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MORNING ENERGY NEWS  | 10/21/2021
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Biden shuts down energy in America, while China tells mines to produce 'as much coal as possible.  Who wins this race?


CNN (10/20/21) reports: "The Chinese government has ordered the country's coal mines to "produce as much coal as possible" as it tries to increase production as winter approaches, and ease an ongoing energy crunch. The announcement from China's National Development and Reform Commission comes after weeks of power shortages across many provinces, forcing the government to ration electricity during peak hours and some factories to suspend production. The problem has weighed on economic growth as industrial output drops. Beijing pushed coal mines to curtail production earlier this year as the country pursued ambitious targets to cut carbon emissions. But demand has surged for projects that require fossil fuels, and there just hasn't been enough power to go around. To combat the problem, China began ordering coal mines to ramp up production, with authorities in Inner Mongolia, the country's second largest coal-producing province, ordering dozens of mines to boost output earlier this month."

"The continued expansion of weather-dependent renewables will increase electricity costs and blackouts across the United States, as they did in California and Texas." 

 

– Michael Shellenberger

The world is starved for energy, prices are spiking, and Larry Fink’s minions are trying to get Exxon to back down from future projects.


MSN (10/20/21) reports: "Exxon Mobil Corp board is debating whether to continue with several major oil and gas projects amid a global push from investors for fossil fuel companies to be more cost-conscious and green-energy friendly, WSJ reported on Wednesday. Activist investor Engine No. 1 in May shocked the oil-and-gas industry when three of its four nominees were elected to the board by Exxon shareholders, who were frustrated by weak returns and the company's flagging attention to climate concerns. The appointment of activist Jeff Ubben in March put a third of the 12-member board in new hands. The board members expressed concerns about some projects, including a $30 billion liquefied natural gas development in Mozambique and another multibillion-dollar gas project in Vietnam, the WSJ report said, citing people familiar with the matter. Exxon did not immediately respond to a Reuters request for comment. The Mozambique and Vietnam projects have been stalled for long periods over local fights as well as sour gas and high costs. No final investment decisions have been taken on these projects."

COP26 looks to be a smashing success when developing countries are not on board with net zero by 2050 plans. 


Climate Home News (10/20/21) reports: "A group of emerging economies has accused rich nations of unfairly imposing a universal 2050 net zero goal on the developing world. In a ministerial statement ahead of the Cop26 climate talks, which start in Glasgow on 31 October, the group of “like-minded” developing countries issued a strong rebuke to the UK host for calling on all countries to cut their emissions to net zero by the middle of the century. Ministers from the group of 24 nations, which includes China, India, Egypt, Indonesia, Pakistan, Saudi Arabia and Vietnam, accused rich nations of failing to address their historic responsibility for causing climate change and shifting the burden on developing economies. 'Major developed countries are now pushing to shift the goal posts of the Paris Agreement from what have already been agreed by calling for all countries to adopt net zero targets by 2050,' they wrote. 'This new "goal" which is being advanced runs counter to the Paris Agreement and is anti-equity and against climate justice.' Instead, developed countries should 'aim for their full decarbonization within this decade' to allow developing countries more time to grow their economies and meet energy demands, the statement said."

Don't we need copper and nickel for the forced energy transition Joe?


Casper Star-Tribune (10/20/21) reports: "MINNEAPOLIS (AP) — The Biden administration dealt a serious blow Wednesday to the proposed Twin Metals copper-nickel mine in northeastern Minnesota, ordering a study that could lead to a 20-year ban on mining upstream from the Boundary Waters Canoe Area Wilderness...The Biden administration has taken several steps on the environmental front to reverse the previous administration's initiatives. Earlier this month, President Joe Biden restored the Bears Ears and Grand Staircase-Escalante national monuments in Utah, undoing President Donald Trump’s decision to open them for mining and other development. Biden also killed the Keystone XL oil pipeline, although he has disappointed environmental and Native American groups by not stopping the Enbridge Energy Line 3 oil pipeline...'Twin Metals Minnesota is deeply disappointed with the federal government’s action to initiate a mineral withdrawal study yet again on nearly 230,000 acres of land in northeast Minnesota, which sits on top of the world’s largest known undeveloped copper-nickel deposit,' the company said in statement. 'We are working to determine the best path forward to continue advancing our proposed world-class underground copper, nickel, cobalt and platinum group metals mine.'”

Energy Markets

 
WTI Crude Oil: ↓ $82.41
Natural Gas: ↓ $5.08
Gasoline: ↑ $3.36
Diesel: ↑ $3.57
Heating Oil: ↓ $255.06
Brent Crude Oil: ↓ $84.78
US Rig Count: ↑ 639

 
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