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DAILY ENERGY NEWS | 04/24/2025

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In the history of no-brainers, repealing the EV subsidies tops them all…

Daily Caller (4/24/25) reports: "Congress could create billions of dollars in new revenue if it were to cut Biden-era electric vehicle (EV) tax-credits, a forthcoming report from the Institute for Energy Research (IER) shows. The draft of the new report, first obtained by the Daily Caller News Foundation, highlights how eliminating the clean vehicle tax credit program started under former President Joe Biden would create new opportunities to generate more revenue under the Trump administration. As Congress continues discussions about the major budget reconciliation package, IER reports that repealing these credits could increase federal revenue between $250 and $300 billion from 2026–2035...'This is a glaring example of policies that hurt American families by increasing the cost of new vehicles and creating inflation that is stealing money out of their pockets,' Tom Pyle, president of IER told the DCNF...'The Inflation Reduction Act has ballooned into one of the biggest government boondoggles in history,' Pyle said in the IER statement on the report. 'Originally estimated to cost taxpayers $370 billion in energy-related subsidies, new projections paint a much more alarming picture…A significant amount of this explosion in spending comes from runaway tax credits for electric vehicles, $300 billion alone, which overwhelmingly benefits higher-income households at the expense of working-class Americans.'"

"The Inflation Reduction Act's tax credits for wind and solar energy are leading to higher energy prices, reduced grid capacity, and blackouts. Congress needs to repeal the IRA subsidies, and states like Texas must do what they can to neutralize the dangerous effects of the subsidies."

– Mario Loyola, Heritage Foundation

SCOTUS: Saving Cars Of The United States

Daily Caller (4/23/25) reports: "The Supreme Court heard oral arguments Wednesday in a landmark case that could spell the end of California’s Clean Air Act waiver, which created what has been widely referred to as a de facto electric vehicle (EV) mandate in more than a dozen states. While Diamond Alternative Energy v. Environmental Protection Agency (EPA) does not directly center on the legality of the waiver, the court’s ruling on whether the petitioners have standing in the case could set a 'massive' precedent...'The founding fathers would be rolling over in their grave if they ever thought the government would be in the business of dictating the type of transportation that Americans can choose,' Tom Pyle, president of the Institute for Energy Research (IER) told the DCNF. 'The public is behind President Trump and the effort to preserve our ability to choose the types of cars that best suit our needs as consumers,' Pyle said. Trump has been an outspoken critic of the previous administration’s push to produce more EVs as nationwide interest in the vehicles waned. 'I don’t believe that it was fair for the lower courts to argue that the plaintiffs didn’t have standing because their product is going to be severely impacted by the EV mandate because you don’t put gasoline in an EV, right' Pyle continued. He added that if the court does not rule in favor of Diamond Alternative Energy, the waiver can eventually 'still be undone through regulatory review, but both the courts and the Trump administration’s review process will take a bit longer.' Pyle noted that the 'shortest path' would be through the Congressional Review Act."

Many people are saying Larry's documentary points out some "inconvenient truths" on EV production.

Daily Signal (4/22/25) reports: "Radio host and former California gubernatorial candidate Larry Elder set out to discover the real truth about electric vehicles, and he’s releasing his new documentary on the subject on Earth Day Tuesday. While environmental activists and EV manufacturers have crafted a narrative that EVs are not just the cars of the future but our only clean solution to an ostensible climate crisis, Elder uncovers the dirty truth: EVs require more energy to produce, provide less freedom for drivers, empower America’s chief rival in the world, and actually make things worse for the environment...While the U.S. could mine many critical minerals more cleanly and more humanely than other countries, environmentalists block domestic production. This empowers the Chinese Communist Party, which has acquired stakes in mining operations across the world. Dan Kish, senior vice president of policy at the American Energy Alliance, warns Elder that the transition to EVs would prove an 'enormous boon for China.'"

If you want gas for your car, don't attack the guys making it.

MSN (4/23/25) reports: "Democratic California Gov. Gavin Newsom is asking a state regulator to try to keep oil refineries in business in the state after Democrats spent years targeting the industry with aggressive regulation. Newsom wrote to California Energy Commission (CEC) Vice Chair Siva Gunda on Monday to urge that Gunda and the CEC 'redouble' their efforts to keep fuel refiners in the state on the heels of Valero’s announcement that it will be taking at least one of its California refineries offline by April 2026. In the letter, Newsom attempts to characterize the state’s dwindling refining presence as part of a wider national trend, but analysts have warned for years that California’s hostile regulatory environment is what is truly driving the fossil fuel industry’s retreat from the state...'For well over two decades now, politicians like Governor Newsom have hammered California’s conventional energy producers, both large and small, with excessive taxes, regulations, and threats of profit taking,' Tom Pyle, president of the American Energy Alliance, previously told the DCNF. 'Many companies have already moved out of the state, along with hundreds of thousands of residents as a result of these and other harmful policies … like a cap on profit margins, that hurt consumers by making conventional energy investments uneconomic. These types of policies have outsourced jobs to other states and increased California’s reliance on oil and electricity imports — all with little or no environmental benefit.'"

Energy Markets

WTI Crude Oil: ↑ $62.71
Natural Gas: ↑↓ $4.00
Gasoline: ↑ $3.17

Diesel: ↑ $3.56
Heating Oil: ↑ $213.00
Brent Crude Oil: ↑ $66.49
US Rig Count: ↓ 629

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