64 US Bank Branches File To Shut Down In A Single Week; Are You Affected?

Energy News Beat

Authored by Naveen Athrappully via The Epoch Times,

Big banks such as PNC Bank and JPMorgan Chase have filed to close several branch offices in multiple states amid a troubling pattern of rising branch shutdowns in recent years.

Between Nov. 12 and 18, several banks filed to close branch locations, with PNC Bank with the most filings, according to data from the U.S. Office of the Comptroller of the Currency. Pittsburgh-based PNC Bank filed for 19 branch closures—five in Pennsylvania, four in Illinois, three in Texas, two each in Alabama and New Jersey, and one each in Indiana, Ohio, and Florida.

JPMorgan Chase followed closely with 18 filings—three in Ohio, two each in Connecticut and South Carolina, and one each in 11 states, including New York, Illinois, Florida, and Massachusetts.

Citizens Bank came in third with eight branch closure filings—six in New York, and one each in Massachusetts and Delaware. Minneapolis-based U.S. Bank filed for seven closures—three in Tennessee and one each in Missouri, Wisconsin, Ohio, and Illinois.

Bank of America made five filings—two in New York and one each in Texas, Massachusetts, and California.

Citibank filed for two branch closures, and Sterling, Bremer, First National Bank of Hughes Springs, Windsor FS&LA, and Aroostook County FS&LA made one filing each.

Altogether, banks filed to shut down 64 branches.

The recent closures are part of a long-term branch shutdown trend that has been ongoing over the past several years. A report from the National Community Reinvestment Coalition shows that between 2017 and 2021, 9 percent of all bank branches shut down. The closure rate doubled during the COVID-19 pandemic.

According to data from S&P, there were 3,012 branch closures last year and 958 branch openings, leading to a net closure of 2,054 branches. This was the third consecutive year that net closings exceeded 2,000.

One major factor that led to a surge in branch closures is the rise of digital banking, a trend that accelerated during the pandemic when people were stuck at their homes.

A survey by the American Banking Association (ABA) conducted in September showed that 8 in 10 Americans used a mobile device to manage their bank accounts at least once in the previous month.

“Digital banking tools have made it more convenient and more secure than ever for consumers to manage their finances,” Brooke Ybarra, ABA’s senior vice president of innovation strategy, said, according to a Nov. 3 statement.

Cost Saving, Negative Effects

Going digital rather than expanding physical branch locations is also part of a cost-saving strategy for banking institutions. Opening a new site costs millions of dollars and several hundreds of thousands in annual recurring costs.

Most of the operations done via a physical bank can now be done online. Digital transactions are cheaper than the costs incurred in transacting via bank tellers.

On the flip side, the shutdown of bank branches can negatively affect customers, especially in small towns. Due to such closures, many towns have become “bank deserts,” where the nearest bank is more than 10 miles away.

“When bank branches close, there are several adverse effects on the surrounding community. Small business lending and activity in the area declines. More people use alternative financial services that open them to unregulated and predatory financial practices. An important commercial tenant and employer are lost,” the National Community Reinvestment Coalition report said.

“While consumers have embraced mobile and internet banking to one degree or another, they clarify that branches matter to them as well, and without branches nearby, they are more likely to be un- or under-banked.”

A recent survey by Daily Mail found that 51 percent of Americans were either “very concerned” or “somewhat concerned” about the closure of bank branches.

PNC Bank Closure

PNC Bank registered the largest number of closure filings amid its heightened focus on cost-saving measures. During its second-quarter earnings call, CEO William S. Demchak said the bank is “going to have to take a hard look” at where it can “generate savings … without cutting the potential for growth.”

At the time, Chief Financial Officer Robert Q. Reilly revealed that the institution was boosting the target of an expense reduction program by $50 million to $450 million. For next year, PNC Bank is targeting $725 million in expense cuts.

