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Mike's avatar

Joe is a stubborn, addled old jerk who is unlikely to back off. He blew off oil execs to meet with wind execs. Granholm is an ESG true believer and moron who laughed out loud a rising gas prices last year.

That said, there are systemic issues now:

Increasing refining capacity is becoming a safety issue. Chevron is at 94% capacity and is short staff to push to 100% - a high risk on it's own for a complex process.

Russian energy going offline removes ~5M bbl/day from global markets in an energy short world

Putin controls the spigot for natgas to Germany. If he turns it off, the Eurozone risks collapse

Natgas is a key input for fertilizer, with has at least tripled in price and is short in supply. This affects crop yields worldwide. Russia/Ukraine provide significant supplies of potassium, potash and nitrogen to the world. Astonishingly, Africa wants to build a fertilizer plant to be more self sufficient but the EU says that violates their, you guessed it, ESG policy, so no investment.

The middle east, Africa, and others are reliant on Russia/Ukraine for grains, in some cases 100%. This risks famine in some parts of the world and shortages elsewhere. Russia/Ukraine grain exports make up ~12% of global calories.

As for ESG, even Blackrock is vowing to vote against any new climate proposals due to the ESG impact on profits. ESG has created mal-investment and only really benefits a cottage industry of bean counters to calculate a corporates "ESG Carbon Footprint" (such BS). Now the SEC wants ESG reporting as a requirement - a complete waste of time but good for "consultants" fees.

So, we'll see but looking at the G7, these people are idiots and zealous in the BS "climate change" ambitions.

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Woke1's avatar

I have come to the conclusion, that all environmentalist, ESG, and Any Green Parties in western countries, are nothing more than a DEATH CULT pretending to be a political party, indoctrinating everyone into their Ideology willing, or kicking and screaming.

We will ride this one to the scene of the crash, together 🤡 🌎🤦‍♂️

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