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DAILY ENERGY NEWS | 11/30/2023
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** Having solved the border crisis, the White House is now deploying the Vice President to stand side-by-side with Special K to save humanity from impending doom. We can't think of a better and more qualified duo to represent America.
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Daily Caller ([link removed]) (11/29/23) reports: "Vice President Kamala Harris will be attending this year’s United Nations (UN) climate summit on behalf of the U.S., Bloomberg News reported Tuesday. Harris will join Special Presidential Envoy for Climate John Kerry as a prominent, high-level U.S. official at the conference, known as COP28, Bloomberg reported, citing sources familiar with the matter. Harris, who the White House chose to be President Joe Biden’s 'border czar,' will speak alongside other prominent global figures, including U.K. Prime Minister Rishi Sunak and French President Emmanuel Macron, at the summit...Harris will be the highest-ranking U.S. government official in attendance, as Biden will not be among the 70,000 people expected to descend upon the United Arab Emirates (UAE) for the conference despite having described climate change as a more serious threat to humanity than nuclear war. The White House tasked
Harris with tackling the root causes of illegal immigration in 2021, but illegal crossings have continued to surge at record levels; it is unclear whether Harris’ attendance signals she is taking on a more pronounced role in overseeing the Biden administration’s massive climate agenda. 'After her successes solving the border crisis, electrifying school buses, pumping electricity into electric vehicles and erecting the White House Christmas Tree, it’s only fitting that President Biden send his most industrious underling to promise the UN pallets of cash from U.S. taxpayers,' Dan Kish, a senior research fellow for the Institute for Energy Research, told the DCNF. 'Meanwhile, back in the U.S., people are freezing and wondering if they can pay their utility bill.'"
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** "The fundamental reality is that the majority of voters do not share the convictions of their betters. In the United States, just 1% of blue collar workers consider climate a major concern. The Biden Administration expends hundreds of billions in taxpayer funds to 'green projects' but average Americans don’t want to spend more than $2.50 a week to combat it. "
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– Joel Kotkin, Urban Reform Institute ([link removed])
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Turn out the lights, the party's over...
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A welcome development for sure, but will it be too late for Mary Barra to turn GM around after flirting with Joe Biden all these years?
** Wall Street Journal ([link removed])
(11/29/23) reports: "General Motors plans to sharply increase cash return to shareholders, as Chief Executive Mary Barra seeks to reassure investors about the health of GM’s core car-making business after setbacks in fledgling pursuits such as electric and driverless vehicles. The company also said Wednesday it will work to offset higher labor expenses from its new contract with the United Auto Workers and unionized employees in Canada. The contracts will add a total of $9.3 billion in costs over about four years, including $1.5 billion next year, higher than analysts had estimated. GM on Wednesday outlined plans for an accelerated $10 billion share repurchase for next year, its largest stock buyback in recent memory. The company will fund it in part by freeing up capital previously earmarked for development of EVs and autonomous vehicles, which have been the main pillars of Barra’s growth strategy. Barra is trying to jump-start GM’s flailing shares while also refocusing investors on the
underlying strength of its main business: selling gas- and diesel-powered trucks and SUVs. It marks a shift in the message from recent years, during which the CEO sought to recast GM as a tech company poised to transcend the messy world of car manufacturing."
This is a good example of why mining companies would love to mine for Team Biden's energy transition material in the U.S. and yet, Team Biden doesn't like mining in the U.S. 🤔
** Mining.com ([link removed])
(11/29/23) reports: "Panama has asked Canadian miner First Quantum Minerals (TSX: FM) to halt its Cobre Panama copper mine following a ruling by the Supreme Court that declared the mining contract for the operation unconstitutional. President Laurentino Cortizo took to social media late on Tuesday to announce his government had started 'the transition process for the orderly and safe closure of the mine.' The top court’s ruling capped six weeks of protests and official announcements over a contract that gave First Quantum 20 years of mining rights over the giant copper asset, with an option to extend the deal for another 20 years in return for $375 million in annual revenue to the Central American nation."
First electricity, now EVs. We keep hearing that term reliability over and over. I wonder how the net-zero crowd is going to try and discredit Consumer Reports?
** Ars Technica ([link removed])
(11/29/23) reports: "Widely accepted wisdom has it that electric vehicles are easier to maintain than those with internal combustion powertrains. It seems intuitive—EVs have many fewer moving parts than cars that have to detonate small quantities of hydrocarbon fuel thousands of times a minute. But the data don't really bear out the idea. In fact, according to data collected by Consumer Reports, EVs are significantly less reliable than conventionally powered cars. CR is known for buying cars for its own test fleet, but for its annual auto reliability survey, the organization cast a wider net. Specifically, it gathered data from 330,000 owners of vehicles from model year 2000 onwards, and it uses that survey data to generate reliability scores for each vehicle and model year. The results are a little inconvenient for the EV evangelist. EVs had 79 percent more reliability problems than a gasoline- or diesel-powered vehicle, on average. Plug-in hybrids fared even worse; these had 146 percent
more issues on average than the conventional alternative. But simpler not-plug-in hybrids bucked this trend, with 26 percent fewer reliability problems than conventionally powered vehicles."
Energy Markets
WTI Crude Oil: ↑ $78.79
Natural Gas: ↑ $2.84
Gasoline: ↓ $3.23
Diesel: ↓ $4.22
Heating Oil: ↑ $292.03
Brent Crude Oil: ↑ $84.13
** US Rig Count ([link removed])
: ↓ 673
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