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DAILY ENERGY NEWS | 07/29/2024
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** That's a lot of zeros.
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The Daily Caller ([link removed]) (7/27/24) reports: "U.S. Treasury Secretary Janet Yellen said during a speech in Belem, Brazil, on Saturday that the price tag for a global transition to a low-carbon economy amounts to $78 trillion in financing through 2050. Yellen said that in order to achieve the goal of net-zero global carbon emissions, there would need to be $3 trillion globally in annual financing for the cause, which she said is a top priority for the Biden administration, according to the speech. In order to contribute to this, Yellen vowed to finance green initiatives in developing countries through multilateral development banks and develop 'clean energy technologies.' 'The transition will require no less than $3 trillion in new capital from many sources each year between now and 2050,' Yellen said during the speech. 'This can be leveraged to support pathways to sustainable and inclusive growth, including for
countries that have historically received less investment.'”
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** "The Inflation Reduction Act as a whole — touted as $1.5 trillion, but estimated by many to be more like $2-3 trillion — is not a rounding error. Devoting that kind of money to uneconomic and wealth-destroying projects can have disastrous consequences. I expect that we will escape the fate of China in the 1950s, but we can’t be sure until the climate crazies are defeated."
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– F ([link removed]) rancis Menton, Manhattan Contrarian ([link removed])
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Struggle bus.
** Wall Street Journal ([link removed])
(7/28/24) reports: "Automakers are warning of profit pressures in their traditional car businesses, a fresh worry that adds to the challenges already posed by the industry’s costly transition to electric vehicles. Ford Motor, Tesla and Jeep-maker Stellantis last week saw their share prices hammered after posting results that fell short of Wall Street’s expectations. General Motors beat estimates and raised its full-year profit outlook, but its shares also sank. Reasons for the pressure on profits ranged from warranty expenses and bloated vehicle inventory to trouble in overseas operations. Taken together, they signaled to investors that carmakers—while pushing toward a transformation to tech-infused electric vehicles—are facing speed bumps... Car companies for years have made the case that they are ready to become technology companies, with plans to transform cars into battery-powered smartphones on wheels. Those ambitions, coupled with an unprecedented run of profitability fueled by
stout pricing, lifted stocks. Wall Street’s enthusiasm for that vision has faded, as U.S. electric-vehicle demand hasn’t taken off as expected. Now, with signs that pricing is losing steam as the American car buyer grapples with high interest rates, investors are looking for reasons to stick around.
Not factored into this analysis: beef is 31 times more delicious than tofu.
** The Economist ([link removed])
(7/27/24) tweet:
** ([link removed])
I don't see the problem here.
** Raw Story ([link removed])
(7/28/24) reports: "An MSNBC panel of pundits couldn't help but laugh on Sunday after former President Donald Trump promised 'so much electricity' that Americans would be saying, 'Please, President, we don't want any more electricity.' During a Sunday panel discussion on MSNBC, host Alicia Menendez read a quote from a recent Trump rally. 'Let me just read it to you because the nuttiness will come through,' she said. 'We will be creating so much electricity that you'll be saying, please, please, President, we don't want any more electricity. We can't stand it. You'll be begging me, no more electricity, sir. We have enough. We have enough.'"
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Energy Markets
WTI Crude Oil: ↓ $76.75
Natural Gas: ↓ $1.98
Gasoline: ↓ $3.51
Diesel: ↓ $3.81
Heating Oil: ↓ $240.78
Brent Crude Oil: ↓ $80.70
** US Rig Count ([link removed])
: ↑ 621
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