Monday, Monday -- GDP Now -- 1Q24 Estimate Surges -- April 15, 2024

Locator: 47009B.

GDPNow: as of April 10, 2.4. Next reading, later today. [Holy mackerel! Jumps to 2.8. Investing? I’m betting on the US economy. I’m not investing based on dot plots. LOL. There's no way the Fed is going "to cut" in calendar year 2024 unless something changes significantly and/or else I'm missing something.

• 1Q24 readings:
• advance estimate:April 25
• second reading: May 30
• third reading: June 26

Inflation Watch: Carl Q.

JPM: Carl Q.

NEOM:

• original plan: 105-mile-long glass city
• new plan: 1.5 mile of something less
• link here.
• the trailer is incredibly bizarre -- remember, this is the desert we're transforming
• tag: Saudi nuts batsh*t crazy 
  

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Back to the Bakken

WTI: $85.26.

Tuesday, April 16, 2024: 35 for the month; 35 for the quarter, 234 for the year
40139, conf, CLR, Veigel 6-9H,
40073, conf, Neptune Operating, Britt 4-9 6H,
39548, conf, Petro-Hunt, Terres 144-98-13B-24-1H,
39070, conf, Whiting, Safely Federal 32-7-3H,
37516, conf, BR, Mazama 4A UTFH,

Monday, April 15, 2024: 30 for the month; 30 for the quarter, 229 for the year
40138, conf, CLR, Veigel 5-9H1,
40072, conf, Neptune Operating, Britt 4-9 5H,
39579, conf, Hess, CA-Anderson Smith-155-96-2635H-8,
39578, conf, Hess, CA-Anderson Smith-155-96-2635H-7,
39549, conf, Petro-Hunt, Terres 144-98-13A-24-2H,

Sunday, April 14, 2024: 25 for the month; 25 for the quarter, 224 for the year 
None.

Saturday, April 13, 2024: 25 for the month; 25 for the quarter, 224 for the year
40137, conf, CLR, Veigel 4-9H,
39464, conf, Hess, EN-Erickson-157-93-1003H-2,
38009, conf, BR, CCU Plymouth 21-29 MBH,

RBN Energy: new US rules on tailpipe emissions conflicts with energy reality.

The Biden administration recently announced a very ambitious — to say the least — rule on tailpipe emissions. But while the rule’s legal and political standing might be a bit uncertain — it’s seen by many as a de facto ban on conventionally fueled cars and trucks and is likely to face several court challenges — doubts also remain about whether it matches up with the realities of today’s energy world. In today’s RBN blog, we look at the new rule, what it would mean for U.S. consumers and automakers, and how it conflicts with the views of RBN’s Refined Fuels Analytics (RFA) practice on the future of global oil and refined products demand and the rate of electric vehicle (EV) adoption. 

The push to reduce greenhouse gas (GHG) emissions in the transportation sector has been a key piece of President Biden’s climate agenda since taking office in 2021. His administration has a two-track strategy aimed at the auto industry: (1) make sure cars and trucks use less gasoline, and (2) make sure the vehicles on the road produce fewer emissions.

To achieve the first goal, the National Highway Transportation and Safety Administration (NHTSA) has sought to improve the fuel efficiency of U.S. passenger vehicles and light trucks through changes to Corporate Average Fuel Economy (CAFE) requirements. The agency in 2022 amended the rules for the 2024-26 model years to require a fleet average of 49 miles per gallon (mpg) by 2026, increasing efficiency requirements by 8% annually for the affected model years. (CAFE standards for 2021-26 passed by the Trump administration called for 1.5% annual increases.)