As the polls turn on the Biden-Harris ticket, they may toast themselves and say “We’ll always have Paris” but a Trump-Vance ticket means the Paris Climate Accord will have to go. I wonder if we can get our money back.
The Paris Climate Accord is just one aspect of the failed Biden energy policy that is one of many reasons his popularity is plunging. Getting back into the accord was one of his first executive orders Biden signed when coming into office effectively spending billions of dollars of taxpayer money before he moved into the White House.
Yet the accord’s failures are legendary and now is facing a global backlash from citizens in the countries where their leadership backs the accord. Despite the billions of dollars spent and the billions of dollars of lost opportunity, the accord has done almost nothing to make a real difference in global greenhouse gas emissions that will hit a global all-time high this year.
This comes as EU News reported that, “12 EU countries are set to miss their national climate targets under the Effort Sharing Regulation (ESR), according to a study analyzing national climate plans."
Another seven are at risk of not meeting their goals. If they don’t meet their required emissions reductions, they may have to pay financial penalties.
This means the citizens of their countries will have to be taxed more for policies that have already made their lives miserable. The blowback from the failures of the Paris Accord and its impact on global energy prices, global energy security, and the negative impact on people’s lives is creating a popular global groundswell against these global elitist policies that enrich them and enslave everyone else.
The Biden electric car mandate is also going up in smoke, despite the billions of dollars wasted on a technology that is not equipped to replace the internal combustion engine.
Not to mention the billions of dollars of losses that car makers suffered because the government tried to force them into building cars that no one wanted, and all the union jobs that will not be created because of Biden’s electric car fantasy.
Yet the Biden administration does not let failure or reality kill the dream! And he is willing to keep spending your money to try to make something happen that will not happen.
The Daily Caller wrote that the Biden administration announced on Thursday that it is spending billions of dollars more to help automakers mass-produce electric vehicles (EVs). The Department of Energy (DOE) is spending $1.7 billion to help manufacturers convert closed or struggling manufacturing facilities to produce EVs or EV components in eight states, including swing states like Pennsylvania and Georgia, as the American EV market struggles.
The funding complements $12 billion the DOE unveiled in August 2023 to help major manufacturers retrofit plants for EV production and the agency projects that the cash announced Thursday will allow for the retention of 15,000 union workers while creating nearly 3,000 jobs.
Of course, when has the agency been right about any of their green job expectations? This latest taxpayer spending spree is just another desperate attempt to buy some green votes.
Those might be buying some more time after West TX intermediate futures failed to break through $80.00 a barrel on the downside late in the day. The American Petroleum Institute reported that crude supplies fell by 4.44 million barrels, which does suggest that the crude oil market in the United States is tightening, and that is something that the market has been sensing. We have seen it in the spreads over the last couple of weeks.
On the flip side, the report showed that distillate inventories rose by 4.92 million barrels. But let’s face it, the distillate worries, especially for heating fuels and winter-based fuels, are out of season.
The market needs to build those supplies because the United States is still well below average in distilling inventory.
The API did report an increase of 365,000 in gasoline supply. This comes as US air travel remains near record highs. US air travel TSA total traveler throughput in million passengers – 7-day average 7.2% above 2019 level.
Russia is promising OPEC that they plan to make compensation cuts to make up for their previous cheating. They say they will make the cuts during the summer season when their domestic demand is weaker because they don’t have the Arctic chill to deal with, but it may also be because the Ukrainians keep hiding their energy infrastructure. Oil exports are now reportedly at the lowest level since January.
On the Internet, Houthi rebels are posting a tape of an attack on an oil tanker in the Red Sea. While nobody was seriously injured, it’s wrong that Houthi rebels can taunt the world with their lawlessness.
Natural gas is flat. This comes as Russia’s Novatek Slashes Gas Output at Sanctioned Arctic LNG 2. The Arctic LNG 2 project in Russia, which Western sanctions have hit in recent months, significantly reduced its production of natural gas in May as it hasn’t exported any LNG yet, a source with knowledge of output data told Reuters on Tuesday.
Arctic LNG 2, in which Russian gas producer and LNG exporter Novatek has 60%, extracted 55 million cubic meters of natural gas in May, down from 215 million cubic meters in April, according to Reuters’s source.
Located on the Gydan Peninsula in the Arctic, the Arctic LNG 2 project was considered key to Russia’s efforts to boost its global LNG market share from 8% to 20% by 2030–2035.