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MORNING ENERGY NEWS 5/6/2021
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** Shocker, oil company profits have little to do with renewables investments.
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OilPrice.com ([link removed]) (5/03/21) reports: "The world’s largest oil companies reported solid earnings and strong cash flow generation for the first quarter. But all those profits had very little to do with the pledges from Europe’s major oil firms to boost investment in renewables and work more for low-carbon energy solutions to reach net-zero emissions by 2050. The main driver of the higher earnings—in Exxon’s case a return to earnings after four consecutive quarters of losses—was the recovery of oil prices during the first quarter this year.
All supermajors benefited much more from the rising oil and gas prices and profitable oil and gas trading than from their investments in renewable energy."
** "EVs present an opportunity to raise awareness about fuel and service savings for consumers, dramatic American competitiveness and job creation potential, and a choice to protect public and environmental health by removing harmful tailpipe emissions from communities"
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– ([link removed]) Joseph Britton, Zero Emission Transportation Association ([link removed])
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Wee Little Jimmy
** Washington Post ([link removed])
(5/4/21) editorial: "On first glance, the photograph seems typical enough. President Biden and first lady Jill Biden kneel beside their predecessors in the White House, Jimmy and Rosalynn Carter, during a trip to Georgia last week. But look closer at the image — a snapshot of two Democratic leaders with a decades-long alliance — and something appears to be terribly off: Both Bidens tower over the Carters and the rest of the scene, as if they had been transported into a dollhouse."
We prefer the original
** Fox News ([link removed])
(5/05/21) reports: "Rep. Alexandria Ocasio-Cortez and other progressive lawmakers are calling for the creation of a 1.5 million-strong group of civilians to work on federally funded projects addressing climate change as part of their sweeping Green New Deal legislation. Members of the Civilian Climate Corps would receive on-the-job training and work with community groups on initiatives to "reduce carbon emissions, enable a transition to renewable energy, build healthier and more resilient communities, implement conservation projects with proven climate benefits, and help communities recover from climate disasters."
ESG Investing is a clever ruse
** Forbes ([link removed])
(5/05/21) reports: "Ethical investing has attracted a lot of attention, and billions of funds, in recent years. However, the true impact of Environment Social and Governance (ESG) investing on portfolio returns is hotly debated. In a recent paper, researchers suggest that firms do suffer for their bad behavior, but that benefits from an ESG focus are harder to find, both in companies’ financials and their investors’ returns. This is consistent with recent research that found that favorable ESG ratings may not have been a key factor in the stocks that did well during the pandemic period."
Energy Markets
WTI Crude Oil: ↓ $65.54
Natural Gas: ↓ $2.93
Gasoline: ↑ $2.94
Diesel: ↑ $3.09
Heating Oil: ↑ $199.93
Brent Crude Oil: ↓$68.87
** US Rig Count ([link removed])
: ↓ 524
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