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DAILY ENERGY NEWS | 12/08/2022
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** Bogleheads everywhere are breathing a sigh of relief that Vanguard is not following the path of Larry "EGS" Fink.
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Bloomberg ([link removed]) (12/7/22) reports: "Vanguard Group Inc. is walking out of the world’s largest climate-finance alliance, marking the coalition’s biggest defection to date as US Republicans step up their threats against firms deemed hostile toward the fossil-fuel industry. Vanguard’s decision followed a 'considerable period of review,' according to a company statement Wednesday. Withdrawing from the Net Zero Asset Managers initiative, which is a sub-unit of the Glasgow Financial Alliance for Net Zero, “will help provide the clarity our investors desire” about everything from the role of index funds, to financial risks in the context of climate change, the firm said. Mark Carney, the former Bank of England governor who is the chief architect of GFANZ, said earlier this year the alliance has enjoyed considerable growth, and now represents some 550 members with roughly $150 trillion of assets in total. He also sought to
dismiss reports that some members had grown uneasy with the alliance’s structure, amid concerns that they faced growing legal risks for appearing to avoid carbon-intensive sectors. 'It is unfortunate that political pressure is impacting this crucial economic imperative and attempting to block companies from effectively managing risks — a crucial part of their fiduciary duty,' said Kristen Snow Spalding, vice president of the Ceres Investor Network, a founding partner of the Net Zero Asset Managers initiative. Vanguard indicated its decision rested in a desire to maintain the freedom not to restrict its investment options."
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** "Republicans should make it clear that markets—and not political operatives—produce the most efficient solutions...that result in the least pollution."
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– Derrick Morgan, The Heritage Foundation ([link removed])
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If it's good business for the CCP, then it's good business for the "Big Guy" too.
** Newsweek ([link removed])
(12/7/22) reports: "For years, we've known that the Chinese Communist Party (CCP) is pillaging Africa for rare earth elements and other raw materials integral to modern life. What disturbingly few people know is how close Beijing came—and might still be coming—to doing the same thing in America. Lithium Americas, a Canadian company whose single largest shareholder has direct ties to the CCP, wants to mine the largest lithium deposit in North America with the benefit of taxpayer-funded loans—and the Biden administration needs to step in before it's too late. For years, the CCP and its state-owned enterprises have spread around the globe in a quest to dominate the mining and processing of critical minerals like lithium—a key element in electric vehicle batteries. Now, under the terms of a new loan program administered by the Biden administration, our top global adversary could be in line to obtain taxpayer-funded partial control of a massive lithium mine in Nevada, which is known to contain
roughly a quarter of the world's lithium deposits....Now that Republicans are poised to retake the House—and to start meaningful oversight of the Biden administration—deals like this will face substantial scrutiny. In a recent piece in Foreign Policy, Matthew Pottinger, Matthew Johnson, and David Feith warned that Xi Jinping hopes to 'replace the modern nation-state system with a new order featuring Beijing at its pinnacle.' Will we let him?"
Coal propelled British industrialization, maybe it can save it too.
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The climate warriors are now calling the shots at the DOD. Don't you feel safer?
** Wall Street Journal ([link removed])
(12/7/22) editorial: "The war in Ukraine is draining U.S. arms stockpiles while geopolitical risks grow. Yet the Biden Administration is worried about—you can’t make this up—the climate impact of U.S. weapons and wants to impose costly green mandates on federal contractors. A little-noticed rule-making proposed by the Department of Defense, NASA and the General Services Administration last month would require federal contractors to disclose and reduce their CO2 emissions as well as climate financial risks. The rule would cover 5,766 contractors that have received at least $7.5 million from the feds in the prior year Smaller contractors would have to publicly report their so-called Scope 1 and 2 emissions—i.e., those they generate at their facilities and from the electricity and heating they use. Firms with larger contracts would also have to tabulate their upstream and downstream Scope 3 emissions, including those from customers, suppliers and products used in the field."
Energy Markets
WTI Crude Oil: ↓ $71.68
Natural Gas: ↑ $5.84
Gasoline: ↓ $3.32
Diesel: ↓ $5.00
Heating Oil: ↑ $278.62
Brent Crude Oil: ↓ $76.30
** US Rig Count ([link removed])
: ↓ 843
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