PNC is the sixth-largest U.S. bank. The 19 branches that will be shut down are:

202 N. Walnut St., Bath, Pennsylvania301 W. Trenton Ave., Morrisville, Pennsylvania14 N. Main St., Plains, Pennsylvania1969 E. 3rd St., Williamsport, Pennsylvania2 N. Mill St., New Castle, Pennsylvania321 Bel Air Blvd., Mobile, Alabama2811 Eastern Blvd., Montgomery, Alabama5650 S. Brainard Avenue, Countryside, Illinois2217 W. Market St., Bloomington, Illinois1949 E. Sangamon Ave., Springfield, Illinois505 West Liberty Street, Wauconda, Illinois8733 U.S. Highway 31 South, Indianapolis, Indiana528 Station Ave., Hadden Heights, New Jersey410 Main St., Orange, New Jersey115 E. Van Buren Ave., Harlingen, Texas407 S. Commerce St., Harlingen, Texas801 W. Kearney St., Mesquite, Texas1040 Mt. Vernon Ave., Columbus, Ohio1140 N. Main St., Gainesville, Florida

In June, PNC shut 47 branches, followed by 29 closures in August. A spokesperson told The U.S. Sun at the time that the bank intends to shut down 147 locations as it focuses more on online banking. The closures were expected to make 60 percent of PNC’s banking business exclusively online.

A spokesperson from the bank told the Philadelphia Business Journal that the 19 bank closures will take place on Feb. 16.

Last month, the bank reported a drop in third-quarter profits and declared cutting roughly 4 percent of its workforce. The layoffs, which began on Oct. 6, will be completed by the end of the fourth quarter. The job cuts are expected to bring down the bank’s yearly personnel expenses by roughly $325 million or 5 percent.

The bank also forecasts that its net interest income—the difference between the interest it receives on loans and the interest it pays on deposits—will shrink by 1 to 2 percent from current levels in quarter four. During the third quarter, net interest income had declined by 3 percent.

“They (PNC Bank) recognize that there is definitely a headwind to the growth and their net interest income, mainly due to the higher deposit rates and higher funding costs,” Timothy Coffey, an analyst at Janney Montgomery Scott, told Reuters.

“And so they’re trying to alleviate some of that headwind by doing what they can to cut their own non-interest expenses as a way to maintain their earnings.”

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Kiev denies Russian sleeper spies now activated in security agency

Energy News Beat

Aleksey Danilov, secretary of the Ukrainian security council, had been cited earlier by The Times claiming SBU was rife with Russian moles

Russia has a network of sleeper agents in the SBU, Ukraine’s secret service, one of Kiev’s top security officials, Aleksey Danilov, has said, according to The Times on Monday. Later, however, the official reportedly denied the claim, telling Ukrainian media he’d been misinterpreted and that the agency was actually rooting out Russian moles.

The SBU had a change of leadership in July 2022 when President Vladimir Zelensky declared that widespread treason in the ranks of the agency required fresh blood. Vasily Malyuk, the current SBU head, is also a member of the Ukrainian security council, on which Danilov serves as secretary.

According to The Times, Danilov said that the alleged Russian ring was a legacy of ousted President Viktor Yanukovich, during whose term in office in the early 2010s the SBU was infiltrated. The sleeper cell has now been activated to topple Zelenksy, he was cited as saying.

Speaking to Ukrainskaya Pravda later in the day, Danilov insisted that the British newspaper had misunderstood him and that the sleeper agents were not in the SBU. According to the Ukrainian paper, the spy agency itself has also argued in a statement that Danilov’s words were misinterpreted by the media.

In his interview with the Times, Danilov claimed that Moscow is attempting “to organize anti-war rallies” in Ukraine and to push a “false narrative” about tensions between the country’s civilian and military leadership through these “activated” agents.

Earlier this month, Ukraine’s top army commander Valery Zaluzhny publicly contradicted Zelensky, describing the situation on the frontline as “a stalemate.” The president has since warned military commanders against interfering in national politics.

