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DAILY ENERGY NEWS | 08/29/2023

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Either the President is willfully sacrificing our energy and national security or he is simply clueless. Either way, we lose and China wins.

Daily Caller (8/29/23) reports: "President Joe Biden’s mining efforts are making America more dependent on China while handicapping America’s ability to source key raw materials to build green technologies, experts told the Daily Caller News Foundation. The Biden administration has blocked several domestic opportunities to mine raw materials for which China is the global leader in extraction, refining or both, according to a 2022 report on electric vehicles (EVs) by the International Energy Agency (IEA). Many of the minerals and materials that Biden’s agenda is restricting domestically are essential components for green technologies that his climate agenda depends upon at the same time, such as electric vehicles and solar panels, according to a different report by the IEA. 'The Biden administration’s policies are sacrificing our energy security while empowering China to control our energy future at the same exact time,' Tom Pyle, president of the American Energy Alliance, told the DCNF. The Biden administration aims to have the U.S. power sector achieve net-zero carbon dioxide emissions by 2035, and to have the overall economy reach net-zero by 2050."

Meanwhile...

“I think the reality of buying a combustion-powered vehicle is sort of like building a horse barn in 1910; Imagine buying a Chevy Suburban in 2030 … what are you going to do with that …in 10 years? Gas stations will be slowly disappearing; It’s just weird.”

– R.J. Scaringe, Rivian

Density is king.

E.U. Observer (8/29/23) reports: "German energy giant RWE has begun dismantling a wind farm to make way for a further expansion of an open-pit lignite coal mine in the western region of North Rhine Westphalia. One wind turbine has already been dismantled, with a further seven scheduled for removal to excavate an additional 15m to 20m tonnes of so-called 'brown' coal, the most polluting energy source. The demolitions are part of a deal brokered last year between Robert Habeck, the Green party's minister for economy and climate action and Mona Neubaur, who is the economy minister for North Rhine Westphalia, to allow the expansion of the mine. In return, RWE had to agree to phase out coal in 2030, eight years before the previous deadline. 'It's a good day for climate protection,' Habeck said at the time. But this week's move has sparked sharp criticism from activists...But RWE and Germany's government have persistently justified the expansion of the so-called Garzweiler coal fields by pointing to the Russian invasion of Ukraine and the ensuing energy crisis. According to RWE, the expansion is necessary 'due to the energy crisis.' The government in Berlin follows this logic."

It isn't "climate change" it's "climate crisis." The clock isn't "ticking" it's "banging." It might be more than just back-to-school-blues giving the kids anxiety.

This is called a good start.

Reuters (8/29/23) reports: "Vanguard supported just 2% of shareholder resolutions on environmental and social issues at U.S. companies this year, down from 12% last year, the top mutual fund manager said on Monday, fueling a drop in investor backing overall. Vanguard said the declining support rate reflected a rising number of proposals - 359 this year, up from 290 a year ago, coupled with improvements in company disclosure that it said made many resolutions unnecessary. With $8.2 trillion under management, Pennsylvania-based Vanguard has become a leader in deciding whether companies should take steps like curbing greenhouse gas emissions or reviewing their workforce diversity. Support for shareholder resolutions calling for such steps has declined at U.S. companies this year, with top asset manager BlackRock saying it backed the mostly-advisory measures just 7% of the time, down from 22% last year. Vanguard's drop in support was even steeper. Like BlackRock, Vanguard noted new securities regulations that make it harder for companies to leave questions off their ballots. In a note on its website, Vanguard also said many resolutions sought changes that might not be needed."

Energy Markets

WTI Crude Oil: ↑ $80.43
Natural Gas: ↓ $2.56
Gasoline: ↑ $3.82

Diesel: ↑ $4.41
Heating Oil: ↓ $318.37
Brent Crude Oil: ↑ $84.75
US Rig Count: ↓ 673

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