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DAILY ENERGY NEWS | 11/30/2021

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When Larry Finks talks, people should definitely not listen.

National Center for Public Policy Research (11/23/21) blog: "Larry Fink, the woke CEO of BlackRock, is using his influence in the business world as well as his company’s massive asset portfolio to push his beliefs about climate policy on the rest of the world – whether it likes it or not. In a New York Times commentary, Fink called for '[a]chieving the net-zero transition' on emissions in just over 25 years. And he added that 'rich countries must put more taxpayer money to work in driving the net-zero transition abroad.' In his own Townhall commentary, Scott Shepard calls out Fink’s 'arrogant disregard' for others. He also asserts that Fink is 'legally and morally incompetent to fill the private policy-czar role that he has built for himself.'.. Furthermore, if Fink were really interested in getting tough about his zero-emission goal, he would be getting tough about China – which has a massive carbon output and seemingly little care for abiding by Fink’s agenda. Despite this, 'BlackRock announced a new Chinese ETF and Fink himself encouraged massive private investment in China,' Scott notes...'[T]here realistically isn’t any way that decarbonization will proceed according to the left’s politicized schedules,' Scott concludes. Yet Fink continues to promote the woke climate change agenda. And the New York Times abides when it gives him a larger platform than he already commands. That’s a loss to investors in BlackRock, and consumers everywhere."

"We don't have to guess what will happen with large mandates for unreliable wind and solar power. Electric bills will at least double, manufacturing will move elsewhere, and power blackouts will occur more frequently."

– David T. Stevenson,
Caesar Rodney Institute

Fool me twice, can't get fooled again.

Wall Street Journal (11/29/21) reports: "Nissan Motor Co. was once the world’s loudest proponent of electric cars, but these days it is one of the more sober voices. On Monday, the Japanese car maker said it would spend about $17.5 billion on 20 new battery-powered models, aiming to have half its sales come from electric cars or hybrids by 2030. Other car makers have set similar or more ambitious targets. Ford Motor Co. has said 40% of its sales in 2030 would be from fully electric vehicles. Nissan knows better than most how hard it is to predict electric-vehicle sales, said Chief Operating Officer Ashwani Gupta. The car maker started selling its Leaf electric hatchback in 2010, and the next year, then-Chief Executive Carlos Ghosn said that Nissan and its alliance partner, Renault SA, would sell a cumulative 1.5 million electric vehicles by 2016. They fell far short of the target. The Leaf’s short range and the lack of a widespread charging network meant few consumers were ready for a car that couldn’t be filled up at a gas station."

Nailed it.

The Hill (11/29/21) reports: "Transportation Secretary Pete Buttigieg stressed in a new interview that families who buy electric vehicles (EVs) 'never have to worry about gas prices again.' While speaking on MSNBC's "The Sunday Show With Jonathan Capehart," Buttigieg noted that Democrats' proposed social spending package includes incentives to make it more affordable to buy an electric vehicle. Buttigieg said that families would essentially have a "$12,500 discount" in transportation costs, adding that 'families who own that vehicle will never have to worry about gas prices again.' 'The people who stand to benefit most from owning an EV are often rural residents who have the most distances to drive, who burn the most gas, and underserved urban residents in areas where there are higher gas prices and lower income,' Buttigieg said. 'They would gain the most by having that vehicle. These are the very residents who have not always been connected to electric vehicles that are viewed as kind of a luxury item,' he added. 'If we can make the electric vehicle less expensive for everybody, more people can take advantage, and we'll be selling more American-made EVs, which means in time they'll become less expensive to make and to buy for everybody,' Buttigieg said."

'Green' energy not going over great in the Emerald Isles.

Limerick Post (11/28/21) reports: "SINN Féin TD for Limerick Maurice Quinlivan, has demanded that the Government act now to tackle the cost of living crisis.Deputy Quinlivan’s comments came as Sinn Féin published the results of the party’s cost of living survey this week, which, he says, exposes the major financial pressures workers and families are under due to rising costs...“Pensioners spoke of being afraid to open their energy bills, as they knew they wouldn’t be able to pay them. Workers spoke of being forced to choose between buying food or filling up a tank of petrol.'...'Sinn Féin are publishing proposals to tackle the cost of living crisis. The government must act. One key step to ease these financial pressures this winter is for the government to remove VAT from domestic energy bills.' He concluded: 'Energy prices have risen by 25 percent, while the cost of home heating oil has soared by a staggering 71 percent. The government increase in Carbon tax is pushing bills up further, putting more families under real pressure.This government is ignoring how much pressure households are under this winter.' 'The first step they can take is to remove VAT from domestic energy bills for low and middle income households this winter. Secondly, the Government must cut rents and then freeze them. Thirdly, they must scrap carbon tax hikes.”'

Maybe Leo does think his beach house was going to end up underwater. Strike that. Turns out he swapped it out for "a secluded home in a small gated community in Malibu with direct access to the ocean." ¯\_(ツ)_/¯

Barrons (11/30/21) reports: "Leonardo DiCaprio has just sold his property in California’s upscale Malibu after calling it home for more than 20 years—and in this autumn’s hot real estate market, he bagged above asking price for the oceanfront spread. The three-bedroom home sold last week for $10.3 million, less than three months after it hit the market in early September for an even $10 million, listing records show. Built in 1950, and steps away from the sandy shoreline, the 1,765-square-foot property is the “best house” on exclusive Carbon Beach, according to the listing with Kathryn Bentzen of Coldwell Banker Realty, who didn’t immediately respond to a request for comment...Last week’s deal is the latest move in the Oscar winner’s real estate-portfolio reshuffling this year. In September, it was reported that the star had paid $13.8 million for a secluded home in a small gated community in Malibu with direct access to the ocean. '

The Green New Deal: courtesy of unimaginable human suffering.

DNYUZ (11/29/21) reports: "Democratic Republic of Congo — A man in a pinstripe suit with a red pocket square walked around the edge of a giant pit one April afternoon where hundreds of workers often toil in flip-flops, burrowing deep into the ground with shovels and pickaxes. His polished leather shoes crunched on dust the miners had spilled from nylon bags stuffed with cobalt-laden rocks. The man, Albert Yuma Mulimbi, is a longtime power broker in the Democratic Republic of Congo and chairman of a government agency that works with international mining companies to tap the nation’s copper and cobalt reserves, used in the fight against global warming. Mr. Yuma’s professed goal is to turn Congo into a reliable supplier of cobalt, a critical metal in electric vehicles, and shed its anything-goes reputation for tolerating an underworld where children are put to work and unskilled and ill-equipped diggers of all ages get injured or killed...His grip on the mining industry has complicated Congo’s effort to attract new Western investors and secure its place in the clean energy revolution, which it is already helping to fuel with its vast wealth of minerals and metals like cobalt. Batteries containing cobalt reduce overheating in electric cars and extend their range, but the metal has become known as 'the blood diamond of batteries' because of its high price and the perilous conditions in Congo, the largest producer of cobalt in the world. As a result, carmakers concerned about consumer blowback are rapidly moving to find alternatives to the element in electric vehicles, and they are increasingly looking to other nations with smaller reserves as possible suppliers."

Energy Markets

WTI Crude Oil: ↓ $67.94
Natural Gas: ↓ $4.54
Gasoline: ~ $3.39

Diesel: ↓ $3.63
Heating Oil: ↓ $211.00
Brent Crude Oil: ↓ $71.10
US Rig Count: ↑ 665

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