“With all due respect to General Zaluzhny … there is an absolute understanding of the hierarchy and that is it, and there can’t be two, three, four, five [leaders],” Zelensky told The Sun last week.

He has also claimed that a Russian conspiracy was underway to undermine his presidency through mass protests.

Last month, The Washington Post published a detailed story about US influence on Ukraine’s special services. Since 2015, the CIA has invested tens of millions of dollars into transforming them “into potent allies against Moscow,” it said. American spies considered the SBU a security risk and created an entirely new directorate, while GUR, the military intelligence branch, was rebuilt from scratch.

The Russian military has estimated Ukrainian frontline losses since early June, when Kiev launched its Western-backed counteroffensive, at over 100,000. Defense Minister Sergey Shoigu described Kiev’s forces earlier this month as being on the brink of collapse.

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NATO’s stubbornness to blame for Ukraine crisis – Putin aide

Energy News Beat

The US and its allies are clinging to their crumbling hegemony by waging a “hybrid war” against Russia, Yury Ushakov has said

The Ukraine crisis was sparked by NATO’s stubbornness and reluctance to address Moscow’s security concerns, Yury Ushakov, a senior foreign policy aide to Russian President Vladimir Putin, has said.

Speaking at the Primakov Readings international forum, named after the late Russian Foreign and Prime Minister Evgeny Primakov, Ushakov noted that one of the key goals of the veteran diplomat was to deter NATO’s expansion after the collapse of the Soviet Union and to create a sustainable and fair security architecture in Europe. However, this aspiration was not supported by the West, he added.

“Now we have what we have. The situation around Ukraine is the result of NATO’s stubbornness and complete disregard for Russia’s interests,” the official stressed.

Ushakov also remarked that as early as the 1990s, when the US was at the peak of its global power, Primakov had foreseen that the world would slowly move towards a multipolar order. According to the presidential aide, Primakov understood that this transition “would not be easy, and the US and its allies would do everything to maintain their hegemony,” as seen in the West’s “hybrid war against Russia in the Ukraine conflict.”

However, according to Ushakov, the global majority that wants a multipolar world order does not want to be in opposition to the West. “Many non-Western countries maintain partner ties with the US and the EU… but not to the detriment of their sovereignty, relations with China, Russia, and other non-Western centers,” he noted.

His comments come after Foreign Minister Sergey Lavrov said earlier this month that despite the West’s best attempts to turn Russia into a “rogue state” over the Ukraine conflict, numerous nations are still willing to talk to Moscow as they put their national interests first.

In December 2021, several weeks before the Ukraine conflict began, Russia presented the US and NATO with a list of security proposals to defuse tensions in Europe. Moscow demanded that NATO not expand any further, that it bar Ukraine from joining the alliance, and withdraw its forces back to its 1997 borders. The overture, however, was rebuffed by the West.

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Israel-linked tanker briefly seized off Yemen’s coast

Energy News Beat

The attackers tried to flee, but were stopped by an American warship, the US Central Command claims

Armed assailants seized an Israel-linked tanker of the coast of Yemen, but surrendered when warships from the US-led counter-piracy force answered a distress call, according to the US Central Command (Centcom).

A group of gunmen boarded the Liberian-flagged Central Park vessel on Sunday, Centcom said in a statement on X (formerly Twitter). Shortly afterwards, the USS Mason destroyer and other coalition vessels arrived at the scene and told the assailants to release the ship, the statement read.

“Subsequently, five armed individuals debarked the ship and attempted to flee via their small boat. The Mason pursued the attackers resulting in their eventual surrender,” Centcom said.

During the pursuit, “two ballistic missiles were fired from Houthi controlled areas in Yemen toward the general location” of the USS Mason and the Central Park, it added. The missiles landed some 10 nautical miles (18.5 kilometers) from the ships, causing no damage or injuries, according to the statement.

Sources told Fox News that the USS Mason fired warning shots as it chased the assailants, while a US helicopter gunship was flying overhead. A Japanese destroyer apparently assisted the American vessel during the pursuit.

