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An oil pump jack in a field with wind turbines in Corpus Christi, Texas, U.S., Friday, Feb. 19, 2021.
Eddie Seal | Bloomberg | Getty Images

A day-long Congressional hearing on ‘climate disinformation’ on Thursday, where executives of some of the world’s largest oil companies defended themselves against lawmakers, ended with House Oversight and Reform Committee Chairwoman Carolyn Maloney threatening to issue subpoenas.

“Please know that I do not take this step lightly … we are at code red for climate and I am committed to doing everything I can to help rescue this planet and save it for our children,” Maloney said. “We need to get to the bottom of the disinformation campaign and with these subpoenas we will.”

Executives from the oil companies, including ExxonMobil, Chevron, Shell and BP America, defended themselves and their company’s actions, saying they were in line with science of the day.

“Our understanding of the science has been aligned with the consensus of the scientific community as far back as 20 years ago,” said Exxon CEO Darren Woods, responding to questioning from Maloney. “As science has evolved and developed, our understanding has evolved and developed, as has our work and position on the space.”

Maloney said she did not get the information she and her lawmaker colleagues were looking for.

Lawmakers had requested documents from each of the big oil companies in attendance six weeks ago which were due Sept. 30. Lawmakers followed up before the due date and identified key categories of documents they wanted to see. The companies missed the deadline to produce the documents the group was looking to see, and lawmakers warned the companies they had until Oct. 25 or they would “face further action,” Maloney said.

None of the six entities delivered “a substantial portion” of the “key documents” Maloney and the committee wanted to see. Instead, they produced “reams” of publicly available documents.

One group sent in 1,500 pages of documents printed from their own website and 4,000 pages of newsletters with industry press releases, Maloney said. Other companies delivered thousands of pages of publicly available annual reports and company postings on Facebook and LinkedIn, she said.

What Maloney wanted to see was detailed funding information “to understand their payments to shadow groups and to over 150 public relations companies and advertisements on social media,” she said. Those documents were not provided, she said, and called those “payments that today’s witnesses seem intent on continuing.”

Rep. Ro Khanna, the chairman of the Subcommittee on the Environment, pressured Woods to say statements from a former Exxon executive, Lee Raymond, which denied a connection between fossil fuels and global warming was a mistake. While Khanna started his testimony saying, “I don’t have any interest in being adversarial,” the resulting back and forth with Woods got pretty tense.

“You know, when I make a statement, that’s wrong, when most people make a statement, that’s wrong, they say, ‘Okay, it’s a mistake. We regret it.’ I’m just asking you for that,” Khanna said.

“I don’t think it’s fair to judge something 25 years ago with what we’ve learned since,” Woods said.

“I’m disappointed that you’re not willing to say that something is a mistake. It doesn’t inspire a lot of confidence about, you know, introspection and going forward. I’m surprised actually, I thought you would just say it’s a mistake,” Khanna said.

Khanna also asked executives on the spot to tell the American Petroleum Industry, the industry trade group, to stop opposing legislation to promote electric vehicles.

Big oil companies are still funding groups like the American Petroleum Institute, an industry trade organization, which is getting in the way of reforms promoting electric vehicle use, Maloney said.

“I see no choice but to continue our committee’s investigation until we see the truth,” Maloney said.

“I have tried very hard to obtain this information voluntarily but the oil companies employ the same tactics they use for decades on climate policy — delay and obstruction. Well, that ends today,” Maloney said. She added that she had draft subpoenas on hand.

In addition to emphasizing that their companies were operating in accordance with the science of the time, the executives also focused on the clean energy innovation they are doing.

“Just as when we were founded in 1879, we continue to believe in a power of human ingenuity to overcome obstacles and find responsible solutions for meeting the world’s growing energy needs to deliver a better future for all,” Chevron CEO Michael K. Wirth said at the hearing.

While the stated goal of the hearing was “to examine the fossil fuel industry’s long-running, industry-wide campaign to spread disinformation about the role of fossil fuels in causing global warming,” according to a statement from the lawmakers’ committee, the content of the hearing ranged far beyond climate disinformation to include a political referendum on gas prices, American energy independence, among many other topics.

But many of the hours of the hearing were lawmakers taking the five minutes in the spotlight to address energy issues key to their own constituents.

For example, lawmakers brought up the high price of gas at the pump for consumers.

“It’s clear that this hearing is part of a Democrat led disinformation campaign to distract from the Biden administration’s failed policies that are hurting average Americans,” Virginia Foxx, a Republican Congressperson from North Carolina said.

“As of this morning $3.39 per gallon gas is the average price of gas in America,” Foxx said. “This hurts families in my district and across the nation enough to decide which items on their grocery list they cannot buy, and what trips they can no longer afford to take.”

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Cramer names oil and natural gas stocks set to do well under Trump

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Cramer names oil and natural gas stocks set to do well under Trump

CNBC’s Jim Cramer on Friday said companies related to natural gas and oil will thrive under President-elect Donald Trump’s administration and a majority Republican Congress.

“We’re hearing about all sorts of Trump trades right now, and many of these things have made insane moves in less than three weeks, to the point where, actually, they’re feeling precarious to me,” he said. “If you want a sustainable Trump trade, I say bet on the natural gas ecosystem. This is an industry that already had a lot going for it, it just needed some cooperation from the federal government, which it is about to get.”

