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Presidential advisor Amos Hochstein: 'We're not against' oil majors making profit

ABU DHABI, United Arab Emirates — President Joe Biden is making no secret of his frustration with high gas prices and the oil companies making record profits as a result. With the support of Democratic allies in Congress, he is threatening to levy windfall taxes on energy firms, a prospect that’s prompted backlash from the industry.

The president on Monday tweeted: “The oil industry has a choice. Either invest in America by lowering prices for consumers at the pump and increasing production and refining capacity. Or pay a higher tax on your excessive profits and face other restrictions.”

The language sets up what looks like a standoff between the U.S. oil industry and the Biden administration at a time of high energy prices, soaring inflation and worries of a global crude supply shortage after years of under-investment in the industry and several months of sanctions on Russian commodities for its war in Ukraine.

But reports of animosity between the White House and America’s energy giants are overhyped, says Amos Hochstein, Biden’s special presidential coordinator, who liaises closely with energy industry leaders domestically and around the world.

The Biden administration is not anti-profit or anti-free market, he stressed; rather, it wants to see oil companies reinvest their profits in improving crude production and the country’s energy security.

“I talk to the CEOs, other senior members of the administration talk to the CEOs on a regular basis,” Hochstein told CNBC’s Hadley Gamble Monday, when asked about the administration’s relationship with industry executives.

“People know that. I don’t think that’s the issue. The issue is this: we want them to increase their capex, increase investment,” he said. “The price environment for the last year, over a year now, lends itself to investment. So take those profits that you’re making. We’re not against profits. What we do want, and the president said this last week — take those profits and invest them.”

Watch CNBC's full interview with U.S. Presidential Coordinator Amos Hochstein

Congressional Democrats argue that oil executives are prioritizing shareholder returns over reinvesting profits toward boosting production that could lower consumer prices. Hochstein held the position that shareholder returns are not an issue in themselves, but that increasing America’s energy supplies should be the priority.

“You want to pay some back to shareholders? Some is fine,” he continued. “But not excessively. You want to take these profits, that’s fine too. But not excessively. We’re in a war and you can do more to increase production.”

Record-breaking oil company profits

Several major oil companies have raked in record profits this year as consumers grappled with soaring gas and energy bills. ExxonMobil reported a record $19.7 billion net profit for the third quarter, and Biden this week accused the Texas-based company of using that to reward shareholders and buy back its own stock rather than investing in production improvements that could ease prices at the pump.

California-based Chevron made $11.23 billion in profits in the third quarter, just shy of the record it hit in the previous quarter. In the last two quarters, Chevron, ExxonMobil, ConocoPhillips and Britain’s BP, Shell and France’s TotalEnergies reportedly made over $100 billion in profits — more than they earned in the entirety of 2021.

Exxon Mobil CEO Darren Woods, speaking to CNBC last week, said his company was committed to addressing both shareholder returns and improving production, regardless of who was in the White House.

“We don’t really look to satisfy one administration or the other. We look to make sure we’re doing the best we can using our shareholders’ money appropriately, finding advantaged projects that allow us to grow production and grow value. We’re also looking at reducing our emissions,” he told CNBC’s “Squawk Box.”

Exxon Mobil CEO Darren Woods: OPEC is leveraging its pricing power

But Hochstein says he doesn’t see sufficient investment on a broad scale.

“All I see is record profits that are not translating to sufficiently increased investment and where investments are not keeping up with average ratios of investment-to-price increase,” he said.

Many in the oil industry argue that a windfall tax is counterproductive and would harm production and investment. Still, the threat of such taxes from the Democratic leadership is likely more of a pressure tactic than a plausible policy proposal in the near-term since Congress is not in session. And it could even become impossible to carry out if Republicans, who largely oppose such a move, win one or both houses in the November midterm elections.

