Passing grade for Ponzi schemes

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DAILY ENERGY NEWS | 11/22/2022

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Criminal organizations buy a good ESG score while the backbone of modern society is labeled untouchable.

Cowboy State Daily (11/18/22) reports: "Wyoming was an early critic of woke capitalism, as it’s sometimes called, but the problems that arise when mixing business and politics are coming to the forefront. This year, many state attorneys general and treasurers are taking a closer look at social credit scores in investing, and the role it played in facilitating the FTX digital currency scandal is likely to raise concerns about the ESG movement. The ESG movement rates funds on various markers of progressive-friendly policies related to protecting the environment, diversity in the workplace and community relations. Any association with fossil fuel industries quickly gets a fund rated down. Compliance with ESG is costly as well. Despite the fact it drives up the cost of business and the funds perform poorly, many large companies are champions of the investment philosophy. Alex Stevens, manager of policy and communications for the Institute for Energy Research, said ESG became a backdoor attempt at regulated oil and gas companies. It achieves 'things that politicians and environmental activists couldn’t achieve through a democratic political process,' Stevens told Cowboy State Daily. Whereas lawmakers, especially those in energy states like Wyoming, might not go along with agendas that harm economies, Stevens said ESG is a new iteration of rent-seeking behavior, referring to an economic concept where companies gain added wealth through government-funded social programs rather than gains in productivity. They use ESG as a 'corporate responsibility' disguise knowing that compliance drives up the cost of business, which can benefit large corporations that have teams of lawyers and compliance experts who can navigate complex rules. 'Startups and smaller companies are placed at a competitive disadvantage when more of these regulations are piled on,' Stevens explained. 'Whenever I see businesses embracing regulation, it always raises a red flag.'"

"Such proposals as the windfall profits tax are purely punitive, and because they have the effect of reducing national wealth and the size of the aggregate economy, the punishment will not be limited to the producers of fossil fuels."

– Benjamin Zycher,
American Enterprise Institute.

Politico discovers coal is the #1 electrical generation source in the world. But neglects to mention it.

Politico (11/21/22) reports: "Coal may seem like the power source of yesteryear. After all, the United States has spent more than a decade retiring coal-fired power plants and boosting clean energy, as countries around the world pledge to combat climate change. But global coal use is not declining — and may actually produce a record amount of planet-warming pollution by the end of the year. Despite significant reductions in the United States, where coal plants have shuttered in droves since 2010, global emissions from burning coal remain relatively flat. That’s mostly because Europe and Asia have ramped up production as they struggle with the fallout from Russia’s invasion of Ukraine, writes POLITICO E&E News reporter Benjamin Storrow. Transitioning away from coal, the leading source of global carbon dioxide, is key for zeroing out heat-trapping pollution and staving off the worst effects of climate change. Recognizing this, nearly 200 countries agreed to phase down coal during last year’s global climate talks in Scotland. But progress has been slow, if nonexistent. Russia’s invasion of Ukraine has only made it more difficult. Europe, seeking to replace Russian natural gas, has powered up long-shuttered coal plants. Coal generation was up 8 percent through September on the continent, compared with last year. As winter begins, European countries are looking to shore up supplies, which could boost coal output further. Global coal generation would probably be even higher if not for an economic lull in China, the world’s largest coal market."

Reality doesn't mesh well with the regime's war on domestic mining.

Goodbye Select Committee on the Climate Crisis. We hardly knew you.

Bloomberg (11/17/22) reports: "Republicans plan to kill a special committee focused on climate change when they take control of the House next year, the top GOP member of the panel said Thursday. 'The climate crisis committee will not exist,' Louisiana Representative Garret Graves, the top GOP member of the House Select Committee on the Climate Crisis, said in an interview. 'I don’t think that’s really consistent with what we are going to be focused on.' The committee was resurrected by House Speaker Nancy Pelosi in 2019 when Democrats took back control of Congress. It’s served as a platform for the party to highlight the consequences of climate change and potential solutions to reduce emissions and increase clean energy. It held dozens of hearings and produced an action plan that called for limiting fossil fuel production, though the body lacks the power to advance legislation. Graves said that he and fellow House Republicans will instead focus on a strategy they previewed over the summer that called for boosting domestic fossil fuel production and increasing liquefied natural gas exports, but that didn’t specify emission reduction targets. While it’s possible for House Republican leaders to re-brand the committee with a different name and focus, Graves said 'there are no plans at this point' to do that."

Energy Markets

WTI Crude Oil: ↑ $81.64
Natural Gas: ↓ $6.61
Gasoline: ↓ $3.63

Diesel: ↓ $5.28
Heating Oil: ↑ $351.21
Brent Crude Oil: ↑ $89.22
US Rig Count: ↓ 851

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