Energy Realism this past week discussed the fading of climate dreams and how not supporting our domestic oil and gas industry is a direct energy security threat. Our great Senior Fellow Rupert Darwall got us rolling last week. Britain’s prime minister Rishi Sunak seems to be waking up, somewhat, on the unrealism of many Western climate goals that “progressives” continue to demand. Fortunately, he is pulling back some and promising that his approach to net zero will be pragmatic, proportionate, and realistic. The climate lobby is, of course, coming after him with all guns blazing. To them, Sunak has committed the worst crime of all: he has broken the net zero omertà, which enforces a pact of silence on discussing the policy’s true costs. David Stevenson reports on how the offshore wind dream, for instance, is utterly collapsing. This is no surprise since these projects make no money and cannot work without major subsidies, i.e., taxpayer handouts from governments that insist on picking energy winners and losers with policy. Stock prices are plummeting, and Americans are pushing back on an industry that is facing rising costs, durability, and legal issues. Tucker Davis follows by exposing the lies of the Sierra Club, and why cleaner coal should be a much greater focus than expensive and unreliable offshore wind power. Indeed, as fully entrenched in our energy complex, conventional fuels like coal, oil, and natural gas have a much brighter future than greens realize. Brenda Shaffer gives us an update on how the turmoil in the Black Sea region is pushing up oil prices and closing in on $100 per barrel. The Biden administration apparently has no plans to stabilize a global oil market that is still, contrary to greens’ claims, easily the most important market in the world. Despite a U.S. shale revolution that largely gave us control of oil prices during the 2010s, our anti-oil politicians have horrifically given the world’s oil market back to Saudi Arabia and Russia. This explains why OPEC+ production cuts have soared pricing over the past months. Our Essential Reading then comes from the Dallas Fed. Not supporting American shale is about the worst energy security position that we could take. The U.S. shale revolution cut our vulnerability to oil price shocks, important because such higher prices often lead to an economic recession. Given that they supply 65% of our energy, the U.S. economy requires domestic oil and gas support. In the News Gelet Martínez Fragela, ADN América Mark P. Mills, City Journal Robert G. Eccles, John D. Skjervem, RealClearEnergy John Murawski, RealClearWire Rebecca Falconer, Axios Mark Temnycky, RealClearEnergy Editorial Board, WSJ Tsvetana Paraskova, Oil Price CNBC Duggan Flanakin, CFACT Thomas Catenacci, Fox News Mark Krebs, Master Resource Amrith Ramkumar, WSJ Aaron Johnson, Western Energy Alliance Robert Hargraves, RealClearEnergy CNBC Television Francisco Blanch, Head of Global Commodity and Derivatives Research at Bank of America, discusses the oil markets and where prices are likely to go from here. E for Electric These are the cheapest new electric cars you can buy in the US in 2023 before the federal tax credit. Some of them are even cheaper with one! From Tesla and Hyundai to Kia and Chevy! Honest Money Thinking about BUYING an EV? Here are the GOOD and BAD bits that you MUST BE AWARE of when owning an ELECTRIC VEHICLE. This is my HONEST REVIEW having DRIVEN over 25,000 MILES in my ... Fox Business Former Council of Economic Advisers chair Kevin Hassett says UAW workers will be on strike for a long time on 'The Bottom Line.' RealClearEnergy Driven by the rich West, the unthinking push to net zero would cause economic and geopolitical catastrophe. |