President Joe Biden’s administration is largely opposed to fossil fuels, Cramer said, and the federal government has worked to block pipelines and paused new liquified gas export authorizations. This dynamic, coupled with a weaker global economy, caused the sector to underperform for much of the year, he suggested. But Trump has shown more favor to the industry, and Cramer pointed out that he tapped prominent oil executive Chris Wright to lead the Department of Energy.

Cramer recommended several stocks in the sector, including energy producers EQT and Coterra. The former is focused on natural gas and recently acquired peer Equitrans, raising the combined company’s valuation to an estimated $35 billion, Cramer noted. He added that Coterra is a good long-term holding and called the company “one of the shrewdest operators in the industry.”

He highlighted pipeline companies, including Energy Transfer and Kinder Morgan, and said he was especially bullish on Enbridge. Enbridge says it transports about 20% of all natural gas consumed in the U.S., and Cramer claimed the Canadian outfit has “strategically located assets.” He also named Cheniere and Sempra, saying the former is the “best playfor liquified natural gas exports.

“Seasonally, this is a good time for the commodity,” he said, pointing out that natural gas itself has climbed since the election. “But I also think there’s some optimism about the future of the industry driving this move.”

Jim Cramer’s Guide to Investing

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Jeep launches Wagoneer S EV lease prices starting at just $599 per month

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Jeep launches Wagoneer S EV lease prices starting at just 9 per month

Jeep’s first global luxury electric SUV will arrive at US dealerships any day. Despite its $72,000 price tag, lease prices for the 2024 Jeep Wagoneer S EV start at just $599 per month.

2024 Jeep Wagoneer S EV lease prices

After unveiling its first global electric SUV, Jeep’s CEO said the Wagoneer S “marks a new chapter” in its storied history.

Jeep claims the Wagoneer S packs “exhilarating performance.” With 600 hp and 617 lb-ft of torque, the big-body SUV can sprint from 0 to 60 mph in just 3.4 seconds. Its 100 kWh battery pack also gives it a driving range of over 300 miles.

The electric SUV is unmistakably still a Jeep, but it did get several upgrades to distinguish it as an EV. The grille is now enclosed without the need to cool a massive engine, giving it a sporty, more modern look.

Jeep revamped its design with a new illuminated seven-slot grille with ambient cast lightning. It also fine-tuned its profile, adding flush door handles, a rear wing, and integrated fins for better airflow.

Jeep-Wagoneer-S-EV-lease-prices
Jeep Wagoneer S Launch Edition (Source: Jeep)

The first Jeep Wagoneer S Launch Edition models get exclusive dark accent design elements like 20″ Gloss Black Wheels.

Inside, the electric SUV is loaded with the latest tech and connectivity, including a best-in-class 45″ of usable screen space. The setup includes a 12.3″ center screen and an exclusive 10.25″ interactive front passenger screen.

Jeep-Wagoneer-S-EV-lease-prices
Jeep Wagoneer S Launch Edition Radar Red interior (Source: Jeep)

Jeep already announced that the 2024 Wagoneer S EV will start at $71,995, but now the company has revealed lease prices for the first time.

According to Jeep, the 2024 Jeep Wagoneer S Launch Edition can be leased for $599 per month for 36 months (10,000 miles per year). The deal includes $4,999 due at signing and a $7,500 EV incentive. However, you may want to act fast, as Jeep’s offer is only good until December 2, 2024.

Jeep Wagoneer S vs Tesla Model Y Starting Price Range Lease Price
Jeep Wagoneer S Launch Edition $71,995 +300 miles $599/mo
Tesla Model Y RWD $44,990 320 miles $299/mo
Tesla Model Y AWD $47,990 308 miles $399/mo
Tesla Model Y AWD Performance $51,490 279 miles $599/mo

In comparison, Tesla Model Y RWD lease prices start at $299 for 36 months with $2,999 down (10,000 miles). The Performance AWD model starts at $599 per month. In an end-of-year promo, Tesla also offers 3 months of free Supercharging and Full Self-Driving.

Ready to drive off in your new electric SUV? We can help you get started. You can use our links below to view offers on the Jeep Wagoneer S and Tesla Model Y at a dealer near you.

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Caltrain makes history with fully electric trains on SF to San Jose route

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Caltrain makes history with fully electric trains on SF to San Jose route

Caltrain, the 160-year-old San Francisco to San Jose rail corridor, has ditched diesel and is now fully electric.

This makes Caltrain’s zero-emission service from San Francisco to San Jose the first diesel-to-electric transition in North America in a generation. To celebrate, Caltrain is offering free rides this weekend on its new half-hourly weekend service, and it’s hosting events at every city along the corridor.

The new electric service is also faster and more frequent. During peak hours, trains will run every 15 to 20 minutes at 16 stations along the corridor. Express service from San Francisco to San Jose will take less than an hour, and weekend service will be twice as frequent as before.

Each trainset will have seven cars instead of the previous five to six. The new electric trains accelerate and decelerate faster than the diesel fleet, allowing more frequent stops in the same amount of time.

The trains were built by Stadler US at their facility in Salt Lake City, Utah. After they were assembled, they were sent to a test facility in Pueblo, Colorado. where they were tested at high speeds under numerous conditions as required by the Federal Railroad Administration.

The new electric trains are not just better for the environment; they’re also a big upgrade for passengers. Riders can now enjoy perks such as free wifi, more seat power outlets, and expanded under-seat storage. Plus, the ride is much quieter.

Serving the region since 1863, Caltrain is the oldest continually operating rail system west of the Mississippi. The Electrification Project is fully funded by federal, state, and local partners.

Read more: ‘UK-first’ intercity battery trial train outperforms diesel


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