A changing White House tone on fossil fuels

Biden came into office campaigning hard for an end to fossil fuel use and a transition to renewables as part of his climate-focused agenda, laying out a bevy of regulations on oil and gas exploration and production. Supporters of Biden’s green energy goals say this aggressive push was needed to reverse what they describe as damage done by former President Donald Trump, who rolled back years of work on environmental protections and pulled the U.S. out of the Paris Climate Accords.

But it was that policy push, those in the fossil fuel industry argue, that helped throttle investment in oil and gas production and subsequently led to the energy supply shortages and higher prices we see today. Now, faced with a tightening global oil and gas market, climbing demand, and a war in Europe, the administration is taking a different tone.

“Look, it’s no secret that the Biden administration and oil industry do not see eye-to-eye on the long term role that oil will play in the economy,” Hochstein said. “However, we have to do two things. We need more investment in oil production and refining, now.”

Energy security is not a 'short-term thing,' IEF secretary general says

The longtime energy policy veteran pointed out that much of the initial regulations and restrictions have eased — and noted that under this administration, the U.S. is approaching pre-pandemic highs in oil production levels, even despite what he says is insufficient activity from oil companies.

Figures released by the U.S. Energy Information Administration on Monday revealed domestic crude oil production hitting 11.98 barrels per day in August, the highest since March 2020 and nearing the U.S.’s all-time record of 12.3 million barrels set in 2019.

Occidental Petroleum CEO Vicki Hollub contradicted the narrative that the Biden administration was ignoring oil companies. Speaking to CNBC in Abu Dhabi, she said she indeed communicates with U.S. Energy Secretary Jennifer Granholm, a vocal climate policy advocate.

“I do hear from Secretary Granholm — she is focused on tech, she’s enthusiastic about the climate transition, she listens, she [communicates with] the National Petroleum Council and has sent us requests for studies to be conducted to help her in making her decisions” concerning clean energy investments, Hollub said.

Whatever the disagreements on the longer-term role of the fossil fuel industry in the U.S., oil executives and White House officials appear to agree on one thing — they will need to communicate properly to ensure future energy security for the country at a time of severe economic and geopolitical risk.

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Environment

Podcast: Trump moves to kill $7,500 tax credit, deep Tesla discounts, Cadillac Vistiq, and more

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3 hours ago

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November 15, 2024

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Podcast: Trump moves to kill ,500 tax credit, deep Tesla discounts, Cadillac Vistiq, and more

electrek podcast

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Trump moving to kill the $7,500 tax credit, deep Tesla and Ford discounts, the new Cadillac Vistiq, and more.

Today’s episode is sponsored by LiTime, a prominent brand with 15 years of experience in renewable energy storage, specifically focusing on renewable LiFePO4 Lithium batteries. Now through December 15, LiTime is offering up to 60% off its products during its Black Friday Sale.
Learn more here.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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Environment

This 3GW Gobi Desert solar farm can power 2 million households

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November 15, 2024

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This 3GW Gobi Desert solar farm can power 2 million households

Gobi Desert solar farm

China just connected its largest single-capacity solar farm built on a former coal mining area, which is in the Gobi Desert, to the grid.

The Mengxi Blue Ocean Photovoltaic Power Station, located in Otog Front Banner, Ordos, Inner Mongolia, came online on November 5. With a massive installed capacity of 3 gigawatts (GW) and over 5.9 million solar panels, the plant will generate around 5.7 billion kilowatt-hours of electricity annually – enough to power 2 million households.

This huge project will save about 1.71 million tons of standard coal each year and cut carbon dioxide emissions by roughly 4.7 million tons, which is equivalent to planting 62,700 hectares (around 155,000 acres) of trees.

Built on coal mining subsidence land, Mengxi Blue Ocean is part of China’s national West-East Electricity Transfer Project, which brings investment and development to western China west while supplying the growing need for electricity in the eastern provinces.

The solar farm includes the country’s first large-scale outdoor solar testing base in the Gobi Desert climate, demonstrating the potential for large solar installations in challenging environments.

