While Americans clench their teeth in anger as they fill up their gas tanks, same First The US President’s Special Envoy for Climate said:
This year we need to deliver on those promises and that means we need to decarbonize the energy sector five times faster than now. We need to use renewable energy five times faster than today. We need to switch to electric vehicles about 20 times faster than now. And it is imperative that we move quickly to a resilient net-zero economy.
If reality was previously out of his reach, John Kerry certainly lost touch when he married at the Heinz Masala Colossus in 1995. He talks as if he were ordering lunch from his concerned house staff: “Quick, Jeeves. Can’t you hurry up and decarbonize now?” All of this service to the nation has left Carey clueless about physics and economics.
“And to say that is to expose a frightening level of ignorance,” the cartoon green chicken known as Doomberg told Tony Greer on Real Vision.
In fact, despite all the evidence, our politicians might think that if we have enough lithium, nickel, and nickel to support it, we could somehow wave the magic wand and accelerate EV adoption by a factor of 20. Or no cobalt. Current growth path. It’s just crazy. Where is the diesel mined to mine all the cobalt, nickel and lithium that we need?
Global consumption of petroleum and liquid fuels will average less than a hundred million barrels per day this year, up from 2.2 million barrels per day from 2021 to the 1970s.” More ominously, he predicts: “Personally, I don’t think that ever again a new oil refinery will be built in this country.”
A good increased price should signal entrepreneurs to produce more of that product. The same would happen in a free market. But, as Mr. Wirth points out, “It is our government’s policy to reduce demand at all levels of the system and so in a business where the payback on an investment is a decade or more, this is very difficult to do.” “And the government’s stated policy has long been to reduce demand [petroleum] the product.”
in your book omnipotent governmentLudwig von Mises explained:
The alarming fact is that while government intervention hinders efforts to make a commodity cheaper, it does have the power to make it more expensive.
So Joe Biden set about cutting prices at the pump while gas prices hit new highs (and summer driving season is yet to come).
Doumberg had a nuanced opinion on the lack of refineries:
The last large refinery built in the US was in 1977. And by large I mean over 100,000 barrels per day. There are some small line-ups here and some special ones here and there. But overall, because of environmental pressures, the US hasn’t built a new large-scale refinery in 40, 45 years, which is pretty incredible.
And that’s not the worst. “But at the same time, what has happened, especially on the east and west coasts, is the big surprise that many refineries have been closed due to environmental pollution,” Doumberg said. With these closures, the net effect in the 1980s was 17.8 million barrels per day. And that’s 18 million barrels a day today. “If you consider how much GDP growth has happened over this period, you can see where the bottlenecks are,” Doumberg said.
According to Doumberg,
The world is running out of diesel. And if we run out of diesel, that’s a really big deal. The result of the destruction of demand will be a severe economic crisis.
As Miz pointed out, one government intervention inevitably leads to the next, and Doumberg predicts a “Biden administration.” [will] Push for a ban on diesel exports, which will be very easy to sell politically. This will hurt refiners as international diesel prices are too high for the 650,000 barrels they export daily.
The environmental mob, now armed with government power, may think they are doing God’s work, but like Mrs.
His interventions prevent people from using their knowledge and skills, their labor power and their material means of production in such a way that they generate the highest profit and satisfy their needs in the best possible way. Such interventions make people poorer and less satisfied.
When you fill up, you feel “poorer and less satisfied”.