Where are all the "bad boys"

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DAILY ENERGY NEWS | 06/02/2022

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Whatcha gonna do, whatcha gonna do...to keep the light on this summer?

Real Clear Energy (5/31/22) column: "Political leaders of developing countries face constant pressure to generate enough electricity for their populations as they are being asked to reduce dependence on fossil fuels. In a bold and rebellious move, India has ordered reopening more than 100 dormant coal mines to meet skyrocketing domestic power demand. The action is just one of the many measures that the country has taken to ensure a seamless supply of coal to power plants that generate more than 70 percent of the electricity consumed by the subcontinent’s industries and 1.3 billion people. Leaders in developing parts of the world are ready to wear a badge of dishonor that climate alarmists award those who reject their absurd policy proposals...'Earlier we were hailed as bad boys because we were promoting fossil fuel and now we are in the news that we are not supplying enough of it,' said India’s Coal Secretary, pointing to the negative coverage of a media that change colors as frequently as chameleons and the global hypocrisy over fossil fuels...Consistent with recent policies, India has again chosen to prioritize energy production over climate policies. The number of mines to reopen is expected to total nearly 200 soon...Those in charge of India’s power generation embrace the 'bad boy' tag to ensure that 1.3 billion people have affordable and reliable power. However, their legacy may be one of wisdom while those who cling to foggy, pseudo-scientific projections about climate lead their people to economic decline."

"Such are the contradictions of the climate agenda. It demands more clean energy, yet drives clean nuclear power out of business. It promises reliability and low costs, but leaves families and job creators wondering if the lights will stay on and hoping their bills won’t go higher."

– Jason Hayes,
Mackinac Center for Public Policy

This is tremendous and should be celebrated, but it's hard to imagine this triumph is sustainable given the current regime's energy policies...

EIA (5/31/22) reports: "According to the most recent results from the 2020 Residential Energy Consumption Survey, 88% of U.S. households use air conditioning (AC). Two-thirds of U.S. households use central AC or a central heat pump as their main AC equipment. In 2020, the Midwest Census Region and South Census Region had the highest percentages of households using AC, at 92% and 93%, respectively. The lowest percentage of households using AC was 73% in the West Census Region; this census region includes households in several climate areas, such as the marine climate region along the Pacific Coast, where residential AC use was 49%. Although central AC units are the primary equipment type used in most of the United States, 50% of Northeast households primarily use individual AC units. Individual AC units include window and wall units, mini-splits, and portable units. RECS data show that newer homes are more likely to use AC in most climate regions. Nationally, 83% of homes built before 1950, and 93% of homes built between 2010 and 2020 used AC. The greatest difference in AC use among old and new housing is in the marine climate region, where only 39% of homes built before 1950 used AC, and 66% of homes built between 2010 and 2020 used AC."

Dear Elite Globalist: Can you give us one example of wind and solar leading to lower energy prices? So, yes, this is greenflation. And besides, fossilization sounds utterly ridiculous.

SHOCKING: Turns out their ESG fraud was actually a fraud.

Wall Street Journal (3/1/22) reports: "The chief executive of Deutsche Bank AG’s asset-management subsidiary DWS Group will step down, the German lender said Wednesday, a day after a raid by German authorities on its Frankfurt offices...The leadership changes were made after around 50 agents of Frankfurt’s public prosecutor’s office, alongside German market regulator BaFin and the federal criminal police office, raided Deutsche Bank and DWS Group’s Frankfurt offices on Tuesday. The office raids were spurred by an inquiry into allegations of greenwashing—when firms and funds give misleading claims about their products or environmental, social and governance credentials—at DWS Group...The Wall Street Journal reported last year that DWS was being investigated by U.S. authorities for disclosures around funds that say they use environmental, social or governance, or ESG, criteria to make investments. The investigation by the U.S. Securities and Exchange Commission and U.S. federal prosecutors started after the firm’s former head of sustainability said claims about the funds were overstated. Regulators have been increasing scrutiny of ESG funds as investors pour cash into the category. Last week, the SEC fined Bank of New York Mellon Corp. $1.5 million for misleading claims about ESG funds. Standards around ESG benefits are still evolving, making it difficult for investors to know how their funds are investing and whether they are benefiting from such focus. "

Great clip. Worth the watch if you haven't already seen it.

Energy Markets

WTI Crude Oil: ↑ $115.87
Natural Gas: ↑ $8.95
Gasoline: ↑ $4.71

Diesel: ↑ $5.55
Heating Oil: ↑ $415.35
Brent Crude Oil: ↑ $116.78
US Rig Count: ↑ 802

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