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Originally published by Union of Concerned Scientists, The Equation.
By Rachel Cleetus 

In the last week, Senator Manchin (D-WV) has become increasingly public with his opposition to the Clean Electricity Performance Program (CEPP), a policy designed to drive down power sector carbon emissions which is part of the reconciliation bill under consideration in Congress. With the vote margins so slim in Congress, his stance significantly jeopardizes the chances that this vital policy will survive the legislative process. At a time when the devastating, costly, and inequitable impacts of climate change around the nation — including worsening flooding in West Virginia — could not be clearer, it is deeply disturbing to see the Senator actively undermining policies that would help drive down heat-trapping emissions and protect people.

The budget reconciliation package for the Build Back Better Act, which was approved by House committees in September, marked a massive turning point in how the United States aims to address climate change, prioritize environmental justice, and create good paying jobs for working people. The package also addresses long-standing social and economic needs — including healthcare, education, elder care, and childcare. And if the climate and clean energy provisions in the package stay robust and fully funded, they would also put the nation firmly on the path to cutting emissions in half by 2030, a goal the Biden administration has committed to as part of the U.S. contribution to global efforts to limit climate change.

Simply put, the reconciliation bill is a much needed and long overdue investment in the well-being of our people and the future of our country.

But now, thanks to the intransigence of Senator Manchin, a key provision to help reduce emissions — the Clean Electricity Performance Program — is at risk of being removed from the package, and no clear alternative to cut power sector emissions has been put forth in its place. Given that the Senator does acknowledge climate change is real, this is hard to understand.

Even more egregiously, the Senator is now claiming that the nation’s clean energy transformation has already been achieved! That is simply untrue. Our nation still gets about 60 percent of its power from fossil fuels and the EIA forecasts that after declining by 19 percent in 2020 due to the pandemic-related economic crisis, coal-related carbon dioxide emissions will rise by 20 percent in 2021. Meanwhile, we need to sharply bend that emissions curve, cutting U.S. heat-trapping emissions at least in half and getting to an 80 percent clean power sector by 2030. Analysis by UCS and others shows that this goal is within reach — but we need to implement strong policies to get going right away.

Further, the overall scale of the reconciliation bill is also under attack, meaning that all of its valuable provisions — including climate and environmental justice priorities — are under threat of being cut out or severely down-scaled. Given the magnitude and severity of the crises of climate change, economic inequality, and environmental injustice our nation faces, all colliding with the ongoing COVID-19 pandemic, this is no time for Congress to shortchange the legitimate and pressing needs of people while indulging in corporate welfare to benefit the rich and powerful.

What’s all too clear from the latest developments is that the power of the fossil fuel lobby to block progress on climate action still reigns strong in Congress. Senator Manchin’s financial stake in the coal industry is well documented. His seeking to cut the CEPP calls into question whether he is prioritizing and protecting fossil fuel industry interests — which include his own — over his constituents’.

He is not alone. Senator Sinema (D-AZ) is also seeking to sharply reduce the investments in the reconciliation bill, and she has very recently held fundraisers with major industry groups opposed to provisions in the Build Back Better agenda.

And let’s not forget that every single Republican in Congress has failed to support the reconciliation bill (or any other serious policy to address climate change for that matter). What a shameful situation for these policymakers to abdicate their responsibilities as elected officials even as climate change, economic inequity, and environmental injustices strike at the hearts of communities all over the country in both red and blue states!

At this pivotal moment, when our ambitions to protect future generations from the ravages of climate change hang in the balance, let us speak plainly about what these members of Congress are doing: they are putting their narrow self-interests and the interests of the fossil fuel industry above that of their constituents. They are squandering the precious little time we have, the narrow window we have left to avert a climate catastrophe, on business-as-usual politics.

Knowing full well the devastating wildfires, heatwaves, drought, intensifying storms and flooding that the country has experienced this year — the 18 billion dollar-plus extreme weather and climate-related disasters so far this year that took 538 lives–these members of Congress choose to protect the fossil fuel industry.

Knowing full well the extreme rainfall and devastating floods that are becoming increasingly commonplace in West Virginia, and the extreme heat, drought and wildfires affecting the people of Arizona, Senators Manchin and Sinema aren’t willing to invest what’s necessary to secure a clean energy future and are thus enabling the status quo.

Knowing full well that hard-working coal miners and their communities — who have helped keep the lights on for generations — deserve investments that can help them create a prosperous and healthy future in West Virginia, Senator Manchin is seeking sharp cuts in the bill that would affect investments vital to West Virginians, including investments in social safety net programs, infrastructure, and clean energy, while protecting his financial stake in coal.

Knowing full well that fossil fuels are dirty and polluting and impose an outsize health burden on Black, Brown, Indigenous and low-income communities, these members of Congress choose to prolong that burden to prolong fossil fuel profits.

Knowing full well that in this consequential decade we must make a sharp turn away from fossil fuels to have a fighting chance of leaving our children and grandchildren a livable planet, these members of Congress choose to rely on funding from the fossil fuel industry to secure their next term in office.