Centcom did not give details on the attackers, describing them as an “unknown entity.” The crew on board the Central Park is “currently safe,” it added.

Zodiac Maritime, a London-based international shipping firm owned by Israeli billionaire Eyal Ofer’s Zodiac Group, said it would “like to thank the coalition forces who responded quickly, protecting assets in the area and upholding international maritime law.”

According to the company, the tanker carries phosphoric acid is manned by 22-strong crew from Bulgaria, Georgia, India, the Philippines, Russia, Turkey and Vietnam.

Yemen’s exiled government has blamed the Houthi rebels, who control most of the country’s north, including capital Sanaa, for storming the Central Park ship. The incident was one the most latest “acts of maritime piracy carried out by the terrorist Houthi militias with the support of the Iranian regime,” it said in a statement.

No group has so far claimed responsibility for the attack. The Associated Press pointed out in its report that the incident happened in a part of the Gulf of Aden that “is fairly distant from Houthi-controlled territory.”

Last month, the Houthis warned that they would target Israeli vessels along busy shipping routes in the Red Sea in response to the Israeli bombardment of Gaza. They have also fired several drones and missiles into Israeli territory.


READ MORE:
WATCH Houthi militants hijack Israeli-linked ship

A week ago, the Houthis confirmed the capture of the Israel-linked cargo ship Galaxy Leader. The vessel been taken to the Yemeni port of Hodeida, where it currently remains.

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India’s growth forecast raised

Energy News Beat

The Indian economy could perform better than expected next year, with the S&P Global Ratings revising its growth forecast upwards on Monday.

The rating agency now projects India’s gross domestic product (GDP) to grow 6.4% in the financial year 2024 compared to the previous forecast of 6%, “as robust domestic momentum seems to have offset headwinds from high food inflation and weak exports.”

The S&P’s projection for the next year is close to the figure set by India’s central bank, which expects the economy to grow 6.5% in 2024.

Although inflation in the country remains above the Reserve Bank of India’s (RBI) target of 4%, the agency believes it will not affect growth prospects.

“In India, there was a transitory spike in food inflation in the July-September quarter, but it appears to have had little effect on the underlying inflation dynamics,” S&P said in a note, adding that it expects interest rates to fall by 100 basis points by March 2024.


READ MORE:
Indian banks should do more to boost rupee-ruble payments – Russian envoy

At the same time, the US-based rating agency lowered the country’s growth forecast for the financial year 2025 to 6.4% from its earlier prediction of 6.9%. According to S&P, the Indian economy will bounce back only in 2026-2027 “amid subdued global growth, a higher base, and the lagged impact of rate hikes” by the RBI.

The upward revision by the global rating agency follows a similar upgrade by the International Monetary Fund, which raised India’s growth forecast for the next year to 6.3% in October from 6.1% projected earlier and brings it on par with the World Bank projection of 6.3%.

For more stories on economy & finance visit RT’s business section

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Ukraine’s largest flag destroyed (VIDEO)

Energy News Beat

The 16-meter banner was torn in half by strong winds, officials in Kiev have said

A storm in Kiev has torn Ukraine’s largest flag in half, city officials reported on Monday. The national symbol was damaged despite being lowered to half-mast in an attempt to protect it from the strong winds.

Officials in the Ukrainian capital announced on Telegram that the damaged section of the banner, which was the country’s largest hanging flag, had already been removed from the mast. They promised a new flag would be raised as soon as the weather permits.

The flagpole and the flag itself are the largest in Ukraine, with the mast standing 90 meters tall and weighing as much as 32 tons. The banner measures 16 meters by 24 meters.

Social media users have also posted images of the torn flag, which can be seen dangling on the mast, apparently torn at the seam between its yellow and blue sections.

A severe snowstorm covered Ukraine on Monday, leaving over 2,000 settlements without power and forcing the closure of over a dozen motorways, according to authorities.

