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mikenov on Twitter: RT @CNNPolitics: President Trump’s legal team criticizes the Justice Department after Attorney General William Barr says there’s no evidenc…

President Trump’s legal team criticizes the Justice Department after Attorney General William Barr says there’s no evidence of widespread election fraud cnn.it/39zh4si pic.twitter.com/0fKbJlJRML



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mikenov on Twitter: barr – Google Search google.com/search?q=barr&… pic.twitter.com/WQPeLkx7EC

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mikenov on Twitter: 11:06 AM 12/1/2020 – Current and Selected News Articles – newsandtimes.net thenewsandtimes.blogspot.com/2020/12/1106-a… pic.twitter.com/8DtTmPhX29

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Saved Stories – None: Russian economy contracts 3.6% year-on-year in third quarter

National Review

Biden Energy Policies Will Make Blue New Mexico See Red

Lew Wallace, the former territorial governor of New Mexico (and author of Ben Hur), once said, “Every calculation based on experience elsewhere fails in New Mexico.”In so many ways Wallace was prescient about this beautiful, poor, and unique state in the American Southwest. One “calculation” about modern politics that would especially perplex him is the fact that a relatively poor but oil-rich Western state elects politicians that are so directly at odds with its economic best interest.After Texas and North Dakota, New Mexico is the third-largest oil-producing state in the U.S. The oil and gas industries combine to generate roughly 40 percent of its annual budget. Furthermore, New Mexico’s oil and gas resources are heavily concentrated on lands managed by the federal government. The central role of energy, especially energy extracted within the state’s borders and controlled by federal policy-makers, might lead one to believe that New Mexicans would vote for pro-energy Republicans in federal elections.Instead, New Mexico has become a safely blue state. It narrowly went for George W. Bush in 2004 but since then has gone for Democrats by wide margins. The situation is even more stark at the state level, where Democrats have had “trifectas” (total control of both houses and the governor’s mansion) for 60 of the past 90 years. The GOP hasn’t had such governing authority in the state for a single year since 1931 and, despite significant turnover, has not elected a Republican to the U.S. Senate since Pete Domenici retired in 2009.In 2020 Biden won the state 54.3 percent to 43.5 percent despite the fact that President Trump’s pro-energy policies have been a boon to the New Mexico economy and that the Biden administration’s energy policies are a dagger aimed at the heart of New Mexico’s economy.That “dagger” comes in the form of the numerous — sometimes clear, often conflicting — statements that candidate Biden made during the campaign. It is unclear what Biden will do about hydraulic fracturing, or “fracking,” which enables oil and gas producers to access previously inaccessible oil and gas sources. He backed away from an outright nationwide ban late in the campaign. However, Biden has clearly stated that he would ban new gas and oil permits — including fracking — on federal lands.Targeting federal lands would devastate New Mexico’s oil and gas industry and its economy, because of the state’s large federal estate. According to the Institute for Energy Research, 34.7 percent of the land in New Mexico is federal. In fiscal year 2019, New Mexico received energy-related disbursement (from the federal Bureau of Land Management) of  $1.17 billion, the highest payment made in any state (Wyoming was next, with $641 million, and then Colorado, with $108 million). This was the highest payment from the bureau in the state’s history and compares with $455 million in FY 2017. A vast majority of this increased revenue is a result of fracking.Furthermore, data from the Global Energy Institute indicate that if energy production on federal lands were banned, New Mexico would lose 24,300 jobs (10,000 direct, 14,300 indirect and induced), a significant hit for a state with a workforce of around 900,000. Making matters worse, a good number of the “direct” jobs lost are good-paying — something that is not easy to find in New Mexico, a state that consistently ranks among the poorest in the nation and has been hard-hit by the COVID-19 pandemic. Closing New Mexico’s federal lands to energy production entirely would cost the state $496 million in annual royalty collections, representing 8 percent of the state’s total General Fund Revenues.Biden’s proposed fracking ban is even too much for New Mexico’s Democratic governor Michelle Lujan Grisham, who has said that she’ll ask for an exemption from any future drilling ban. Acknowledging the tax-revenue contributions to education funding, Grisham explained to the New Mexico Oil and Gas Association conference in Santa Fe last October that “without the energy effort in this state, no one gets to make education the top priority.”To be sure, Lujan Grisham is broadly supportive of Biden’s energy policies. (She’s even on the president-elect’s short list for administration positions.) Both of them have stated that they would like to “transition out of fossil fuels” despite New Mexico’s financial dependence on the industry.But Biden’s aggressive anti-fossil-fuels stance as it relates to federal land not only puts him at odds with Lujan Grisham, it puts him far to the left of President Obama on the issue. In a 2012 presidential debate, Obama stated, “We’ve opened up public lands. We’re actually drilling more on public lands than the previous administration. . . . And natural gas isn’t just appearing magically; we’re encouraging it and working with the industry.”President Obama was of course considered an environmentalist by political opponents and supporters alike. His support for natural-gas right isn’t difficult to reconcile with his environmental track record. That’s because (when used in a new power plants), natural gas emits 50 to 60 percent less CO2  than a typical new coal plant.Obama understood the vast benefits of natural gas, including the fact that it was appropriate to drill for it on federal lands. During his tenure, natural-gas production rose some 35 percent, from approximately 21 million cubic feet to more than 28.4 million cubic feet.If he truly cares about the environment, Biden would be wise to follow his predecessor’s playbook. According to the EPA, U.S. net greenhouse-gas emissions went down by 10 percent from 2005 to 2018, and much of the contribution to that decline in recent years was “due to an increasing shift to use of less carbon dioxide-intensive natural gas for generating electricity and a rapid increase in the use of renewable energy in the electric power sector.” But if natural-gas prices rise — and a ban on federal leasing is likely to contribute to higher prices — these positive developments could go into reverse. The Energy Information Administration recently projected that higher natural-gas prices would cause coal’s share of power generation to increase from 18 percent to 22 percent in 2021.Obama also signed into law legislation that ended the U.S. government’s restrictions on crude-oil exports back in 2015.During the campaign, Biden faced tremendous pressure from the left wing of his political base to come out for policies such the Green New Deal and bans on fracking and other fossil-fuel-based energy production. Biden has never been associated with such hard-Left stances against economic policy and growth in the past. Remember, even Obama is to the right of where Biden campaigned.Let’s hope that President Biden has a more realistic approach to energy than did candidate Biden. New Mexico’s economic future is certainly at stake, but so is the recovery of our nation’s virus-hobbled economy.Rather than instituting a blanket ban on production of oil and gas on federal lands, a better approach would be to recognize the benefits and work to make sure that any production is handled responsibly and safely. The growing American energy sector and American energy independence have delivered wins for the environment, for consumers, and for the U.S. and state economies such as New Mexico’s. Let’s keep it that way.