Knowing full well that the U.S. stands to lose coastal properties by the millions; be exposed to dangerous summer heat unsafe for outdoor work and play; that our cities, vital infrastructure, and lives will be upended by worsening storms, floods, and fires; and that we will lose invaluable species and ecosystems, they choose to let emissions from the fossil fuel industry continue to rise.

Knowing full well that a just and equitable transition to clean energy would also be a boon for public health, job creation, and the economy, they choose to let the fossil fuel industry dictate our future.

That choice they are making is unconscionable. That choice is gravely consequential for young people around the world, today and in the future. We can have a thriving, equitable, clean, and climate-resilient economy if we are courageous enough to seize this momentous opportunity today.

Senators Manchin and Sinema, Republican members of Congress, what do you want your legacy to be? Will you be among those willing to stand up for a bold vision of a future that is clean and just, with benefits for all communities? Will you stand behind the scale of investments necessary to secure that future?

We will continue to fight alongside a diverse and powerful movement for all the incredibly important components of the reconciliation bill that are vital for our nation’s prosperity, especially those that ensure just and equitable climate action. And we urge members of Congress and the Biden administration to stop allowing fossil fuel politics to win the day when so much is at stake for our children and grandchildren.

 

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Formula E’s new car is all-wheel drive and accelerates faster than F1

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Formula E's new car is all-wheel drive and accelerates faster than F1

Formula E unveiled its new “Gen3 EVO” car, an update to the Gen3 car which debuted last season, ahead of the Monaco ePrix this weekend.

The new car will be used for next season, and is basically a mid-cycle update of the Gen3 car which has been in service for last and this season. The succeeding Gen4 car is not expected until 2027.

The Gen3 car was introduced as both lighter and more powerful as the previous generation car, with a lot of promises about how much quicker it could be in the races.

It also utilized some pretty unique design ideas. The biggest difference is the addition of a front motor, but this motor was only used for braking, and conversely, the rear friction brakes were entirely deleted and instead the rear axle is braked only by the rear motor using regenerative braking, for a total of 600kW regenerative braking power.

However, The Gen3 didn’t turn out to be all that much faster. This often happens with new racecars as teams get used to tuning and using them, but teams struggled to harness the extra power available to them.

At the same time, the series switched tire providers, and the new tires may have proven to be a limiting factor.

Now, the Gen3 car is hoping to fix both of these problems at once. Not only has Hankook provided stickier tires (with 5-10% more grip, and made of 35% recycled materials) which should help to harness some of the car’s additional power, Formula E has also taken the rather unique move (in the world of formula cars) of activating the Gen3 car’s front motor for thrust, not just regen – thus making its cars all-wheel drive.

The Gen3’s inclusion of a front motor left many thinking – ourselves included – that it would inevitably get activated not just for regen, but for power delivery.

There have been all-wheel drive single seater open wheel cars in the past, but it has only been tried a few times. Currently, other open-wheel single seaters (like F1, IndyCar and the like) are rear-wheel drive only.

AWD has been popular on road cars recently, because it enhances acceleration and drivability. And on EVs, it’s quite easy to add, because you can just slap a second motor on the other axle and run a few cables to it, rather than needing to run driveshafts and gearing mechanisms all through your car to transfer the power from a single combustion engine to two separate axles.

However, sportscar and racing enthusiasts have often preferred rear-wheel drive because it makes cars more squirrelly and difficult to control, showcasing driver skill more readily.

So Formula E is going to allow all-wheel drive only in certain situations. During qualifying duels, race starts, and during the activation of “attack mode,” a temporary 50kW power boost that each driver gets at certain points in the race.

One complaint about the Gen3 cars was that attack mode was hard to use, because the car felt like it couldn’t properly utilize that additional 50kW. By activating the front motor, this should give drivers a huge advantage – quicker acceleration through and out of corners is an enormous benefit.

While 0-60 numbers don’t matter a lot for a racecar – they’re only ever at 0mph at one point, at the start of the race, after all – acceleration is still important for exiting corners, and gives you a lasting benefit for the entire straight if you can get a better exit than another racer. And the Gen3 EVO boasts a truly impressive 0-60 number: 1.82 seconds.

This 0-60 time is 30% quicker than an F1 car and 36% quicker than the Gen3 car, thanks to that front motor helping pull the car forward with 4 contact patches instead of 2.

In addition, the design of the car has changed somewhat. The nose and front wing have been redesigned from the (perhaps overly) angular design of the original Gen3 car. Over the last season and a half, cars have struggled with front wing damage, so hopefully the new wing will be a little more durable.

All told, Formula E says that the new car could be 1-3 seconds faster per lap, depending on circuit and whether the AWD system is in use. This would be a pretty massive improvement as far as laptimes go, but we’ll have to see how it plays out when next season comes around.

Now, if only we could also see that 600kW mid-race charging they’ve been working on…

The new Gen3 EVO car will start seeing use next season, but if you want to see the current Gen3 car in action, you can watch it this weekend at the Monaco ePrix.

