“Last year, every offshore wind equipment manufacturer reported substantial financial losses as raw material costs, order delays, labor problems, and antiquated manufacturing plants overwhelmed their revenue gains. Correcting these problems necessitates higher equipment prices, reduced manufacturing capacity, and/or relocating to lower-cost countries. These steps can set back delivery times and delay project start-up dates. Developers are also finding that building Jones Act-compliant installation and support vessels are taking longer and costing more, further challenging their projects’ economics.”
On Day One, Joe Biden canceled the Keystone XL pipeline construction permit issued by the Trump administration, costing union jobs. He rejoined the Paris Agreement on Climate Change so John Kerry could have a job. It was no secret where this administration was heading.
Days later, Biden issued an Executive Order calling for the nation to build “a new American infrastructure and clean energy economy that will create millions of new jobs.”…
“Physical and economic realities must not only be considered but controlling. Wishing and hoping for change is not a successful business strategy, and the past few years have awakened BP management to that reality.”
“Leaning in” is a phrase BP plc CEO Bernard Looney likes to use to describe how his company is embracing the energy transition. BP is transitioning from an “international oil company” to an “international energy company,” according to Looney. This means more renewable energy and less oil and gas. Looney invoked “leaning in” in February 2020 when he introduced new strategic aims for BP to reach “net zero carbon emissions on an absolute basis by 2050 or sooner.”
The Plan
In Looney’s presentation, “Reimagining energy, reinventing BP,” he said BP needed to reinvent itself as a clean-energy producer because climate change demanded it. …
Environmentalists fighting to ban oil and gas need to learn about the 30 percent of the barrel they ignore when they espouse a world powered exclusively by electricity generated by renewables. Replacing the organic properties of petroleum is a life-threatening void in the hubris of the enemies of mineral energies.
…it is estimated industrialized nations currently consume petrochemical products at a rate of 3.5 gallons of oil per day per person.
A recent opinion column in the Wall Street Journal, “You Can’t Build Roads Without Oil,” pointed out the fallacy of the “keep it in the ground” movement against fossil fuels. Forced energy transformationists want an end to the internal combustion engine and shuttered fossil-fuel-fired power plants. It is a wind-and-solar world with existing nuclear plants maybe to continue.…