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mikenov on Twitter: Russian economy contracts 3.6% year-on-year in third quarter yahoo.com/news/russian-e… pic.twitter.com/KCOxvRW3QP

Russian economy contracts 3.6% year-on-year in third quarter yahoo.com/news/russian-e… pic.twitter.com/KCOxvRW3QP



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mikenov on Twitter: RT @gaycivilrights: Because of course. buff.ly/2HXAjQP

Because of course.
buff.ly/2HXAjQP


Retweeted by

Michael Novakhov (mikenov)
on Tuesday, December 1st, 2020 3:48pm

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mikenov on Twitter: Both the decline in oil prices and the reduction in demand for oil will hit the Russian economy hard. … Following the price war between Saudi Arabia and Russia, which led to a drop in prices … Economy of Russia and falling oil prices – Google Search google.com/search?q=Econo… pic.twitter.com/ZMpUMovhRS

Both the decline in oil prices and the reduction in demand for oil will hit the Russian economy hard. … Following the price war between Saudi Arabia and Russia, which led to a drop in prices …

Economy of Russia and falling oil prices – Google Search google.com/search?q=Econo… pic.twitter.com/ZMpUMovhRS



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Saved Stories – None: Oil Demand Has Collapsed; Won’t Come Back Any Time Soon : NPR

An oil rig towers over houses last week in Nigg, Scotland. Major players in the oil industry expect depressed oil demand and low prices to continue well into next year.

Peter Summers/Getty Images


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Peter Summers/Getty Images

An oil rig towers over houses last week in Nigg, Scotland. Major players in the oil industry expect depressed oil demand and low prices to continue well into next year.

Peter Summers/Getty Images

2020 is shaping up to be an extraordinarily bad year for oil.

In the spring, pandemic lockdowns sent oil demand plummeting and markets into a tailspin. At one point, U.S. oil prices even turned negative for the first time in history.

But summer brought new optimism to the industry, with hopes rising for a controlled pandemic, a recovering economy and resurgent oil demand.

Those hopes are now fading. In a report Tuesday, the influential advisory body called the International Energy Agency revised its forecasts for global oil consumption downward, warning that the market outlook is “even more fragile” than expected and that “the path ahead is treacherous.”

