Your Morning Energy News

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MORNING ENERGY NEWS | 09/21/2021
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** Don't worry, government subsidies for an over-heated financial market for EVs will definitely work better in the U.S. than it did in China...
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Financial Post ([link removed]) (9/20/21) reports: "Visitors to Byton Ltd.’s website are greeted with colour-saturated images of shiny electric cars gliding along manicured streets. Those paying a visit to the automaker’s factory in Nanjing, eastern China may be less impressed. The plant is modern and huge, gleaming under the hot summer sun. But there’s total silence. Production has been suspended since the pandemic began and there’s no one around except for a lone security guard. Bordrin and Byton represent the flip side of China’s EV success. While home-grown stars like Nio Inc. and Xpeng Inc. have gone on to raise billions of dollars and are now selling cars in numbers that rival Tesla Inc., scores more have fallen by the wayside, unable to raise the crazy amounts of capital needed to make automobiles at scale. In many cases, they were lured into existence by provincial
governments dangling cash and other incentives to make Beijing’s dream of turning China into an EV powerhouse a reality. Local authorities helped manufacturers set up factories that promised jobs and development — if they succeeded. But the tide began to turn in November, when regulators asked regional governments to review and report back on the scale of their support for the auto industry. Alarmed by unbridled investment in the sector — and the bankruptcies and zombified factories that came with it — Beijing is applying the brakes."


** "Europe is showing the folly of trying to purge CO2 from the economy. No matter how heavily subsidized, renewables can’t replace fossil fuels in a modern economy. Households and businesses get stuck with higher energy bills even as CO2 emissions increase. Europe’s problems are a warning to the U.S., if only Democrats would heed it."
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– Wall Street Journal Editorial Board ([link removed])

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U.S. Taxpayers forking over tens of billions of dollars to the U.N. Remind me, again, why this isn't a treaty?

** Wall Street Journal ([link removed])
(9/20/21) reports: "The coming climate summit in Glasgow, Scotland, runs a 'high risk of failure' unless world leaders take stronger measures to stem greenhouse-gas emissions, United Nations Secretary-General António Guterres said Monday. Mr. Guterres made his comments to reporters following a two-hour closed session with U.K. Prime Minister Boris Johnson, U.S. climate envoy John Kerry and other leaders on the sidelines of the U.N. General Assembly meeting. It followed a U.N. report Friday that said the world isn’t close to meeting targeted reductions in greenhouse gases laid out at the Paris climate accord in 2015...Wealthy countries were supposed to give at least $100 billion annually starting in 2020 to help the developing world shift away from fossil fuels and protect themselves against the effects of global warming. Several world leaders said in Monday’s session that they recognize how essential those payments are, Mr. Guterres said. And one U.S. official promised 'some good news was
imminent' on that financing, according to another senior U.N. official who was in the room."

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Am I missing something here? Isn't producing your own energy at home better than begging Russia for more?

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Your periodic reminder that the Dems don't actually believe that climate change is an existential threat to humanity: they are actively working to make mining harder in the U.S., not easier.

** Bloomberg ([link removed])
(9/21/21) reports: "The era-defining shift from fossil fuels to clean energy will deliver an unprecedented new boom for commodities—and an opportunity for investors—as a range of relatively obscure materials become essential to delivering emissions-free power, transport and heavy industry. The transition could require as much as $173 trillion in energy supply and infrastructure investment over the next three decades, according to research provider BloombergNEF, and will reverberate from lithium-rich salt flats in Chile to polysilicon plants in China’s Xinjiang region...By 2030, demand for cobalt, used in many battery types, will jump by about 70%, while consumption of lithium and nickel by the battery sector will be at least five times higher, according to BNEF. There’ll be a need for more manganese, iron, phosphorus and graphite, while copper, needed in clean energy technologies and to expand electricity grids, will also be a major beneficiary.Four key components of the energy
transition—solar panels, wind turbines, lithium-ion batteries, and EV charging units—show the complexity of supply chains required to help the world quit fossil fuels, and how the need for vast quantities of crucial metals should spur prices higher."

Energy Markets


WTI Crude Oil: ↓ $70.70
Natural Gas: ↓ $4.85
Gasoline: ~ $3.19

Diesel: ~ $3.30
Heating Oil: ↑ $217.66
Brent Crude Oil: ↑ $74.44
** US Rig Count ([link removed])
: ↓ 607



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