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MORNING ENERGY NEWS  |  11/23/2020
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EV daydreams are a nightmare for the working class.


The Daily Mail (11/20/20) reports: "A third of motorists are unable to afford even the cheapest electric car, experts warn. The figure – equivalent to ten million households – highlights how many ordinary families will struggle to finance the switch from petrol and diesel cars being pushed by ministers. Even middle-earning households will have difficulty paying for one of the cheapest leased electric vehicles – the £170-a-month Skoda Citigo. The analysis by the Centre for Economics and Business Research (CEBR) shows drivers need to be spending at least £2,100 a year on their current car, including fuel, to comfortably afford an electric vehicle. Households that spend around £1,800 could afford a plug-in car at a squeeze, but those who spend around £1,400 will have difficulty. Drivers who spend up to that will find it impossible to afford. CEBR economists said the research proves that 'access to an electric vehicle is a pipe dream for a third of the population'. "


"The trade-off to eliminate fossil fuels too quickly is allowing 11 million children in the world dying every year from preventable causes of diarrhea, malaria, neonatal infection, pneumonia, preterm delivery, or lack of oxygen at birth."

 

– Ronald Stein, P.E.,
The Heartland Institute

If the greens practiced what they preached, they could rid the world of their doomsday emails AND save the planet.


Mail Online (11/19/20) reports: "Everyone has done it - sending a quick email to say 'thanks' or 'no problem' to a work colleague. But the millions of unnecessary messages sent every day are pumping thousands of tonnes of carbon into the atmosphere, researchers say. This is all down to the power they consume, and contributes more than 23,000 tonnes of carbon a year to the UK's footprint.While emails are an integral form of communication, if we all cut back on just one 'thank you' email per day could save over 16,000 tonnes of carbon a year, according to a study. This is the equivalent of 81,152 flights from London to Madrid or taking 3,334 diesel cars off the road. The research, carried out by OVO Energy at the end of last year, found 49 per cent of Brits confessed to sending unnecessary emails every day. Phrases such as 'Have a good evening', 'Cheers' and 'Appreciated' were among the top 10 emails sent. 'Thank you', 'LOL' and 'Did you get this?' were also common messages."

The first sentence is all you need to read.


Reuters (11/19/20) reports: " Canada, which has never met any of its climate change targets, on Thursday unveiled measures to toughen Ottawa’s stance on global warming and ensure the country hit a goal of net zero emissions by 2050. Some critics were unmoved, with Green Party leader Annamie Paul dismissing the approach as 'more smoke and mirrors'. Liberal Prime Minister Justin Trudeau has made the environment a priority since taking power in 2015 and introduced a first ever national price on carbon. Canada, a major oil exporter, is one of the world’s largest per capita emitters of greenhouse gases. 'We don’t have to choose between clean air and good jobs,' Trudeau told reporters, saying Canada need to keep up with competitors that were taking more aggressive steps. Under draft legislation presented on Thursday, governments will - from 2030 - have to present rolling five-year targets for cutting emissions rather than setting a goal many decades away that could be ignored by subsequent administrations. If a government of any stripe fails to hit a goal, it must explain why, but there are no penalties involved."

The pendulum will continue to swing wildly until Congress gets back in the game and starts legislating again. 


Bloomberg (11/12/20) reports: "The SEC will have the power, under Democratic control, to mandate corporate disclosures on diversity and climate change risks, police more of Wall Street, and reverse recent efforts to ease capital raising in private markets in the coming years. President-elect Joe Biden has made addressing racial equity and climate change priorities for his administration, saying he’d require companies to disclose climate risks and the racial and gender composition of their boards. Commissioner Allison Lee, the Securities and Exchange Commission’s most senior Democrat, frequently has called for more environmental, social, and governance disclosures from companies. Democrats have also said that SEC enforcement under Chairman Jay Clayton went easy on big banks and other large corporations, and that the agency didn’t do enough to protect retail investors through its rules and policies. How far the SEC goes in mandating more corporate disclosures and reversing Trump-era regulations and policies will hinge on the chairman, who will set the agenda for the independent agency. 'Depending on who is the next chair, the shift might be either reversion to the mean or whiplash inducing,' said Urska Velikonja, a Georgetown University Law Center professor who studies the SEC."

Energy Markets

 
WTI Crude Oil: ↑ $42.96
Natural Gas: ↑ $2.67
Gasoline: ↓ $2.10
Diesel: ~ $2.39
Heating Oil: ↑ $130.74
Brent Crude Oil: ↑ $45.70
US Rig Count: ↑ 397

 
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