It’s the latest in a flurry of diminished forecasts from major energy players. On Monday, oil cartel OPEC slashed its expectations of oil demand, just as Trafigura, a large oil trading company, warned that another large oil glut is building.

And energy giant BP, which has grabbed headlines with its new carbon-neutral commitments, raised the possibility that the world might never again use as much oil as it did before the pandemic.

We're Barreling Toward An Epic Glut Of Oil

A pair of recent OPEC reports reflect the rapid shift in mood.

Its August oil forecast assumed that by 2021, “COVID-19 will largely be contained globally with no major disruptions to the global economy.” OPEC also predicted that economic activity would be rebounding steadily and oil demand would be recovering.

But on Monday, OPEC released a much grimmer forecast.

“[S]tructural changes to the global economy are forecast to persist,” the oil cartel wrote. Travel and tourism “are not expected to achieve pre-COVID-19 levels of activity before the end of 2021.”

Our Pandemic Habits Cut Carbon Emissions, But It's Not Clear They'll Last

The IEA, a well-regarded source of global energy data, agreed with the oil cartel’s latest assessment, writing that “it is becoming increasingly apparent that COVID-19 will stay with us for some time.”

“There’s some negative vibes out there,” said Neil Atkinson, the head of Oil Industry and Markets Division at the IEA. “It just doesn’t appear to be a simple case of this horrible thing comes along in the first six months of the year and then mercifully goes away again and we can all go back to normal. It’s just not happening like that.”

Free Fall: Oil Prices Go Negative

The world still relies heavily on oil and natural gas. For 2020, OPEC predicts total oil demand will be slashed by nearly 10% — nowhere near the large-scale pivot away from fossil fuels that scientists say is necessary to fight climate change.

But from the industry’s perspective, this year’s decline is tremendous and destabilizing. Producers around the world are already radically rethinking their production plans, shutting down drilling rigs and hitting pause on major projects.

Many U.S. producers have gone bankrupt. Saudi Arabia, which has been trying to diversify its economy to be less reliant on oil as the sole source of prosperity, pushed the wider group of countries called OPEC+ to slash output and drag prices up out of the doldrums.

These disruptions come as a growing number of investors, regulators and even energy giants are projecting bigger shifts in oil demand in the years to come as much of the world takes action to try to limit the most damaging consequences of climate change.

Exxon Mobil Exits: The Dow Drops Its Oldest Member

BP and Shell are among the European oil and gas giants that have pledged to reshape their businesses to focus more on zero-carbon energy sources. Total, the French energy company, recently acknowledged that the shift away from fossil fuels will cause some of its current oil investments to become “stranded assets,” meaning they will not be as valuable as expected in a world that has reduced its reliance on oil.

BP published its annual energy outlook this week and laid out three possible trajectories for the future of oil demand. In two of those pathways, the world would take meaningful action on climate change, and the current drop in demand — instead of being a pandemic-induced blip — would become the pivot point leading toward a lower-emissions future.

In the third path, where the world continues with “business as usual” instead of acting more swiftly to stop global warming, BP predicts oil demand would increase slightly over the next few years — but still peak within the decade.

BP says its scenarios are not forecasts, but “a range of possible outcomes.”

As Demand For Oil Dries Up, OPEC And Allies Agree To Historic Cuts In Output

Carolyn Kissane, an energy expert and an academic director at New York University’s Center for Global Affairs, says BP’s experts aren’t the only ones who see a possibility that energy demand may have already peaked.

She notes many factors will affect demand — including economic developments, government policy decisions and, of course, the pandemic. And big questions remain about just how profoundly our behavior might shift as a result of pandemic disruptions.

“Maybe we are making this more dramatic, radical transition that’s going to have much deeper impacts,” she says. “There is that uncertainty.”

Transitioning away from fossil fuels will not be quick, easy or simple, Kissane says. But it’s possible the pandemic is pushing companies and oil-producing countries to think now about how to adapt to a world with reduced oil demand — one they once expected would arrive further into the future.

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Mike Nova’s favorite articles on Inoreader: Fired cybersecurity chief hints at legal action after Trump campaign lawyer said he should be executed – NBC News

Fired cybersecurity chief hints at legal action after Trump campaign lawyer said he should be executed  NBC News

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Mike Nova’s favorite articles on Inoreader: The Jibaro News – jibaronews.com: mikenov on Twitter: Russian Opposition Leader Navalny Under Investigation For Urging Overthrow Of Government rferl.org/a/russian-oppo…

Russian Opposition Leader Navalny Under Investigation For Urging Overthrow Of Government rferl.org/a/russian-oppo…


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