Our globalist elites dream of a forced and heavily subsidized “energy transition” from fossil fuels to wind, solar and electric cars to their preferred rent-seeking customers. We are rapidly beginning to feel that planning a funeral may be beneficial. (EV) Industry.
Signs of an impending transitional train wreck are swirling around us as countries around the world become increasingly overwhelmed by mountains of unsustainable debt. (Related: David Blackmon: The Biden administration and its allies are waging a foolish war on abundant clean energy)
The wind power industry is nearing collapse as major developers such as Orsted, BP and Equinor cancel or postpone offshore projects, taking huge write-downs in the process. Delivery contracts negotiated just a few years ago are now being canceled as a matter of course, even as wind industry propaganda continues to parrot the false notion that wind will somehow happen. , has been canceled due to demands for higher renegotiated rates that would push already exorbitant utility bills to new levels. cheap energy source.
Obviously, it's not cheap by any means, but this helps explain why USA Today recently reported Fifteen percent of all U.S. county governments have moved to prohibit wind, solar, or both forms of development within their jurisdictions. USA Today further notes that the percentage of counties currently blocking solar development is roughly equal to the percentage of counties allowing solar development.
I have written several articles in recent weeks documenting the growing array of challenges that are negatively impacting the domestic EV industry. As with the wind power industry, EVs have consistently failed to live up to their lofty claims. public opinion against them.
Ford Motor Co. is so concerned about flattening demand for electric models that it recently announced it would cut production of its much-hyped F-150 Lightning pickup model in half from 2023 levels. did.
News is coming that even the Biden administration's efforts to destroy America's once-booming coal industry are not working out as planned.U.S. coal exporters took in more than $5 billion in 2023, largely due to increased demand for U.S. coal from India and other importing countries with expanding economies, Reuters report February 1.
This was the second-highest profit year for U.S. exporters since 2017, behind the $5.7 billion the sector earned in 2022, President Joe Biden's second year in office. Again, this aspect of the Biden plan hasn't worked out well for the industry. It turned out to be more resilient and agile than bureaucrats and policymakers expected.
The US and gas industry also continue to set new production records, even though the number of rigs in operation fell by 23% in 2023 and now appears to be leveling off. Write on substackwe detailed how this trend is remarkable and, in fact, unprecedented in recent times.
Baker Hughes' weekly tally in the US last Friday showed 499 cases for the second consecutive week. Historically, this is a number that has meant that the industry has been in the midst of collapse in the past. But last month, the U.S. set a new record for oil production and also set a new record for natural gas production.
Only three times since 1975 have the nation's rig count been as low as it is today. In April 1999, that number reached 496, in the midst of a massive price crash that reduced global demand in the midst of an economic slowdown. In June 2016, the index fell to 416 amid a price collapse caused by OPEC's flooding of the market with oil.
In August 2020, that number fell to an all-time low of 275, amid the unprecedented disruption caused by the coronavirus pandemic and the government's somewhat insane response to it.
But today, for the first time in modern history, the rig count has fallen below 500 for two consecutive weeks, amid relatively high oil and gas prices and record global and domestic production and consumption. This is an unprecedented sign of the health of the industry, even in the Biden administration's best efforts to punish and marginalize it.
So while the industries favored by the globalist left struggle to maintain momentum and simply remain viable, we see that the industries under attack continue to find ways to thrive. .
Perhaps Biden and his fellow transition subsidy-supporting globalist elites should consider raising the white flag and reconsidering their ill-advised war on fossil fuels.
David Blackmon is an energy writer and consultant based in Texas. He spent his 40 years in the oil and gas business, specializing in public policy and communications.
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