be Named). The latest episode of The Unregulated Podcast is now streaming on our website, or wherever you listen.

"California leaders know that rising prices are a huge problem. The state is now considering a plan to tie utility rates to personal income so that the rich pay more and low-income residents pay less. But affordable energy is clearly not as important as efforts to try to stop global warming. Costly California looms as an example of poor energy policy."

– Steve Goreham,
The Heartland Institute

The CEO of a car rental company should probably be more concerned with getting people the cars they want instead of pushing the Green New Deal.

Market Watch (3/15/24) reports: "Hertz Global Holdings Inc.’s chief executive is leaving after just over two years, to be replaced by a Delta Airlines Inc. and General Motors Co. veteran. Stephen Scherr, a retired Goldman Sachs Group Inc. banker, is stepping down as Hertz’s CEO at the end of the month. He’ll be succeeded by Gil West, who served as chief operating officer at Delta and the general manager of GM’s Cruise autonomous-driving unit. West’s 'success in leading over 70,000 people at Delta and orchestrating highly effective operational turnarounds will position him well to lead Hertz,' said in a statement Colin Farmer, the lead director on Hertz’s board. Farmer said West will be able to “will be able to build upon the strategic projects begun during Stephen’s tenure, including improvements to technology, commercial partnerships and the revitalization of our value brands.' Hertz’s stock has struggled recently, falling 27% to start the year and 53% over a 12-month basis. The rental-car company recently made a pivot, saying it would downside its electric-vehicle fleet by about a third as customer demand didn’t live up to expectations and the vehicles were proving too costly to repair. Hertz emerged from bankruptcy in 2021. Shares were down about 3% in Friday’s late trading. Scherr had expressed confidence in the business on Hertz’s last earnings call in early February, saying that his optimistic view was 'based on the continued stability of the demand and rate environment, the expected benefits of the strategic decision that we made in the fourth quarter regarding our EV fleet, which is also expected to reduce operational distraction, and the continued execution of our enhanced profitability plan.”\'"

Is there a German word for “decarbonization is killing our country” ?

There is a way to fuel an AI-fueled boom in electricity demand, but Big Green, Inc. isn't going to like it...

Bloomberg (3/16/24) reports: "More than 7,000 people are headed to Houston next week to attend CERAWeek by S&P Global with a key question in mind: How to meet increasing demand for power amid the transition to clean energy. Daniel Yergin, vice chairman of S&P Global, offers a window into that future. Yergin, who wrote the Pulitzer Prize-winning book The Prize: The Epic Quest for Oil, Money & Power, will be the voice of the conference and lead more than two dozen panels featuring heavyweights from government, the oil and gas sectors and tech. Peak oil demand along with the geopolitics of oil and gas likely will be a key focus, as will mining, he said. Yergin also expects a lot of buzz on artificial intelligence and other new technologies. Here’s what he had to say ahead of the conference. Answers have been edited for length and clarity...'What are you fundamentally concerned about in regards to electricity — that there won’t be enough?' 'The surge in electricity demand that’s coming with aspects of the energy transition, and not only the energy transition but data centers, AI. Is the capacity going to be there? That used to be a developing world question. Now it’s also a developed world question. It’s the capacity to move electricity from where it’s generated to where it’s needed, but also inflation and supply chain issues have affected some of the rollout of renewables even though the scale continues to grow. We saw last year coal consumption increased globally. A big question is the role of natural gas in terms of a complement to wind and solar. That’s going to be much discussed at the conference.'"

Energy Markets

WTI Crude Oil: ↑ $81.48
Natural Gas: ↑ $1.73
Gasoline: ↑ $3.46

Diesel: ↓ $4.02
Heating Oil: ↑ $275.70
Brent Crude Oil: ↑ $85.72
US Rig Count: ↓ 653

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