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The Real Reason for Record Gas Prices

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2 minute read

Who’s to blame for record high gas prices which in turn have made EVERYTHING more expensive?

Politicians are using the playbook of environmental activists who want desperately to slow everything down, every business, and every single person (who can’t afford endless price hikes).

Here’s Emmy Award winning journalist John Stossel.

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From StosselTV

Putin! Price gouging! Excess profit! Politicians blame the wrong things for record gas prices.  Politicians say higher prices are caused by “corporate greed.” Nonsense. Greed is a constant. Companies are always greedy. They were just as greedy when prices dropped. “If big oil could raise prices anytime they wanted … then why were they so cheap in 2020?” asks Ben Lieberman of the Competitive Enterprise Institute. He points out that the record price “all comes down to cutting back on supplies.” Exactly. Prices change because of supply and demand. Politicians, pushed by environmental activists, have restricted oil production.

 

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John Stossel

Libertarian journalist John Stossel created Stossel TV to explain liberty and free markets to young people. Prior to Stossel TV he hosted a show on Fox Business and co-anchored ABC’s primetime newsmagazine show, 20/20. Stossel’s economic programs have been adapted into teaching kits by a non-profit organization, “Stossel in the Classroom.” High school teachers in American public schools now use the videos to help educate their students on economics and economic freedom. They are seen by more than 12 million students every year. Stossel has received 19 Emmy Awards and has been honored five times for excellence in consumer reporting by the National Press Club. Other honors include the George Polk Award for Outstanding Local Reporting and the George Foster Peabody Award.

 

After 15 years as a TV reporter with Global and CBC and as news director of RDTV in Red Deer, Duane set out on his own 2008 as a visual storyteller. During this period, he became fascinated with a burgeoning online world and how it could better serve local communities. This fascination led to Todayville, launched in 2016.

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Energy

EU lawmakers back gas, nuclear energy as sustainable

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By Samuel Petrequin And Raf Casert in Brussels

BRUSSELS (AP) — European Union lawmakers voted Wednesday to include natural gas and nuclear in the bloc’s list of sustainable activities, backing a proposal from the EU’s executive arm that has been drawing fierce criticism from environment groups and now looks set to trigger legal challenges.

As the EU wants to set the best global standards in the fight against climate change, the decision could tarnish the bloc’s image and question the region’s commitment to reaching climate neutrality by 2050.

The European Commission earlier this year made the proposal as part of its plans for building a climate-friendly future, dividing member countries and drawing outcry from environmentalists over what they criticize as “greenwashing.”

EU legislators from the environment and economy committees objected last month to the plan, setting up Wednesday’s decisive vote in Strasbourg, France. But MEPs rejected their resolution in a 328-278 vote, with 33 lawmakers abstaining. The result was announced to a salvo of applause.

An absolute majority of 353 was needed to veto the proposal. If the European Parliament and member countries don’t object to it by July 11, the so-called Taxonomy delegated act will enter into force and apply as of next year.

Greenpeace immediately said it will submit a formal request for internal review to the European Commission, and then take legal action at the European Court of Justice if the result isn’t conclusive.

“It’s dirty politics and it’s an outrageous outcome to label gas and nuclear as green and keep more money flowing to (Russian President Vladimir) Putin’s war chest, but now we will fight this in the courts,” said Ariadna Rodrigo, Greenpeace’s EU sustainable finance campaigner.

European Parliament rapporteur Bas Eickhout rued “a dark day for the climate and the energy transition.”

The green labeling system from the European Commission defines what qualifies as an investment in sustainable energy. Under certain conditions, gas and nuclear energy will now be part of the mix, making it easier for private investors to inject money into both.

With the EU aiming to reach climate neutrality by 2050 and to cut greenhouse gas emissions by at least 55% by 2030, the commission says the classification system is crucial to direct investments into sustainable energy. It estimates that about 350 billion euros of investment per year will be needed to meet the 2030 targets.

The question of nuclear power has divided environmentalists, energy experts and governments for years, with some arguing it’s an important source of energy because it’s produced with no emissions and thus “clean,” while others say the risks of nuclear reactions are too great and infrastructure is slow and costly to build. Liquid natural gas, clearly a fossil fuel, is roundly criticized in environmental circles.

Germany’s industrial lobby group BDI welcomed the vote, saying it cleared the way for financing the transition from fossil fuels to clean energy.

“Gas is our bridge technology to the renewable age,” said its deputy head, Holger Loesch.

