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DAILY ENERGY NEWS | 08/25/2022
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** Dems push civilization destroying ESG. Republicans push back and somehow the story is only Republicans pushing back.
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Bloomberg ([link removed]) (8/25/22) reports: "Investment professionals are warning that a Republican campaign seeking to wipe ESG off the financial map puts at risk the savings of ordinary Americans caught in the political crossfire. Environmental, social and governance investing is now under attack in the world's largest economy. Florida Governor Ron DeSantis this week banned state pension funds from screening for ESG risks. Texas is seeking to isolate financial firms it says are hostile toward the fossil-fuel industry. And in Arizona, Republican Senate nominee Blake Masters has characterized ESG scores as an existential threat to America. The development represents a rapid escalation of aggression toward an investing form that few people even knew existed five years ago. But the finance industry, which has embraced ever more ESG products promising to address issues like climate
change and inequality, is starting to strike back, arguing that Republican policies put the financial security of US savers in serious jeopardy. 'DeSantis’s decision is clearly tied to politics because it’s certainly not in the best interest of pension fund beneficiaries,' according to Bryan McGannon, director of policy and programs at US SIF, a Washington-based group that supports sustainable investment businesses. 'Reading between the lines, DeSantis is ultimately saying that climate change is a non-pecuniary issue putting the long-term savings of Florida pensioners at risk. That just doesn’t make sense.'"
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** "[The] IRA is not really about fighting global warming. It’s about Democrats seizing more power and control for themselves, ladling more gravy for their green-power donors and unleashing 87,000 more IRS agents to squeeze every red corpuscle from every taxpayer."
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– Deroy Murdock, New York Post ([link removed])
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A man ahead of his times.
** The Guardian ([link removed])
(8/22/22) reports: "The German chancellor, Olaf Scholz, has said he is working as fast as he can to extricate Germany from its dependence on Russian gas and pursue new energy supplies, as pressure mounts on his government to come up with solutions to tackle a looming crisis. On the first day of a three-day visit to Montreal, Scholz met Canada’s prime minster, Justin Trudeau, on Monday. 'Canada plays a really, really central role for the development of green hydrogen,' Scholz said. 'That’s why we are very glad to be able to expand our cooperation in this area on this occasion too.' The two leaders are set to sign a deal for Canada to supply clean hydrogen to Germany, but Trudeau downplayed the likelihood of a separate agreement on direct exports of liquefied natural gas (LNG), due to logistical constraints and costs...Scholz thanked Canada for allowing the export – despite sanctions on Moscow – of a refurbished turbine that Russia said it needed to continue providing natural gas to Europe
through the Nord Stream 1 pipeline. The fact Russia has yet to request the needed turbine, which is currently in Germany, showed the Russian claims about technical issues hampering gas supplies to Russia were a ruse, he said. 'Russia is no longer a reliable business partner,' Scholz said. 'It has reduced gas deliveries everywhere in Europe, always referring to technical reasons that never existed. And that’s why it’s important not to walk into [Russian president Vladimir] Putin’s trap.' The visit is taking place amid a heated debate in Germany triggered by growing concerns that Russia may completely close down its already considerably reduced gas flows to the country."
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The science is settled, troglodytes. Now pay more taxes to change the weather!
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Looks like a tough winter In the Northeast.
** Wall Street Journal ([link removed])
(8/24/22) editorial: "America’s allies in Europe are desperate for alternative supplies of fuel amid the Ukraine war, and U.S. producers are happy to provide what they can. So wouldn’t you know the Biden Administration now wants to limit fuel exports. That’s the message Energy Secretary Jennifer Granholm sent last week in a letter imploring seven major refiners to limit fuel exports. We obtained a copy of the letter, which the Administration didn’t release publicly. Ms. Granholm warns that gasoline inventories on the East Coast are at a near-decade low, and diesel stocks are nearly 50% below the five-year average across the region. 'Given the historic level of U.S. refined product exports, I again urge you to focus in the near term on building inventories in the United States, rather than selling down current stocks and further increasing exports,' she writes. 'It is our hope that companies will proactively address this need,' she adds. 'If that is not the case, the Administration will need
to consider additional Federal requirements or other emergency measures.' In New Jersey they call that an offer you can’t refuse."
Energy Markets
WTI Crude Oil: ↓ $94.18
Natural Gas: ↑ $9.36
Gasoline: ↓ $3.87
Diesel: ↑ $4.98
Heating Oil: ↑ $403.65
Brent Crude Oil: ↓ $100.92
** US Rig Count ([link removed])
: ↑ 852
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