Along the Black Sea, high winds have also caused significant damage in Russia’s Republic of Crimea. Local authorities declared a state of emergency as nearly 500,000 people have been left without power.

The “once in a century” storm saw winds of up to 144 kph tear through the peninsula on Sunday, leaving at least one person dead and up to 10 residents injured. It also caused the deaths of some 500 marine animals at an aquarium in the port city of Sevastopol.

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Ukraine conflict may expand – top military commander

Energy News Beat

Hostilities could spread beyond the east and south of the country, the general in charge of border defense told ABC

The frontiers of the Ukrainian conflict could expand if Russia continues to increase arms production while Kiev’s troops are deprived of advanced weapons from Western allies, Lieutenant General Sergey Naev told ABC News.

Naev, who is in charge of Ukraine’s northern border defense, said on Saturday that the battle between Ukraine and Russia had become a “resource war,” noting that the reduction of Western military aid will have a serious impact on the defense capabilities of the Ukrainian Army.

He claimed that Russia is getting its resources with the help of North Korea and Iran. He also pointed out that “technology is critical,” warning that if Moscow produces more weapons and improves technologically with the help of its allies, hostilities could spread beyond the east and south of Ukraine.

Iran has denied accusations of supplying Russia with military drones for use in its military operations in Ukraine. However, Iranian Foreign Minister Hossein Amirabdollahian admitted that some drones had been delivered to Russia before the Ukraine conflict escalated in February 2022.

Kremlin spokesman Dmitry Peskov also denied Western allegations of munitions shipments from North Korea to Russia, noting that “they report it all the time, but provide no evidence.”

Since June, Ukraine has been conducting a counteroffensive, but has yet to make any significant gains on the battlefield. In late October, Zelensky told the Times that “nobody” believes in Kiev’s victory as much as he does, while “exhaustion with the war rolls along like a wave.”

Ukrainian troops continue to suffer heavy losses on the front lines. According to Russian Defense Minister Sergey Shoigu, as of the end of October, Kiev had lost over 90,000 soldiers killed and wounded since the beginning of its counteroffensive. On Tuesday, Shoigu said that, since the beginning of November alone, Ukraine’s armed forces have lost more than 13,700 personnel and about 1,800 tanks, as well as other heavy weapons.

During an extraordinary G20 summit on Wednesday, Russian President Vladimir Putin asserted that Moscow had never refused peace talks with Kiev and that it was in fact Zelensky who signed a decree legally forbidding any such negotiations with Russia.

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Three Graphs That Show There Is No “Climate Crisis”

Energy News Beat

Authored by John Staddon via DailySceptic.org,

As the West fitfully weakens industrial civilisation by trying to eliminate oil, coal and natural gas as energy sources, the scientific basis for Net Zero is based more on ‘general agreement’ than hard data. Climate scientists nevertheless sound optimistic about the progress that’s being made in destroying society’s carbon energy base.

There are of course criticisms of the idea of a carbon-dioxide-induced apocalypse, largely supported as it is by general circulation (i.e., whole-earth) planetary models. There are too many different GCMs all with too many free parameters (aka ‘fudge factors’), as well as wildly divergent readings of historical climate records: Are violent climate events really more frequent, and how does weather actually relate to climate? The popular press cries havoc, but the data are not so clear. The looming economic costs of a Net Zero target are leading to some political pushback. Nevertheless, the recent jury acquittal of nine Extinction Rebellion vandals shows that passionate belief in the imminent dangers of CO2 is not limited to activists.

Climate science is complicated, but the key question is simple. The climate does seem to be getting warmer, but are we responsible? Does the level of atmospheric carbon dioxide have a major effect on the temperature of the earth? The standard answer is “yes, of course”. But in fact there are good reasons for doubt.

Popular accounts of the ‘climate emergency’ rarely show quantitative data. Yet there are widely available graphs that anyone can understand. Here are three graphs which suggest that the answer to the question is probably “no”. It is likely that beyond a certain point, carbon dioxide has a relatively minor effect on planetary temperature.

