Digging for the moral high ground

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DAILY ENERGY NEWS | 05/10/2023

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Glad to see German officials taking a break from sabotaging their own infrastructure to beg another country to join their suicide pact.

South China Morning Post (5/8/23) reports: "China needs to seek alternative solutions to ensure its energy security, rather than relying on building new coal-fired power plants, according to Germany's climate envoy. Jennifer Morgan, Germany's state secretary and special envoy for international climate action, told the South China Morning Post in an exclusive interview that she was concerned about China's coal plant development. 'We are concerned. We need to think about energy security and climate security together now,' she said in the interview last month... Morgan said Germany also had energy security concerns but it reacted by building more renewable energy, making the system more efficient and having a flexible grid that could balance power supply and demand...China embarked on a massive expansion of its coal-fired power capacity following power outages across the country in 2021 and 2022 that were mostly caused by economic and weather-related factors. Before then, China had been looking to reduce its use of fossil fuels to meet its domestic carbon-neutral targets, but the blackouts led to renewed emphasis on coal as a source of energy. President Xi Jinping pledged in September 2020 to reach peak carbon emissions before 2030 and achieve carbon neutrality by 2060. Last year, provincial governments approved a total of 106 gigawatts (GW) of new coal power capacity to be built - the most since 2015, according to a report by the Centre for Research on Energy and Clean Air and Global Energy Monitor. Work also started last year on 50GW of coal power capacity, an increase of more than half from a year earlier and six times the total for the rest of the world combined.

"There is nothing the manufacturers can do to make a country of 200 million or so EVs work when all the reliable generation on the electrical grid has been removed, and home heat has also been electrified."

– Francis Menton,
The Manhattan Contrarian

The carbon taxers are at it again.

E&E News (5/10/23) reports: "As senators from both parties seek a pathway for advancing a bill imposing carbon tariffs, a potentially viable vehicle has emerged: a nascent legislative package to boost U.S. competitiveness against China. Senate Democrats announced last week they want to write a follow-up to last year’s bipartisan CHIPS and Science Act with the help of Republicans, opening the door to a rare opportunity this Congress to craft and even pass legislation that would have support from each side of the aisle. Critically, the scope of 'CHIPS and Science 2.0,' as some are calling it, would also likely lend itself to the inclusion of language to institute a carbon border adjustment mechanism, or CBAM — an emissions reduction concept that is gaining support across the political spectrum. Many advocates see the effort as key to fighting global emissions while at the same time punishing foreign adversarives like China."

Probably not.

Supporting America's adversaries appears to be a cornerstone of modern progressive policymaking.

Townhall (5/8/23) column: "We are living through extraordinary times, not too different from what was portrayed in The Matrix—a 1999 science fiction film that depicted humanity being unknowingly trapped in a false reality. In truth, we are being deceived on a range of important and vital matters by a deep state ruling class residing in U.S. Government, universities, media, and business corporations. And it turns out that members of this ruling class often work behind the scenes to create narratives to redirect resources and power to their benefit...The push for Net Zero CO2 emissions appears to be yet another hoax being foisted on Americans to redirect resources and power. So, if average Americans won’t benefit, who will? Two groups: First, the elite green stakeholders whose investments often enjoy risk reduction and returns that benefit from government favor and subsidization. Second, the Chinese who dominate every step of solar photo voltaic panel production, and dominate every stage of the electric vehicle (EV) lithium battery supply chain, enjoying a 70% or more market share in both. Even if the United States wanted to wean itself from China for national security reasons it would remain dependent on key minerals for its energy and transportation systems, and this time the dependency will be with one country—China. As the Institute for Energy Research reports, the advancement of the Green New Deal will mean further ‘Chinafication’ of the U.S."

Energy Markets

WTI Crude Oil: ↓ $72.42
Natural Gas: ↓ $2.19
Gasoline: ↑ $3.53

Diesel: ↑ $4.04
Heating Oil: ↓ $237.67
Brent Crude Oil: ↓ $76.25
US Rig Count: ↓ 774

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