The BDI called for more investments in gas infrastructure, including LNG terminals, to ensure sufficient supply amid the current energy crisis, but added that new gas power plants need to be capable of handling hydrogen eventually.

Introducing gas and nuclear into the equation has divided the 27 member countries amid Russia’s war in Ukraine, and even the parliament’s political groups.

Luxembourg’s energy minister, Claude Turmes, said he deeply regretted the European Parliament’s failure to bloc the commission’s plan, adding that his country — together with Austria — would move ahead with legal efforts to block the labeling of nuclear and gas as sustainable.

Steffen Hebestreit, a spokesman for German Chancellor Olaf Scholz, said that “the German government stands by its position and considers nuclear energy as unsustainable.”

“Nevertheless, the German government believes that the taxonomy is an important instrument for achieving climate protection targets, because it is clear that natural gas is an important bridging technology for us on the way to CO2 neutrality and the inclusion of the use of natural gas in the delegated act takes this into account,” Hebestreit added.

Protests that had started on Tuesday continued Wednesday outside the EU legislature as lawmakers debated the issue.

Environmentalists warned the vote could set a precedent for lawmakers elsewhere to label polluting forms of energy as sustainable.

“We have now officially validated greenwashing by law,” said Tsvetelina Kuzmanova of the climate think tank E3G.

“The process and the decision have been entirely political, not scientific, to only benefit a small number of member states,” she said. “This would not stand a chance in court and will only create more uncertainty for financial markets and jeopardize (the) EU’s climate ambition.”

The youth activist group Fridays for Future said billions of euros could be pumped into gas infrastructure and nuclear power plants as a result of the decision, diverting much-needed funds from renewable alternatives.

One argument for rejecting the proposal is that it will boost Russian gas sales at a time when it is invading neighboring Ukraine, but the European Commission said it had received a letter from the Ukrainian government backing its stance.

European Commissioner Mairead McGuinness quoted from the letter from Ukraine’s energy minister Tuesday: “I strongly believe that the inclusion of gas and nuclear in the taxonomy is an important element of the energy security in Europe, especially with a view to replacing Russian gas.”

“I don’t think we should second-guess this letter,” McGuinness said.

Russia’s war in Ukraine has prompted the 27-nation bloc to sever ties with some Russian fossil fuels. Member countries have agreed to ban 90% of Russian oil by year-end in addition to a ban on imports of Russian coal that will start in August.

But the EU hasn’t included gas — a fuel used to power factories and generate electricity — in its own sanctions for fear of seriously harming the European economy. Before the war in Ukraine, it relied on Russia for 25% of its oil and 40% of its natural gas.

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Frank Jordans and Kirsten Grieshaber contributed to this report from Berlin.

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Alberta

First test production of plastic a milestone for Heartland Petrochemical Complex

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CALGARY — The $4.3-billion Heartland Petrochemical Complex, which has been under construction northeast of Edmonton since 2018, has produced its first plastic pellets.

Owner and operator Inter Pipeline Ltd. said Tuesday the newly commissioned facility has been producing test pellets steadily since late June, an important milestone en route to the expected start of full commercial operation sometime this fall.

The Heartland Petrochemical Complex will convert Alberta propane into 525,000 tonnes per year of polypropylene beads, an easily transported form of plastic that is used in the manufacturing of a wide range of finished products.

Steven Noble, spokesman for Calgary-based Inter Pipeline, said the facility will be the first integrated propane dehydrogenation and polypropylene production facility in North America. He said approximately 70 per cent of Heartland’s total production capacity has been already contracted out to long-term customers.

“Through the duration of the project’s construction, we’ve seen demand for polypropylene increase significantly … including at one point hitting an all-time record (market price),” Noble said in an interview. “The demand that we initially forecast certainly hasn’t gone away.”

The Heartland facility is being built with the support of a $408-million grant from Alberta’s provincial government. The cash grant, part of an incentive program aimed at growing the province’s petrochemicals sector, is to be paid to Inter Pipeline in equal instalments over three years once the complex is operational.

Noble said by creating a new market for propane, the Heartland facility is an example of how natural resource development in Alberta is diversifying.

“The fact that we’re now looking at our raw resources in a different way, and figuring out different ways to get value out of them and create other refined products right here at home … is really the part of the story that everyone here is excited about,” he said.

The Heartland Petrochemical Complex is expected to employ 300 people once fully operational.

The polypropylene produced at the facility will be branded as Heartland Polymers.

This report by The Canadian Press was first published July 5, 2022.

Amanda Stephenson, The Canadian Press

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