Do better Ohio politicians

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DAILY ENERGY NEWS | 03/04/2024

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It is clear to me this factory should not be built. It is equally clear to me that JobsOhio should be shut down. Thank you, Mike, for bringing this to our attention.

Washington Times (2/28/24) column: "A public meeting in Pataskala, Ohio — a small town east of Columbus — focused on a new factory in town was held this week. This particular factory is not much different from other factories, except that it makes solar panels, and one of the companies that built and operates it is LONGi, a company based in China with all kinds of ties to the Chinese Communist Party. Keep in mind the regime in Beijing — which has been declared genocidal by both the Biden and Trump administrations — owns, controls or processes about 80% of the materials that go into solar panels. Two experts at the meeting, Nate Picarsic and Emily deLaBruyere, were from the Foundation for the Defense of Democracies. They patiently explained that the involvement of the Chinese Communist Party in this factory inevitably meant that the factory — like all economic investments by China — would ultimately and probably immediately be used to further the military, political and economic purposes of the regime in Beijing. Most who attended the meeting know that something isn’t right and their new neighbors aren’t good guys....It is also clear that an outfit called JobsOhio is part of the problem. It is shipping $4 million to the partnership. What makes that worse is that JobsOhio gets its money through an arrangement constructed by former Gov. John Kasich in which the profits of the liquor industry flow to JobsOhio, which in turn 'invests' in projects it deems worthwhile. Despite being a creature of the state, JobsOhio has no meaningful oversight, which gives it the flavor of a slush fund for well-connected former politicians."

"World leaders continue experiencing a 'dangerous delusion' of a global transition to 'just electricity' that they believe will eliminate the use of the crude oil that made society achieve so much in a few centuries. Without those products made from petrochemicals manufactured from crude oil, the policymakers must be imagining NO jets, ships, defense, or space programs in our future!"

– Ronald Stein, P.E.,
Heartland Institute

For anyone keeping track of how much "free energy" costs these days, New York’s offshore wind is now double the price that they agreed to in 2019.

Politico (2/29/24) reports: "The cost to consumers of two offshore wind projects expected to support New York’s climate goals has more than doubled, Gov. Kathy Hochul announced on Thursday. NYSERDA announced awards for the early projects that developers had threatened to cancel without higher prices. The agreements, which still need to be finalized, are expected to keep 1,700 megawatts of offshore wind — enough to supply 10 percent of New York City’s and Long Island’s electricity needs — on schedule for 2026. The projects are deemed critical to New York trying to reach 70 percent renewable energy sources by 2030, but the state has been struggling with how to reach those goals without overburdening utility customers. The estimated impact to consumer bills for the two projects will be 2 percent, or about $2 per month, under the new 25-year agreements. The 2019 agreements were expected to increase bills between 0.49 percent and 0.9 percent or 73 cents per month, according to NYSERDA."

The people who run this "deeply committed" Justice Department should be just that...committed.

And another one gone.

Reuters (3/1/24) reports: "Invesco Friday became the fifth major U.S. investor to exit or scale back their involvement with the Climate Action 100+ coalition of investors, which aims to push highly polluting companies to cut their carbon emissions. The move follows a decision by the fund arms of JPMorgan and State Street and bond giant Pimco to leave in recent weeks, while BlackRock reduced its involvement with the group. The decision of Invesco, which manages $1.6 trillion in assets, and the others to leave came as CA100+ gears up to implement Phase 2 of its engagement plan, which would see members put more pressure on companies to cut their emissions. Coalitions such as CA100+ have been criticised by some U.S. Republican politicians as potentially being in breach of antitrust law, although in a statement last week CA100+ said it was confident this was not the case."

Energy Markets

WTI Crude Oil: ↑ $80.07
Natural Gas: ↑ $1.94
Gasoline: ↑ $3.35

Diesel: ↑ $4.05
Heating Oil: ↓ $266.51
Brent Crude Oil: ↓ $83.83
US Rig Count: ↑ 664

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