The power station makes use of new rare earth alloy grounding materials, cutting costs by 40%. It also replaces traditional concrete foundations with steel to minimize impact on the local grassland ecosystem.

Chuang Xihong, deputy director of the Engineering Construction Department of Guodian Power Group, CHN Energy’s parent company, explained that Mengxi Blue Ocean is an agrivoltaic project as well [via PV Tech]:

Fine forage and sand-fixing plants are planted under the PV modules, providing grazing for Australian White Sheep and chickens. A composite ecological development model will be established where PV power generation and breeding will go hand in hand.

Read more: China powers up the world’s largest open-sea offshore solar farm

If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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Save exclusive $1,568 on EcoFlow DELTA Pro Ultra, Velotric Black Friday e-bike additions, Anker SOLIX + Heybike flash sales, more

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November 15, 2024

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Save exclusive ,568 on EcoFlow DELTA Pro Ultra, Velotric Black Friday e-bike additions, Anker SOLIX + Heybike flash sales, more

It should be no surprise that we’re closing out the week with another great lineup of Black Friday Green Deals. Leading the official sales is the exclusive discount our readers are getting on the EcoFlow DELTA Pro Ultra Home-Backup Station at a new $4,230 low. Coming up right behind it we have Velotric’s early Black Friday changeup that is adding two more e-bikes to the savings event while also offering an “add three, get 30% off” promotion for accessories – all starting at $1,099. We’ve also got two weekend flash sales, the first being several Anker SOLIX solar generator and home-backup bundles at new low prices and starting from $1,399. The other is a second chance at Heybike’s Ranger S Folding e-bike for $999, as well as some price reductions. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s long-awaited Rad Power Black Friday sale that has increased savings up to $700 on new and old e-bikes alike, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Save a 9to5Toys-exclusive $1,568 on EcoFlow’s DELTA Pro Ultra whole-home backup station at new $4,230 low

Wellbots is giving 9to5Toys readers an exclusive chance at savings on EcoFlow’s DELTA Pro Ultra Whole-Home Backup Station for $4,230.59 shipped, after using the promo code 9TO5DPU9 at checkout for an additional 9% off. Normally priced at $5,799 here, with a higher $6,098 MSRP direct from EcoFlow, this unit has never seen discounts this large, with the brand’s current Black Friday sale offering what we considered the best price of the year at $4,649, until today. Taking advantage of this exclusive offer gives you a total of $1,568 off its going rate at Wellbots ($1,867 under its original MSRP) and lands it at the best price we have tracked to date.

EcoFlow’s DELTA Pro Ultra is the hands-down best option from the brand for backup power of your entire home, providing a starting 6.1kWh LiFePO4 battery capacity and 7,200W power output that can be invested in and further expanded up to a massive 90kWh capacity and 21.6kW output. For context, the station alone can keep your essentials running for two days on one full battery and up to 15 days with its fully expanded capabilities – and that’s not even factoring in any solar panel setup you have for it that recharges and replenishes its battery. Aside from just supporting you through blackouts with the auto-switchover, it will analyze your regular power usage to offset peak rates while utilizing solar charging to help lower your energy costs (requires Smart Home Panel 2, sold separately).

There are multiple ways to recharge the Ecoflow DELTA Pro Ultra’s battery outside the expandable 5.6kW to 16.8kW solar input, with a wall outlet able to recharge the battery in just two hours, with other options including EV piles and generators too. As an example, in terms of its solar charging capabilities, if you were to invest in a fully stocked and expanded system (three Ultra Pro stations + expansion batteries), a single hour of solar charging would give you the power needed to run your home for the entire day. It can handle severe temperatures of -4 degrees to 113 degrees and even comes with an IP54 dust-proof and splash-proof rating.

