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DAILY ENERGY NEWS | 07/28/2022
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** No worries wind industry, Sen Manchin has your back...
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Utility Dive ([link removed]) (7/27/22) reports: "Developers installed 3,188 MW of utility-scale clean power in the second quarter, 55% less than the same period last year, according to a new report from the American Clean Power Association. Solar installations dropped 53%, while wind installations declined 78%, according to the report. However, installations of energy storage grew 13%. ACP attributes the decline to economic uncertainty and policy inaction. 'Congressional inaction and uncertainty on long-term tax policy, tariff and trade restrictions, and transmission constraints all impact the demand for clean energy at a time when we need to be rapidly scaling up development,' ACP CEO Heather Zichal said in a statement...While solar has suffered primarily because of
tariff uncertainty and supply chain challenges, wind development is down substantially as a result of the planned phase-out of the production tax credit, according to Tara Narayanan, Americas power, gas & carbon analyst at BloombergNEF, which has tracked similar trends as ACP. An extension of the tax credit was expected as part of the Build Back Better bill, but it now seems unlikely the bill will pass Congress."
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** "Without their subsidies, wind and solar are little more than boutique industries, supplying electricity to very specific, remote locations. They're nothing more than a hood ornament on the larger energy vehicle."
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– Jason Hayes, Mackinac Center ([link removed])
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No such thing as a free lunch, or ride...
** Epoch Times ([link removed])
(7/27/22) reports: "Sales of electric vehicles (EVs) reached a record 3 million in 2020, according to a report from the International Energy Agency (IEA). That’s an increase of 40 percent from 2019 and is in contrast to overall car sales, which saw a 16 percent decrease. Pointedly, lithium batteries are the preferred battery technology because it has the highest charge-to-weight ratio. The push to transition to electric vehicles is driven by key regulations by the United States, Canada, and the European Union, to reduce carbon dioxide (CO2) and greenhouse gas (GHG) emissions from internal combustion engine vehicles, and transition to a more environmentally friendly future, according to the energy agency...Materials such as cobalt and nickel are processed with lithium chemicals to produce battery electrodes. According to a report from the Institute for Energy Research (IER), it takes approximately 500,000 gallons of water to extract one metric ton of lithium from salar brines. If water were
in abundant supply, the above heavy demand might be overlooked. But, more than 50 percent of lithium resources are located in the 'lithium triangle' of Chile, Bolivia, and Argentina. And, UNCTAD reports this area is one of the driest areas on Earth."
All that green energy takes a lot of copper....good thing Chile is the largest producer.
** Wall Street Journal ([link removed])
(7/27/22) op-ed: "The citizens of Chile will soon vote on a proposed constitution that’s being heralded as one of the most progressive in the world. The 388-article charter was drafted by a left-wing convention called in the aftermath of violent protests of October 2019. If voters approve it on Sept. 4, it could destroy Chile’s economy, democracy and integrity as a nation. One of the first things the new constitution would undermine is the independence of the judiciary. The proposed constitution would create a new entity, the Council of Justice, to evaluate judges’ performance and decide whether they can remain on the bench. The consequence would be to bring the judiciary under political control. On this score, former President Eduardo Frei Ruiz-Tagle has said that the constitution could pave the way to a 'dictatorial regime.'...In the economic realm, the new constitution would get rid of existing regulations on eminent domain, allowing the government to confiscate any type of private
property by simple legislative decree without having to compensate the rightful owners at market prices. Intellectual-property rights such as patents would enjoy no protection at all, and water rights, protected under the existing constitution, would be scrapped. This would mean that all economic activities requiring water—such as mining and agriculture—would be vulnerable to arbitrary administrative decisions. Property rights over mining concessions would cease to exist under the new constitution, too. Other provisions only add to the mess. The proposal would enable the proliferation of state-owned corporations at all levels of government, setting the stage for runaway corruption. "
CO2 card coming to a financial institution near you...
** Substack ([link removed])
(7/27/22) article: "Imagine that you are at the grocery store checkout after seeking out a fine steak for dinner. You reach for your credit card to pay, but to your surprise the purchase gets denied. It turns out that you have exceeded your monthly CO2 limit and you are not allowed to buy this steak. You have no option but to put the juicy steak back and grab a bag of bug snacks. Does this sound far-fetched to you? Well it shouldn’t. Because in Sweden there is now a credit card that tracks the CO2 emissions from all your purchases, and if you exceed your CO2 limit, the card will block you from any further purchases. The card is called DO Black and has been developed by the Swedish company Doconomy in collaboration with Mastercard who are actually part-owners in the company. 'DO Black not only helps users track and measure CO2 emissions associated with their purchases, but also puts a limit to the climate impact of their spending.' So now we have a credit cards that stops people from buying
things, not based on how much money they have, but how much carbon emissions their purchases have contributed to...And of course the UN is onboard with this as the UN Climate Change Secretariat (UNFCCC) say they are pleased to 'welcome this initiative.'"
Energy Markets
WTI Crude Oil: ↑ $97.63
Natural Gas: ↓ $8.55
Gasoline: ↓ $4.27
Diesel: ↓ $5.34
Heating Oil: ↑ $373.31
Brent Crude Oil: ↑ $107.17
** US Rig Count ([link removed])
: ↑ 828
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