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MORNING ENERGY NEWS  | 07/12/2021
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If Cuba manages to win its freedom the E.U. is more than happy to take over as the world leader in trapping residents in ancient cars. 


Bloomberg (7/9/21) reports: "The European Union is set to propose all new cars sold from 2035 should have zero emissions, as part of an unprecedented plan to align its economy with more ambitious climate targets. The European Commission, the bloc’s regulatory arm, plans to require emissions from new cars and vans to fall by 65% from 2030 and drop to zero from 2035, according to an EU document seen by Bloomberg News. The tougher pollution standards will be complemented by rules that will oblige national governments to bolster vehicle charging infrastructure. The clean overhaul of transport will be part of a swath of measures to be unveiled next week to enact a stricter 2030 climate goal of cutting greenhouse gases by at least 55% from 1990 levels. Europe aims to become the world’s first net-zero emissions continent by 2050, which will require overhauling every corner of its economy with transport and industry being the biggest challenges. 'There’s no way around it, reaching net zero by 2050 means phasing out combustion vehicle sales by 2035 at the latest,' said Colin McKerracher, head of advance transport research for BloombergNEF."

"The doomsayers of the 1960s and 1970s were anything but saviors. They were just dead wrong. Worse, they did great damage to human freedom — especially in the poorest countries — and their faulty science was used as an excuse for imposing barbaric government controls on tens of millions of people around the globe. There should be a scientific consensus that that is not an episode we ever want to repeat." 

 

– Stephen Moore & David Simon,
The American Spectator

FERC helps California steal electricity from others passing through their state for "emergencies" they created. 


Wall Street Journal (7/11/21) column: "President Biden wants to spend tens of billions of dollars on transmission lines to transport renewable electricity across states, which he says will improve grid reliability. His climate model of California is showing the limits and risks of this strategy. California’s Independent System Operator (Caiso) on Friday and Saturday issued emergency alerts urging residents to conserve power during the evenings to avoid rolling blackouts. A wildfire in Oregon threatened transmission lines that import thousands of megawatts of hydropower that are needed when the sun starts to go down. Progressives blamed Texas’s power outage in February on its limited ability to import power from other states after its wind turbines froze and not enough natural gas plants could ramp up to compensate. But grids in neighboring states had little power to spare, which was the problem this weekend in California and will continue to be all summer. The California Public Utilities Commission ordered Caiso last month to procure more power for evening hours this summer due to reduced hydropower generation and imports caused by drought. It’s not clear where Caiso plans to get the power since supply is expected to be tight across the Western U.S. for the same reasons. Rest assured, Caiso has a back-up plan: Snatch energy headed elsewhere. Caiso manages interconnections between utilities and power providers across the Western U.S. For instance, Arizona utilities contract with hydropower plants in the Northwest for power that is transmitted through California."

Cities are full of rodents.


New York Post (7/11/21) reports: "Elon Musk may have a rat problem. Fans of the South African billionaire’s electric cars say rats, mice and rodents are chomping down on their Teslas. And despite having dropped tens of thousands of dollars to buy the pricey vehicles, Tesla refuses to cover the damage Sarah Williams, a 41-year-old physician who lives in Manhattan and uses her Tesla to commute to work in the Bronx, told the Post of an alarming incident when she took her 2018 Model 3 into Tesla’s Paramus, NJ, dealership in mid-May after her air conditioner had stopped working. 'They opened the glove compartment and a rodent fell out,' she said. 'It’s crazy.' The pest apparently found its way into Williams’ Tesla and gobbled through several internal wires that were insulated with soy rather than oil, which critics claim makes them more appealing to rodents. When Williams — who paid $59,200 for her car — complained, the company refused to help. The repair has taken more than a month, and estimated costs have soared over $5,000, she said. Despite repeated promises that the pricey vehicle will be ready soon, Williams was unable to pick up her Tesla at the time of this publication — almost two months later."

With climate, ALWAYS "follow the money."  


Wall Street Journal (7/11/21) column: "Western politicians have failed to persuade their own voters to commit economic suicide by banning fossil fuels, and forget about China, Russia or India. The climate lobby’s fallback, which is starting to emerge, is to punish the foreigners and their own consumers with climate tariffs. Bureaucrats at the European Commission are due to unveil the proposed Carbon Border Adjustment Mechanism (CBAM) later this month, but a draft recently leaked. Brussels wants to impose tariffs to bring the cost of carbon-dioxide emissions tied to an imported good into line with what a European producer would pay to produce the same good. This is an admission that the European Union’s emissions-trading scheme (ETS) is bad for the economy. European companies are less competitive because they have to pay for their emissions and foreign companies don’t. Environmentalists say the ETS encourages companies to send production offshore to avoid the ETS, which greens call 'carbon leakage' and most people would call common sense. The CBAM is intended to level the playing field, at least within the European market...The carbon-tariff plan may be intended to goad the Biden Administration into imposing a carbon tax that would burden U.S. businesses with the same climate costs as Europe’s. The list of targeted industries appears calculated to minimize the effect on trade with the U.S., but the threat of expansion to cover more goods is serious. John Kerry, President Biden’s climate envoy, has said the Administration is evaluating a climate border tax. And the political temptation to please climate greens and protectionist unions with tariffs, especially toward China, will grow."

Energy Markets

 
WTI Crude Oil: ↓ $73.61
Natural Gas: ↑ $3.74
Gasoline: ~ $3.14
Diesel: ↑ $3.26
Heating Oil: ↓ $212.85
Brent Crude Oil: ↓ $74.60
US Rig Count: ↓ 534

 
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