Velotric Go 1 Utility e-bike

Velotric adds two e-bikes to early Black Friday + 30% discounts on three accessories – deals start from $1,099

Velotric is switching its early Black Friday sale into its second gear through November 28, including two more e-bikes to the sales lineup and offering an “add three save 30%” promo on accessories. Aside from those we already saw at the start of the month, the brand includes the Go 1 Utility e-bike for $1,299 shipped and the Packer 1 Cargo e-bike for $1,599 shipped. Normally these models go for $1,699 and $2,199, respectively, we’ve seen most sales drop costs down to $1,399 and $1,699 for most of 2024, though there was one August flash sale that lowered the prices by $50 more and we have also seen the Go 1 Utility e-bike as low as $1,099 in past years back in the pre-tariff marketplace. Still, you’re looking at some of the lowest prices tracked, giving you some solid affordability on reliable e-mobility solutions.

Velotric’s Go 1 Utility e-bike cruises into view at a 20 MPH top speed that you can unlock up to 25 MPH, with the 500W hub motor peaking at 900W and powered by the removable 692Wh battery, which also provides a solid 55 miles of travel on one full charge. There are five pedal assistance models here, and a bunch of great features for the price – especially the inclusion of Apple Find My alongside the usual smartphone app integration. You’ll also enjoy stocked puncture-resistant tires, a removable thumb throttle, a 7-speed Shimano derailleur, an integrated LED headlight, a rear rack that has an integrated taillight with brake lighting, and a 3.5-inch LCD display with a USB port.

With the Packer 1 Cargo e-bike, you’ll be able to haul up to 176 pounds of packages, passengers, both, and more at top speeds of 20 MPH (which also unlocks to 25 MPH) for up to 52 pedal-assisted miles thanks to the pairing of its 750W rear-geared hub motor (peaks at 1,200W) and the removable 692Wh battery. Using just the throttle for pure electric action can surprisingly net you up to 45 miles of travel. Among its features you’ll find Apple Find My and smartphone app integrations, 4-piston hydraulic disc brakes, a hydraulic suspension fork, an 8-speed Shimano derailleur, fenders over its 26-inch front/20-inch rear tires, an LED headlight, a taillight with braking functionality, and an LED display.

Updated early Black Friday e-bike discounts:

Anker SOLIX weekend sale

Anker SOLIX flash sale takes $3,028 off F3800 station with expansion battery and 400W panel at new $4,369 low

Anker SOLIX has launched its second weekend flash sale through November 17 that is offering some new and continued savings on a selection of solar generator and home backup bundles, as well as some new additional savings promotions. The spotlight this time around is on the F3800 Portable Power Station that comes with a BP3800 expansion battery and 400W solar panel for $4,369.05 shipped, after using the promo code ANKER4K5OFF for an additional 5% discount. This bundle would normally cost you $7,397, and we’ve only seen this bundle get discounts a few times throughout 2024, with the biggest of them taking the price down to $4,899. During the next 72 hours, you’ll be able to save $3,028 here and scoring this solar generator package at the all-time lowest price we have tracked.

Before we go over what you can expect from this package, Anker SOLIX has provided additional savings on orders that reach certain thresholds through December 8 on top of the free gear offers that have been live since the sale’s start. As a recap, you’ll be getting a free 200W solar panel when you spend over $3,000, a free EverFrost Portable Cooler 40 when spending over $4,000, and a free 400W solar panel on orders over $5,000. On top of these offers, be sure to take note of the following bonus savings options:

  • Save an additional 3% off your order over $3,000 with the code ANKER3K3OFF
  • Save an additional 5% off on orders over $4,000 with the code ANKER4K5OFF
  • Save an additional 7% on orders over $5,000 using the code ANKER5K7OFF

Just be sure to enter these codes at checkout. The listed prices below have not had these additional savings factored in.

The SOLIX F3800 is a versatile backup power option that starts with a 3,840Wh LiFePO4 capacity (doubled to 7,680Wh with the expansion battery) that you can further expand up to 26.9kWh with five more BP3800 expansion batteries. Through its 15 ouput ports it can deliver up to 6,000W of power and even has connections for your RV, electric car, and your home’s circuit breaker (though it requires the Home Backup kit for sectional power or the Home Power Panel for your entire home + integration with with your solar roof panels for greater recharging capabilities).

