Best Energy Picks - April 13, 2024
Readers pass along a lot of stuff every week about natural gas, fractivist antics, emissions, renewables, and other news relating to energy.
This week’s best energy picks:
Joe Biden's Controllers Want to Destroy and Replace Our Nation! — Coal and Gas Advance, Green Retreat! — Hmm…This Doesn't Look Good, Kemosabe — Modern Day Fascism: A Corporate Welfare Scam for the Ages — and much more.
Face It! Joe Biden's Controllers Want to Destroy and Replace Our Nation!
The Biden Administration is totally directed by Barrack Obama's minions. He has never wanted anything more than to destroy our nation and rebuild it in his own totalitarian image. He never hid the fact he wanted to bring us to our knees. What better way to do that than to end our energy dominance and make us subservient to others:
One week after the Biden administration slapped new regulations on key power grid components, the Washington Post reports that US oil and gas companies will face a 15-fold increase in costs to drill on federal land, under a new rule released on Friday.
Under it, the Interior Department's Bureau of Land Management will require drillers to pay $150,000 per lease on federal lands, up from $10,000 - the first comprehensive update to the federal oil and gas leasing program in over three decades.
Fossil fuel companies will also be required to pay higher royalties to the government on oil and gas extracted from federal lands - jumping from 12.5% of revenue to 16.67%.
That's not all...
The rule comes as the Biden administration readies a sweeping plan to limit future oil drilling across roughly 13 million acres of Alaska's North Slope, which the US set aside a century ago as an emergency supply.
That initiative, set to be finalized in the coming days per Bloomberg, comes as both oil executives and Alaska lawmakers have sounded the alarm over the plan - saying that it could thwart oil and gas development throughout the reserve, even on existing leases.
Never forget what Obama said about electricity prices needing to skyrocket.
He meant it. Obama always hated America and he’s taking out his hate on us through Joe Biden.
Hat Tip: D.S.
Coal and Gas Advance, Green Retreat!
Well, well, well…
PacifiCorp, parent company to Wyoming’s largest utility, Rocky Mountain Power, has issued major updates to its Integrated Resource Plan, a blueprint that highlights key changes to the company’s business strategy and its ever evolving energy portfolio.
The update shines a light on the world of public utilities and the rapid movements of a broader energy landscape. In just 12 months, the company’s preferred energy mix has changed significantly, and the change offers a window into the wider trends — and uncertainties — of the growing market for electricity.
The most stark change is the company’s decision to scale back renewable procurements, and instead increase its position in coal and gas power plants by extending the lifespans of units at Jim Bridger, Naughton and Wyodak facilities in Wyoming along with two aging coal plants in Utah.
Reality has a habit of striking back.
Oh, yes, it does. And, that's beautiful steam, not smoke, coming off PacifiCorp's Lake Side Power Station in Utah.
Hat Tip: R.N.
Hmm…This Doesn't Look Good, Kemosabe
Some great stuff here from Stu Turley:
LSEG Lipper data shows funds that invest in renewable energy stocks had an outflow of $4.8 billion in the first quarter of the year, marking the largest quarterly withdrawal to date.
The Handelsbanken Hallbar Energi (A1 SEK) saw the biggest first-quarter outflows of $458 million, followed by iShares Global Clean Energy ETF and Ninety One Global Environment Fund R Acc GBP with $335 million and $226 million, respectively.
The S&P Global Clean Energy index (.SPGTCLTR), comprised of major solar and wind power companies and other renewables-related businesses, is down nearly 10% this year, while the oil and gas-heavy S&P 500 Energy Index (.SPNY), is up 16.3%.
Global renewable energy capacity is expanding at a pace well short of what is needed to meet targets agreed at last year’s COP28 climate summit in Dubai and dwindling investor interest could hinder progress towards achieving climate objectives.
The world’s top wind power groups, Siemens Energy (ENR1n.DE), Orsted and Vestas (VWS.CO), are forecasting a dire year for an industry buffeted by regulatory delays, equipment problems and rising costs.
In the United States, many solar, wind and energy storage projects have benefited from President Joe Biden’s Inflation Reduction Act passed in 2022. Now there is concern Donald Trump could undo some of the tax breaks and pivot back to supporting fossil fuel production if he wins November’s election.
Well, let’s hope so!
Hat Tip: S.H.
Modern Day Fascism: A Corporate Welfare Scam for the Ages
Stephen Moore lays it all out:
It turns out that despite all the promises over the past decade about how renewable energy is the future of power production in America, by far the biggest tax dodgers in the country are the wind and solar power industries. Over the past several decades, the green energy lobby -- what I call the climate-change-industrial complex -- isn't paying its fair share. That's because the vast majority of these companies pay nearly ZERO income taxes.
But they wade in rivers of federal direct and indirect subsidies that keep these zombie companies alive. Over the past two decades, the renewable energy lobby has collected more than one-quarter trillion dollars in subsidies -- payments that we've been assured over and over would be temporary. The argument for these grants, loans, tax abatements and other sweetheart kisses is that these were "infant industries" in need of a Head Start program for CEOs. Except these companies have never even reached puberty after all these years.
What's worse is that Biden keeps spoiling the children with lavish gifts for bad performance. A new report by tax expert Adam Michel at the Cato Institute finds the green energy subsidies -- mostly created by Biden policies like the so-called Inflation Reduction Act -- will drain the Treasury of as much as $1.8 trillion over 10 years.
The Cato report finds that since its passage, "the estimated cost of the IRA's new and expanded energy tax credits increased dramatically."
These tax shelters are just a form of Aid to Dependent Corporations. They never seem to want to cut the umbilical cord.
What have we gotten for this mountain of taxpayer-funded green energy largesse? Nothing, really. Today, we still get 80% of our energy in America from fossil fuels and nuclear power. Wind and solar are stuck at less than 10%. This is some investment we're making.
Meanwhile, Biden keeps railing against companies that pay no income tax. He's advocated a mandatory 15% minimum corporate tax. But guess what industry is explicitly exempt from the minimum? The green energy lobby.
Of course! We are living through a period of fascism; the corrupt, rotten merger of business and government.
Hat Tip: T.Z.
And, Briefly:
Why We Cannot Believe Anything Our Leaders Tell Us, from D.S.
Europe Enforcing Its Own Climate Lies, from J.S.
Climate Cult Stupidly Thinks Energy Transition Will Save Farms, from T.Z.
Predicting Oil Prices is a Dangerous Game, from D.B.
Biden Cuts Costs for Wind and Solar Leases on Public Lands, from S.H.
Wearing Jeans Bad for Earth, Stupid Study Finds, from R.N.
The Energy Efficiency Paradox: $20 Bills Lying All Over The Sidewalk, from C.A.
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