Daily Caller
BP Dumping Key Green Energy Business
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.
Daily Caller
Bureaucrats Worry Democracy Will Get In The Way Of Their Climate Agenda
From the Daily Caller News Foundation
I have frequently written over the last several years that the agenda of the climate-alarm lobby in the western world is not consistent with the maintenance of democratic forms of government.
Governments maintained by free elections, the free flow of communications and other democratic institutions are not able to engage in the kinds of long-term central planning exercises required to force a transition from one form of energy and transportation systems to completely different ones.
Why? Because once the negative impacts of vastly higher prices for all forms of energy begin to impact the masses, the masses in such democratic societies are going to rebel, first at the ballot box and if that is not allowed by the elites to work, then by more aggressive means.
This is not a problem for authoritarian or totalitarian forms of government, like those in Saudi Arabia, China and Russia, where long-term central planning projects invoking government control of the means of production is a long-ingrained way of life. If the people revolt, then the crackdowns are bound to come.
This societal dynamic is a simple reality of life that the pushers of the climate alarm narrative and forced energy transition in western societies have been loath to admit. But, in recent days, two key figures who have pushed the climate alarm narrative in both the United States and Canada have agreed with my thesis in public remarks.
In so doing, they are uttering the quiet part about the real agenda of climate alarmism out loud.
Last week, former Obama Secretary of State and Biden climate czar John Kerry made remarks about the “problem” posed by the First Amendment to the U.S. Constitution that should make every American’s skin crawl. Speaking about the inability of the federal government to stamp out what it believes to be misinformation on big social media platforms, Kerry said: “Our First Amendment stands as a major block to the ability to be able to just, you know, hammer it out of existence,” adding, “I think democracies are, are very challenged right now and have not proven they can move fast enough or big enough to deal with the challenges that we are facing.”
Never mind that the U.S. government has long been the most focused purveyor of disinformation and misinformation in our society, Kerry wants to stop the free flow of information on the Internet.
The most obvious targets are Elon Musk and X, which is essentially the only big social media platform that does not willingly submit to the government’s demands for censoring speech.
Kerry’s desired solution is for Democrats to “win the ground, win the right to govern by hopefully having, you know, winning enough votes that you’re free to be able to, to, implement change.” The change desired by Kerry and Vice President Kamala Harris and other prominent Democrats is to obtain enough power in Congress and the presidency to revoke the Senate filibuster, pack the Supreme Court, enact the economically ruinous Green New Deal, and do it all before the public has any opportunity to rebel.
Not to be outdone by Kerry, Deputy Prime Minister Chrystia Freeland of Canada, who is a longtime member of the board of trustees of the World Economic Forum, was quoted Monday as saying: “Our shrinking glaciers, and our warming oceans, are asking us wordlessly but emphatically, if democratic societies can rise to the existential challenge of climate change.”
It should come as no surprise to anyone that the central governments of both Canada and the United States have moved in increasingly authoritarian directions under their current leadership, both of which have used the climate-alarm narrative as justification. This move was widely predicted once the utility of the COVID-19 pandemic to rationalize government censorship and restrictions of individual liberties began to fade in 2021.
Frustrated by their perceived need to move even faster to restrict freedoms and destroy democratic levers of public response to their actions, these zealots are now discarding their soft talking points in favor of more aggressive messaging.
This new willingness to say the quiet part out loud should truly alarm anyone who values their freedoms.
David Blackmon is an energy writer and consultant based in Texas. He spent 40 years in the oil and gas business, where he specialized in public policy and communications.
Business
Some dockworkers earn more than $400,000 a year
From The Center Square
Some longshoreman regularly earn more than the president of the United States along with most other U.S. workers.
Under the existing contract with the East Coast union, a top-scale longshoreman could earn up to $39 an hour, which translates to about $81,000 a year. However, many workers take overtime and extra shifts that have higher rates.
Some 50,000 International Longshoremen’s Association members went on strike Tuesday against the East and Gulf Coast ports, hampering the flow of goods in what some predict could be the most disruptive strike in decades.
Dockworkers often earn more than $100,000 a year because of work rules and overtime requirements.
More than half of 3,726 dockworkers at the Port of New York and New Jersey earned more than $150,000 in the fiscal year that ended in 2020, according to the port’s regulator, the Waterfront Commission of New York Harbor. About one in five dockworkers at the port earned more than $250,000 that year.
Eighteen dockworkers brought in more than $450,000 that year – more than the annual salary as the U.S. President ($400,000) and more than most U.S. workers. The real median household income for all Americans was $74,580 in 2022, according to the U.S. Census Bureau.
Some dockworkers get paid even if they don’t work.
“Every terminal within the Port still has special compensation packages given to certain ILA longshore workers, the majority of whom are white males connected to organized crime figures or union leadership,” according to the Commission’s 2019-2020 annual report. “Based on the industry’s reported figures, the Commission has again identified over 590 individuals who collectively received over $147.6 million dollars last year in outsized salaries, or for hours they never worked.”
The report noted the special packages were not memorialized in the applicable collective bargaining agreements. Rather than eliminate or cap them, the NYSA and ILA negotiated a 2013 Memorandum of Settlement of Local Conditions in the Port of New York-New Jersey. That guarantees special packages to certain people. Those individuals are paid for hours not worked or hours worked by others, as long as they are at the Port for 40 hours each week, according to the Commission’s report.
Such conditions have endured for decades, according to the Commission’s report.
“The hearings revealed that the hiring, training and promotion practices of the industry led to low-show jobs, favoritism and nepotism, the abusive and illogical interpretation of collective bargaining agreements, and the impact of those practices both on the competitiveness of the Port and on the morale and career prospects of decent, hard-working Port employees,” according to the report. “Connected individuals are awarded high paying, low-show or no-work special compensation packages, in some cases earning salaries in excess of $500,000. Such positions were overwhelmingly given to white males connected to organized crime figures or union leadership.”
The ongoing strike, which extends from Maine to Texas, could affect everything from bananas to European beer and automobiles.
The International Longshoremen’s Association blamed the United States Maritime Alliance for refusing a contract offer.
It’s the first strike at these ports since 1977. The strike will affect 36 U.S. ports handling about half of U.S. ocean imports. Included are Boston, New York, New Jersey and Philadelphia.
Negotiations have been tense since June. The disagreement is between the International Longshore Association and Warehouse Union, which represents port workers across the country, and the U.S. Maritime Alliance, which represents terminal operators and ocean carriers.
Wages of East and Gulf coast workers are a base wage of $39 an hour after six years. The union is asking for a 77% pay increase over six years. It is also asking for more restrictions and bans on the automation of cranes, gates, and container movements used to load or unload cargo.
Brett Rowland
Investigative Reporter
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