ENERGY

Authored by Kevin Stocklin via The Epoch Times (emphasis ours),

Billionaire philanthropist and former New York Mayor Michael Bloomberg pledged $500 million in September toward shifting electricity production in the United States to wind and solar energy and shutting down its coal- and gas-fired plants.

However, some experts say that Bloomberg’s millions, together with the billions being spent by the Biden administration, are paving a road to ruin.

The donation from Bloomberg Philanthropies, which adds to the $500 million Mr. Bloomberg pledged in 2019, aims to “finish the job on coal” and “accelerate the clean energy transition to reach the goal of 80 percent of total electricity generation” from renewables, according to an official statement.

“With 372 of 530 coal plants announced to retire or closed to date—more than 70 percent of the country’s coal fleet—this next phase will shut down every last U.S. coal plant,” Bloomberg Philanthropies stated.

The effort also aims to “slash gas plant capacity in half, and block all new gas plants.”

Many of those who study America’s electric infrastructure say this is taking us down a dangerous path.

Then-Democratic presidential candidate and former New York City Mayor Mike Bloomberg waits to be introduced during a campaign rally held at Minglewood Hall in Memphis, Tenn., on Feb. (more…)

Oil prices plunged today, closing well below the pre-Israel levels and breaking below the 200DMA for the first time since July as war risk-premia evaporate and demand fears resurgent.

China trade data showed imports disappointing. At 11.5 million barrels a day, imports were up slightly versus September but remained around 1 million barrels a day below levels seen in the summer, noted Carsten Fritsch, commodities analyst at Commerzbank, in a note.

Can the API data turn the trend (more…)

Authored by Irina Slav via OilPrice.com,

• Europe’s gas storage is nearly full, yet this may not be sufficient for winter needs, leading to continuous LNG imports and additional storage strategies including utilizing Ukraine's facilities.

• Germany and other EU members have inked long-term LNG supply contracts, stretching beyond the 2050 net-zero target, indicating a realistic approach to energy needs versus idealistic energy transition goals.

• Think-tank IEEFA warns (more…)