The very long-term historical record

This graph is controversial, simply because estimates of CO2 concentration and temperature before thermometers were widely available – i.e., through 99.99% of the Earth’s history – must be estimated indirectly, by proxies such as ice cores, tree rings and isotope measurements.

If this graph of global temperature and CO2 concentration over the past 600 million years is approximately valid, it shows two things:

According to one expert, and as the far right point on the graph shows, “the carbon dioxide content of the atmosphere today is the lowest in Earth history except for a period just following the end-Permian extinction event and very early in the Phanerozoic (that is, around 550 million years ago). [emphasis added]”

There is no correlation between the CO2 level and global temperature: when CO2 is high, temperature may be low, and vice versa.

The second conclusion is less certain than the first. But, certainly vertebrate life has flourished on earth at CO2 concentrations much higher than today’s.

The long-term historical record

The CO2-temperature correlation is much clearer over a shorter time scale, 800,000 years, as in the next graph (which is not at all controversial). The graph shows temperature (red line) and four estimates of atmospheric CO2 from the EPICA Antarctic ice dome studies across an 800,000-year time period.

The two main conclusions to be drawn from this graph are:

At this time scale CO2 concentration and temperature are strongly correlated: CO2 and temperature go up and down together.

But CO2 increases reliably lag behind temperature increases, showing that the CO2 changes are caused by the temperature increases, rather than the reverse. Reason: As oceans heat up, gases, including CO2, are expelled, when they cool atmospheric CO2 is absorbed; warm water can hold less dissolved gas than cool (most planetary CO2 stored in the oceans).

There are arguments, based on positive feedback, that even though ocean heating precedes rather than follows CO2 increase, the effective causation is opposite: CO2 causes heating, not the reverse. But the simplest conclusion is that major changes in atmospheric CO2 are caused by changes in planetary temperature, not the other way round.

Physics

The final graph is from a recent long paper by two physicists, William Wijngaarden (York University, Toronto) and William Happer (Princeton). The article just considers the basic physics of the greenhouse effect, given the physical properties of air and the handful of low-concentration greenhouse gases (CO2, nitrous oxide and methane) that it contains.

The blue bell-shaped curve shows the amount of solar energy flux (at different wavelengths, x-axis) radiated to space from an earth with no atmosphere. (Most is in the infrared region 400-1000 or so.) The green line is the flux with an atmosphere with no CO2 but with all other greenhouse gases at their standard concentrations. The black line is for all greenhouse gases, CO2 included, at their standard concentrations. The red line is for twice the standard concentration of CO2 (400 to 800 ppm) but with all the other greenhouse gases unchanged.

At 400 ppm CO2 does have a greenhouse effect: Radiated energy is reduced in the 500-700 frequency range. But an increase to 800 ppm has almost no additional effect – the black and red lines are almost the same. Doubling the standard concentration of CO2 from 400 to 800 ppm has almost no additional greenhouse effect.

Conclusion

Taken together, these three bits of data should make anyone doubt that further increases in CO2 pose any kind of environmental threat. The earth may be warming, but it is unlikely that CO2 is responsible. There is almost no chance that these changes are life threatening or even – granted that human activity is probably not responsible – that warming will continue indefinitely. It’s time to cease panicking. Let’s zero Net Zero.

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Daily Energy Standup Episode #257 – COP28, ESG Realities, Geopolitical Strains, and the Path Ahead

Energy News Beat

Daily Standup Top Stories

What Is COP28 and Why Is It Important?

