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Daily Caller

BP Dumping Key Green Energy Business

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From the Daily Caller News Foundation

By Owen Klinsky

 

European energy company BP has announced plans to sell its U.S. onshore wind business as it aims to concentrate on its core oil and gas business and improve investor sentiment, according to the Financial Times.

BP, along with its rival Shell, has looked to scale back on green initiatives over the past few years, rejecting further cuts to oil production in June 2023. Now, the company is looking to sell its roughly $2 billion U.S. onshore wind portfolio, which consists of stakes in ten operating wind farms and has a total net generating capacity of 1.3 gigawatts, the FT reported.

“We believe the business is likely to be of greater value for another owner,” William Lin, BP’s executive vice president for gas & low carbon energy, told Bloomberg. “This planned divestment is part of our strategy of continuing to simplify our portfolio and focus on value.”

The move comes as BP’s share price sits near a two-year low, and as the company is in the process of “shifting capital away from transition themes and back to the core business,” Biraj Borkhataria, head of European energy research at RBC Europe Ltd XYZ, told Bloomberg. It also comes as the U.S. onshore wind industry has struggled more broadly as installations have slowed due to elevated interest rates and permitting challenges, with BloombergNEF lowering its projections for new onshore wind by 22% through 2030.

BP’s offshore wind (OSW) efforts have also run into challenges, with the company writing down the value of its OSW  portfolio by $1.1 billion last year, and the company’s former renewables chief, Anja-Isabel Dotzenrath, telling the FT, “offshore wind in the US is fundamentally broken.”

BP’s competitor Shell has also pivoted away from a renewables transition in recent years, with its CEO Wael Sawan  describing cutting oil production as “dangerous and irresponsible.”

“I disagree with him, respectfully,” Sawan said in July 2023 in reference to UN Secretary General Antonio Guterrdaes’ comment that new oil and gas investments are “economic and moral madness.” “What would be dangerous and irresponsible is actually cutting out oil and gas production so that the cost of living, as we saw last year, starts to shoot up again.”

The onset of the Russia-Ukraine war in Feb. 2022 drove energy prices skywards, with gas surpassing $5 a gallon in June 2022, up from roughly $1.80 in April 2020, according to the Federal Reserve Bank of St. Louis.

BP did not immediately respond to a request for comment.

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Daily Caller

‘Not Held Hostage Anymore’: Economist Explains How America Benefits If Trump Gets Oil And Gas Expansion

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From the Daily Caller News Foundation

By Mariane Angela

Economist Steve Moore appeared on Fox Business Tuesday to discuss what he called the significance of expanding domestic oil and gas production in the United States.

President Donald Trump’s Executive Order 14154 aims to secure U.S. energy independence and global leadership by awarding 10-year oil and gas leases. During an appearance on “The Bottom Line,” Moore said that if Trump’s energy policies succeed then America will no longer have to rely on foreign oil.

“If Trump goes forward with what he wants to do, and our energy secretary is all in on this, produce as much oil and gas as we can here at home in Texas and North Dakota and Oklahoma and these other states. Then we’re not held hostage anymore to what’s happening in the Middle East,” Moore said. “That’s what’s so frustrating. We have more of this stuff than anybody does.”

WATCH: 

Moore then pointed to some of former President Joe Biden’s early decisions, particularly the cancellation of pipelines. Moore said these actions left the U.S. vulnerable to external energy crises.

“I don’t want to overemphasize the Strategic Petroleum Reserve. It’s good that we have this sort of safety knot in case you have some kind of blow up in the Middle East, like we have now. But, ultimately, what Joe Biden did was the most sinister of all,” Moore said. “You guys remember what was the first thing when he became president? He canceled pipelines. He destroyed our energy infrastructure.”

During his first term, Trump signed executive orders to advance major pipelines, including instructing TransCanada to resubmit its application for a cross-border permit for the Keystone XL Pipeline, which is designed to transport oil from the tar sands of Alberta, Canada to refineries on the Gulf Coast. On his first day in office, Biden revoked the permit for the Keystone XL Pipeline, effectively halting its development.

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Daily Caller

LA Anti-ICE Chaos, Clashes With Police Spreading Around America

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From the Daily Caller News Foundation

By Hudson Crozier

The unrest that has consumed Los Angeles in recent days appears to be spreading elsewhere as numerous rioters outraged at immigration raids were arrested across the country on Tuesday night.

Los Angeles authorities began making “mass arrests” late Tuesday and issued a curfew following days of rioting sparked by Immigration and Customs Enforcement (ICE) arrests of illegal immigrants in the area. Businesses were seen in the process of boarding up their buildings in anticipation of possible looting, the Daily Caller News Foundation reported.

Local media outlets reported that major U.S. cities saw their own versions of Los Angeles’ chaos Tuesday night, with alleged assaults of police officers, fires, rock-throwing and other acts of violence. Protests and resulting arrests had already started to spread beyond Los Angeles as of Monday night.

Seattle

At least two people were arrested after protesters tore down American flags at a federal building in Seattle and burned them on Tuesday night, according to multiple reports. Earlier that day, Department of Homeland Security (DHS) officers were seen on video shoving back Antifa-style militants and firing crowd control munitions after the activists tried to block entrances and exits to the building, which houses an immigration court.

New York City

Eighty-six people were arrested overnight starting on Tuesday evening as protesters marched to a Manhattan immigration court and other locations, local outlet ABC7 reported. Police said people threw bottles at protesters and debris and traffic cones onto the road. Charges included assault, resisting arrest, reckless endangerment and obstructing government administration.

One exchange caught on video showed a woman pleading with protesters to let her drive past them on the road so she could go to work.

Illegal migrants “are having their children taken and their parents,” a traffic-blocking activist told the driver.

Another video posted by Sky News showed a mob trying to force its way past a wall of officers while screaming.

Denver

Protesters began gathering at the Colorado State Capitol building in Denver on Tuesday before moving off in a crowd to block traffic on two streets, Colorado Newsline reported. Police ended up in confrontations with rioters throughout the evening, arresting at least 17 on charges such as obstruction of streets, graffiti, assaulting a peace officer and unlawful throwing of projectiles, according to 9News. Police were reportedly seen throwing smoke bombs and pepper balls to disperse crowds.

Atlanta

Organizers of an anti-ICE rally in Atlanta on Tuesday night had agreed to disperse by 9 p.m., but some protesters remained and set off scuffles with police, a local Fox network reported. Rioters damaged three police squad cars by throwing rocks, police said, and threw fireworks at officers. Police used tear gas to disperse the agitators and arrested at least six.

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