Energy Realism this past week focused on the assault against our Western oil majors and the real beneficiaries of such “climate activism.” Senior Fellow Rupert Darwall starts us off with a critical analysis of the G7 meeting during the week. By committing to transformative structural change to meet net-zero greenhouse gas targets, G7 finance ministers have turned themselves into adjuncts of their environment ministries. This will surely come to the detriment of economic growth and the public at large: some form of carbon tax is heading America’s way. To illustrate, climate litigation is a primary way Western governments and “advocates” seek to punish “Big Oil,” or at least what they incorrectly perceive that to be (in reality, “Big Oil” is OPEC, Russia’s national champions, and China’s state-owned enterprises). Steve Milloy reports on the activist win on ExxonMobil’s board. The oil giant has now contracted a chronic management-level cancer that may be fatal in just a few years. Bruce Everett also stands up for the forgotten shareholders of ExxonMobil. Green provocateurs are putting all Western companies on notice that climate inaction can cost a board member their job. In other words, submit to the climate agenda not because it is good for your firm but because, if you do not, the activists will come for you. Frank Lasee discusses the bad week for “Big Oil” in late-May when ExxonMobil, Shell, and Chevron were all dinged. Make no mistake: a bad week for Western “Big Oil” is a particularly good week for Chinese “Big Oil.” Lest we forget that the top three highest revenue oil companies in the world are all controlled by the Chinese Communist Party, perhaps the biggest fan of the inside attack on America’s oil industry. In the News Leslie P. Norton, Barron's Michael Lynch, Forbes Jason Bordoff, Foreign Policy Daniela Gabor, The Guardian Katherine Blunt, The Wall Street Journal Adam Tooze, Foreign Policy Jude Clemente, Forbes Ben Geman, Axios Elad L. Roisman, SEC Francis Menton, Manhattan Contrarian Matt Egan, CNN Michael McKenna, The Washington Times Holman W. Jenkins, Jr., The Wall Street Journal Jim Carlton, The Wall Street Journal Bernard Weinstein, The Hill CGTN Africa Climate change activists who scored big against Western majors last week, had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia. The major victory ... MiningWeekly Mining companies with higher environmental, social and governance (ESG) ratings outperformed the broader market during the peak of the Covid-19 crisis, delivering 34% average total s... Bloomberg Markets and Finance Byron Wien, vice chairman at Blackstone Private Wealth Solutions, talks about his economic predictions for 2021. He covers stocks, the Federal Reserve and commodities. He speaks on "... NBC News Energy Secretary Jennifer Granholm talks to Chuck Todd about ransomware attacks and infrastructure negotiations, during an interview with Meet the Press. |