TGIF -- March 8, 2024

Locator: 46703B.

Both S&P 500 and NASDAQ are at new highs. Over and over and over, every guest on CNBC is raving how great this jobs report is. Facts I did not know with regard to mmigrants:

• no matter how they get here, they are eligible to work in this country in six months after arrival;
  
• their first court hearing on whether to be allowed to stay in US or not: six years; that wait will only lengthen -- giving more time for these new immigrants to grow into US economy
• as noted many times on the blog: the southern surge no longer bothers me; huge pivot for me -- about eighteen months ago -- don't remember exactly when;
  
• 2022: US immigration service authorized 1.2 million "jobs" for immigrants, regardless of how they got here;
• 2023: US immigration increased that number to 2.0 million jobs for immigrants
• not one first world county is seeing population growth except the US and it's all due to immigration
• immigration is a $7 trillion gift for the US -- previously posted

Chart: this is simply incredible. Another 52-week high. And this is despite AAPL falling from 195 to 170. Wow. S&P 500 only 18 points from a new 52-week high.

Market cap:

• AAPL: $2.6 trillion
• NVDA: $2..3 trillion

Costco (COST): down 3.5% this morning

• they should increased prices on their rotisserie chicken
• seriously, I don't know what this means for Costco -- misses on revenues during holiday season;
• I think I know but won't post; don't need the pushback

Grids: this is amazing -- big discussion with Cramer, Carl, and Faber -- this morning -- I think I just posted something on that -- just yesterday?

• data center growth my slow because there simply won't be enough power
• Morgan Stanley (personal source -- last night) says that we're going to see huge explosion in new natural gas plants to generate electricity; simply no alternative for fast build
• sure, nuclear -- but that will take years
• another beneficiary: CCS

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EV Notes

Tesla: folks may want to google tesla cybertruck resale debacle

• very, very interesting; several observations / comments could be made; maybe later
• many, many links; status confusing; this link seems to be most recent but with Musk one never knows from hour to hour what is going to happen next
• Quartz; 
  
• a lot is packed into this headline:
  

Rivian: huge pivot; will manufacture the new Rivian models at their Normal, IL, plant which they had planned to mothball (IIRC)

• now, will pause plans on their $5 billion plant in Georgia; 
• pundits seem to be taking the word of Rivian that they will eventually build that Georgia plant; the tea leaves suggest otherwise
• this was going to be the biggest project -- measured in dollars -- that the state ever saw; governor probably not happy. 
• Cramer loves Rivian. for what it's worth, I don't;
  

Proterra: I either did not know, or I had forgotten; Proterra declared bankruptcy several months ago; continues to operate;

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Others

Amazon: I just love Amazon. Same day delivery; sometimes within two hours; can order at 10:00 p.m. and product will be at my door by 6:00 a.m. I was reminded of that when Amazon sent me a notice reminding me that my subscription for several items (K-cups, anchovies, Rogaine) are scheduled to delivery soon and wanted to make sure if I wanted to keep / change the delivery. The price is discounted with subscription.

Peter Zeihan: talk about prescient. What keeps him up at night (as in being worried). If there's any disruption in semiconductor industry.

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Back to the Bakken

WTI: 78.54.

Sunday, March 10, 2024: 103 for the month; 162 for the quarter, 162 for the year
39483, conf, Oasis, Ledahl 5402 42-33 4B,

Saturday, March 9, 2024: 102 for the month; 161 for the quarter, 161 for the year
39794, conf, Petro-Hunt, Terres 144-98-13A-24-3H,
39611, conf, Grayson Mill, Barracuda 150-100-2-11-6H,
39505, conf, Oasis, Pocono 5302 33-4 4B,
39504, conf, Oasis, Pocono 5302 33-4 3B,

Friday, March 8, 2024: 98 for the month; 157 for the quarter, 157 for the year
39793, conf, Petro-Hunt, Terres 144-97-18B-19-1H,
39739, conf, Iron Oil Operating, Antelope 5-36-25H,
39738, conf, Iron Oil Operating, Antelope 4-36-25H,

RBN Energy: industry groups pitch plenty of alterations to hydrogen's "three pillars."

When the Inflation Reduction Act (IRA) was passed into law in August 2022, it earned near-unanimous acclaim from longtime supporters of renewable energy and decarbonization efforts. Industry types also approved of the bill’s focus on incentives to fuel new developments. One of its most ambitious elements was creation of the 45V production tax credit (PTC) for clean hydrogen, a central part of the Biden administration’s efforts to build a clean-energy economy.

But while the PTC may have a significant impact on the U.S. energy landscape over the long run, the December 2023 rollout of the proposed rulemaking has generated no small amount of criticism. In today’s RBN blog, we’ll lay out some of the changes that some say should be included in the final rulemaking to help the clean-hydrogen economy make a quick break from the starting gate instead of getting left at the back of the pack.