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DAILY ENERGY NEWS | 12/02/2021
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** And you shall know the truth, and the truth shall make you free.
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Automotive News ([link removed]) (12/02/21) reports: "Stellantis CEO Carlos Tavares said external pressure on automakers to accelerate the shift to electric vehicles potentially threatens jobs and vehicle quality as producers struggle to manage the higher costs of building EVs. Governments and investors want car manufacturers to speed up the transition to EVs, but the costs are "beyond the limits" of what the auto industry can sustain, Tavares said in an interview at the Reuters Next conference released Wednesday. "What has been decided is to impose on the automotive industry electrification that brings 50 percent additional costs against a conventional vehicle," he said. "There is no way we can transfer 50 percent of additional costs to the final consumer because most parts of the middle class will not be able to pay." Automakers could charge higher prices and sell fewer cars, or accept
lower profit margins, Tavares said. Those paths both lead to cutbacks. Union leaders in Europe and North America have warned tens of thousands of jobs could be lost."
** It's been a particularly bad week for the fourth branch. Tom and Mike break it down and much more on episode #60 of The Unregulated Podcast now streaming on our website ([link removed]) or wherever you listen to podcasts.
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** The show is available on all your favorite platforms including Sound Cloud ([link removed]) , Apple Podcasts ([link removed]) , Spotify ([link removed]) , Stitcher ([link removed]) , Podbay ([link removed]) , Blubrry ([link removed]) , and TuneIn ([link removed]) .
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** "If extremists continue to advance a radical energy agenda that erodes the United States’ position as a global leader in the production of cleaner-burning natural gas, we will concede our economic future – and global progress on climate change – to China."
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– John Yudichak, R ([link removed]) eal Clear Energy ([link removed])
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Defund the ESG police...
** Clean Energy Wire ([link removed])
(12/01/21) reports: "Most of the money put into so-called sustainable funds in Germany is not invested in projects that differ significantly from conventional investment funds, NGO Finanzwende has found in an analysis. “The result is a devastating evaluation of the green investment boom,” the NGO said. Investors seeking to put their capital into climate-friendly activities are potentially being led astray by the fast-growing investment vehicles, as many of the funds promoted as sustainable do not abide by the ESG (environmental, social, governance) principles for sustainable finance, the NGO said. The analysed funds included shares in fossil fuel companies such as Shell, ExxonMobile and Total, or stakes in businesses criticised for their working conditions, such as Amazon, or even in the scandal-ridden German digital banking company Wirecard. “The big promise of many green funds to do good for other people and the environment often does not amount to more than greenwashing,” said Magdalen
Senn of Finanzwende. In a sustainability fund managed by the investment branch of public banking group Sparkassen, Deka Investment, the top 10 positions did not differ from its conventional counterpart in May 2021 , the NGO found. Only a strict European standard that sets a common definition for sustainability in investments could remedy the situation, Senn argued."
What happens in Glasgow stays in Glasgow.
** Bloomberg ([link removed])
(12/02/21) reports: "It’s been less than a month since world leaders pledged to combat climate change at the COP26 summit in Glasgow, yet Japan is already showing signs of putting the brakes on divestment from fossil fuels. Government officials have been quietly urging trading houses, refiners and utilities to slow down their move away from fossil fuels, and even encouraging new investments in oil-and-gas projects, according to people within the Japanese government and industry, who requested anonymity as the talks are private. The officials are concerned about the long-term supply of traditional fuels as the world doubles down on renewable energy, the people said. The import-dependent nation wants to avoid a potential shortage of fuel this winter, as well as during future cold spells, after a deficit last year sparked fears of nationwide blackouts. Japan joined almost 200 countries last month in a pledge to step up the fight against climate change, including phasing down coal power and
tackling emissions. However, the moves by the officials show the struggle to turn those pledges into reality, especially for countries like Japan which relies on imports for nearly 90% of its energy needs, with prices spiking partly because of the world’s shift away from fossil fuel investments."
Your daily reminder that the greens could care less about you.
** BBC News ([link removed])
(1202/21) reports: "When she goes in to check on him at night, Sandy Birtles says she can hardly see her teenage son for all the layers on his bed. The single mother of two says that the family do all they can to keep warm as the bills continue to rise. "I do not have the heating on when the kids are at school," she said. "If I'm not running around and clearing up, then I'm wrapping up in a coat." She said that financial pressures mean she had been "penny-pinching all the time", but she said rising energy bills have added to the strain. They have to be careful not to use too much hot water, she said, and when her 15-year-old son wanted to add to his bedding she got him a double duvet."
Energy Markets
WTI Crude Oil: ↓ $64.80
Natural Gas: ↓ $4.29
Gasoline: ~ $3.38
Diesel: ↓ $3.38
Heating Oil: ↓ $209.26
Brent Crude Oil: ↓ $68.19
** US Rig Count ([link removed])
: ↑ 670
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