The race proper starts at 6am PDT, 9am EDT, 1pm UTC, and 3pm local Monaco time on Saturday April 27. In the US, all sessions other than the race will be available on the Roku channel, practice sessions will be on Formula E’s YouTube, and the race will be on CBS/CBS Sports Network. To see how to watch the race in other countries, head on over to Formula E’s Ways to Watch site.

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Daily Ev Recap:  Ultra-fast charging adds 370 miles of range in 10 minutes

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Exxon stock falls as earnings miss on lower natural gas prices and squeezed refining margins

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Exxon stock falls as earnings miss on lower natural gas prices and squeezed refining margins

An Exxon gas station is seen on October 06, 2023 in the Brooklyn borough of New York City.

Michael M. Santiago | Getty Images

Exxon Mobil on Friday reported first-quarter earnings that missed expectations as the industry came under pressure from eroding refining margins and collapsing natural gas prices.

Exxon’s stock was down less than 1% in early trading.

Here is what Exxon reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

  • Earnings per share: $2.06 vs. $2.20 expected
  • Revenue: $83.08 billion vs. $78.35 billion expected.

The nation’s largest oil company reported net income of $8.22 billion, or $2.06 per share, a 28% decrease from earnings of $11.43 billion, or $2.79 per share, in the same period a year ago.

Oil is up more than 16% this year and gasoline futures have surged nearly 32%, but the rally has done little to lift the Exxon’s fortunes due to headwinds elsewhere in the industry. Natural gas prices have plummeted 37% this year, and refining margins are lower than they were a year ago. Chevron faced similar issues this quarter.

Revenue beat expectations, coming in at $83.08 billion, but was lower than a year ago, when the company reported $86.56 billion.

Exxon’s fuel business saw earnings plummet 67% to $1.38 billion, compared with $4.18 billion in the prior year, due to refining margins coming down from last year’s highs.

The company’s chemical products segment saw profits more than double to $785 million compared with $371 million in the same quarter last year.

Exxon is currently locked in a dispute with Chevron over the latter’s pending acquisition of Hess Corp. Exxon has taken Chevron to arbitration court to defend rights the company claims to Hess’ assets in Guyana under a joint operating agreement.

Chevron said Friday that it expects the Hess deal to close in 2024.

Read Exxon’s full earning release here.

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Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices

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Chevron beats earnings estimates but profit falls on lower refining margins and natural gas prices

Gas pumps are seen at a Chevron gas station in Orlando. 

Paul Hennessy | SOPA Images | Lightrocket | Getty Images

Chevron beat earnings expectations Friday, but its profit fell from the year-ago period as its refineries and international gas business faced headwinds.

Here is what Chevron reported for the first quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

  • Earnings per share: $2.93 adjusted vs. $2.87 expected
  • Revenue: $48.72 billion vs. $50.66 billion expected

The oil major’s net income declined 16% to $5.5 billion, or $2.97 per share, compared with the same quarter a year ago when it earned $6.57 billion, or $3.46 per share. Excluding one-time items, Chevron reported earnings of $2.93 per share, which beat Wall Street estimates.

Revenue of $48.72 billion fell from $50.79 billion a year ago and was short of analyst expectations.

Chevron shares fell about 1% in premarket trading on the news.

The company attributed declining profits to lower sales margins at its refineries and lower natural gas prices eating into profits in international production. Exxon faced similar issues this quarter.

Oil prices have gained more than 16% this year and gasoline futures are up 31%, but the rally did little to lift profits given trouble elsewhere in the energy industry.

Natural gas prices have plummeted 37% this year due to a supply glut. Retail and distribution margins for gasoline, or the difference between the retail and refining prices, were also lower in February and March compared with the same period last year, according to the Energy Information Administration.

Chevron’s refining business in the U.S. saw earnings plummet by more than half to $453 million. Profits in international refining took an even bigger hit, falling nearly 60% to $330 million. 

The U.S. oil and gas business booked earnings of about $2 billion, a 16% increase over the prior-year period due to higher sales volume. Chevron produced 1.57 million barrels of oil and gas daily in the U.S. for the quarter, an increase of 35%, or 406,000 bpd, from a year ago.

The oil major attributed the production gains to strong output in the Permian and the Denver-Julesburg basins. 

International oil and gas earnings fell 6% to $3.2 billion as production fell by 39,000 barrels to 1.77 million bpd due to maintenance in Nigeria and field declines. Still, total worldwide production increased 12% to 3.35 million bpd — its highest first-quarter output on record.

Chevron said it is confident its pending acquisition of Hess Corp. will close in 2024, despite a challenge from Exxon Mobil in arbitration court over rights in a joint operating agreement for oil assets in Guyana.

Chevron said it expects the shareholder vote and the Federal Trade Commissions request for information on the deal to be wrapped up in the second quarter.

Capital expenditures rose to $4.1 billion, a 37% increase over the $3 billion spent in the year-ago period. The higher spending was on its oil and gas production and old assets from PDC Energy after completing its acquisition of the company last August.

Chevron still paid out $3 billion in dividends and repurchased nearly $3 billion of its shares in the quarter, though its return on capital of 12.4% was lower than the 14.6% in first quarter last year.

Read Chevron’s full earnings release here.

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