There are a few different ways to recharge the F3800’s battery, but the two main ways will give you a full battery in only 2.7 hours through a standard outlet, or up to 2 hours when utilizing its maximum 2,400W solar input. Everything is housed within a rollable design, with an LCD display to monitor real-time levels as well as adjust settings – or you can do all this on your phone via the companion app.

Anker SOLIX early Black Friday weekend flash sale offers:

You can check out the full lineup of Black Friday offers by following the link here – and be sure to use those promo codes above for the best savings!

heybike ranger S weekend sale

Heybike offers second chance to get Ranger S Folding e-bike at $999 low in latest early Black Friday flash sale

Heybike is giving folks another Black Friday flash sale and a second chance at the best price we’ve seen on its Ranger S Folding e-bike at $999 shipped through the weekend, while also lowering the price on the Brawn Off-Road e-bike by another $100. The Ranger S model usually goes for $1,499 at full price, with most discounts only taking costs down to $1,199 at best before these Black Friday weekend flash sales. You’re looking at a second chance to score $500 off its going rate at the all-time lowest price we have seen for it – and it also comes with the Black Friday gift pack too. You can learn more about this e-bike’s standard model in our review, with both variations being discussed below, as well.

Heybike’s Ranger S e-bike offers some solid performance specs and features at an affordable low price. Starting off, you have a choice here between a 750W (peaks at 1,400W) or a 1,000W (peaking at 1,800W) rear hub motor, depending on just how much power you require for speed, overcoming terrain, and the like. Keep in mind that the 1,000W model does charge a higher $1,399 price (down from $1,699). Both options come powered by a 692Wh battery, with five pedal assistance levels to utilize – supported by a cadence sensor for the 750W model and a superior torque sensor for the 1,000W model. You’ll enjoy 55 miles of travel and Class 3 top speeds of 28 MPH from the 750W motor while the 1,000W motor bumps that maximum to 32 MPH.

Aside from that, there’s a whole bunch of tried and true features you would typically expect from a folding fat-tire e-bike, like the 20-inch by 4-inch fat tires with fenders over each, the step-through frame that also folds, obviously, as well as an LED Headlight, an integrated rear cargo rack with an LED taillight that provides brake lighting, a hydraulic front suspension fork, hydraulic disc brakes, a kickstand, and a smart LCD display. Its charger has also been bumped up to a 4A model, which is around twice as strong as the average e-bike charger, so you can expect a full charge in about 4 hours.

Other Heybike discounts:

  • Mars 2.0 Folding Fat-Tire e-bike: $999 (Reg. $1,499)
    • 28 MPH for up to 45 miles
    • 1,000W motor (32 MPH speed) costs $100 more
    • comes with free front basket and large basket + gift pack
  • Cityrun Urban Commuter e-bike: $999 (Reg. $1,599)
    • 21 MPH for up to 55 miles
    • comes with free large basket + gift pack
  • Hauler Cargo e-bike (new model): $1,399 (Reg. $1,899)
    • 28 MPH for either 55
    • Dual-battery (85-mile range) costs $300 more
    • comes with free large rear basket + gift pack
  • Brawn Off-Road e-bike: $1,399 (Reg. $1,799)
    • 28 MPH for 65 miles
    • comes with free large basket + gift pack
  • Horizon Full-Suspension e-bike: $1,499 (Reg. $1,999)
    • 28 MPH for 55 miles
    • comes with free front basket and large basket + gift pack
  • Tyson Uni-Body e-bike: $1,499 (Reg. $1,699)
    • 28 MPH for 55 miles
    • comes with free large basket + gift pack
  • Hero Carbon-Fiber All-Terrain e-bike (new model): $2,499 (Reg. $2,599)
    • 35 MPH for 60 miles
    • comes with free large basket + gift pack

Best Black Friday e-bike deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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