World leaders are due to gather for annual climate change talks in Dubai in December. On the agenda: the phase down — or even phase out — of fossil fuels, a global goal to help the world adapt […]

ESG Moment of Truth Turns Tables for Big Oil

Deutsche Bank: Big Oil stocks should be included in ESG offerings because investors want them. WSJ: investors were leaving these funds at such a pace that fund managers were changing the names of the funds, […]

ESG Grift Endgame: Deutsche CIO Now Says Oil Companies Have A Place In ESG Funds

At the end of the day, it always winds up reverting to common sense and, in the investing world, alpha.  That’s what has Markus Müller, chief investment officer ESG at Deutsche Bank’s Private Bank, admitting […]

Pfizer Sues Poland For Bailing On COVID-19 Vaccine, Citing Shady EU Mega-Deal

In April, 2021, the world learned that European Commission President Ursula von der Leyen had been negotiating the biggest contract ever sealed for 1.1 billion doses of COVID-19 vaccines via text messages back and forth […]

DAVID BLACKMON: Energy Security Or Tyranny? 2024 Provides A Stark Choice

One significant political development seen throughout 2023 has featured a move to more conservative governments in countries like Italy, Argentina, Greece, the Netherlands and even regions in Germany as the publics in those and other […]

Highlights of the Podcast

00:00 – Intro
01:55 – What Is COP28 and Why Is It Important?
04:46 – ESG Moment of Truth Turns Tables for Big Oil
07:07 – Oil firms face ‘moment of truth’ in climate crisis: IEA
08:24 – ESG Grift Endgame: Deutsche CIO Now Says Oil Companies Have A Place In ESG Funds
11:28 – Pfizer Sues Poland For Bailing On COVID-19 Vaccine, Citing Shady EU Mega-Deal
14:18 – DAVID BLACKMON: Energy Security Or Tyranny? 2024 Provides A Stark Choice
15:40 – Outro

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– Get in Contact With The Show –

Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Stuart Turley: [00:00:15] Hello, everybody. Welcome to the Energy News Beat podcast. My name’s StuartTurley. I’ve got an action packed show for you today. Michael’s on assignment. And I mean, we’ve got an ENB story thread like you would not believe. I’ll tell you what, COP28 is coming around the corner. And I got some interesting tidbits on Cop28. Why it’s important. What is it? And then some narratives that are coming around the corner. The IEA faith Bristol I’m not a real fan and he’s put out some things on oil firms Face the moment of truth. Right? ESG is now famous. Momentum of truth is now coming around the corner. That’s a whole nother story. Then we have the ESG grift in game by Deutsche Bank. Then we have Pfizer suing Poland. How does that interplay with energy? I got that for you. And want to sum it up with one of my all time favorite guys on the planet, and that’s David Blackmon. He’s got a heck of a summary on all of these stories in the ENB thread that don’t. And really, you got to pick out the threads and why they’re important. Hey, with that, thank you so much for all the folks that are giving us feedback, ask us questions and really let us know. Let Michael and I know what you want to know. In anything in the industry, if you are an industry thought leader, I want to talk to you. I’ve had some phenomenal guest drop this week and it is just nerdy how successful all of them are. And I’d like to thank everybody. [00:01:53][98.4]

Stuart Turley: [00:01:54] So let’s start out with what’s cop28, Cop28, And I hear some terms in this article that I did not even think were a thing, but they are. Why is Cop28 what is Cop28 and why is it important? It’s going to be talks in Dubai and the agenda phase down or even phase out of fossil fuels a global goal to help the world adapt to extreme weather events. Okay, here’s the funny part. You also have Saudi Arabia attending. You also have who is investing an awful lot into hydrogen renewable energy. So I can understand that. But they have Saudi Aramco also showing up, which is the world’s largest oil company. Okay. That without Saudi Arabia using Saudi aramco’s funds from oil and gas, they couldn’t make the energy transition. Now you’re also seeing a gigantic push around the rest of the world, and it’s going to cause some conflicts. Let me go into that here in just a second. As it is in Dubai, how many people will attend? Cop28. I found this. 70,000 of your closest friends will be there. Michael keeps saying, I need to get over there. But no, I think I’ll just check my. Oh, okay. I’m too busy. And so we’ve got Cop26 was in Glasgow in 2021 and that was 40,000 and then 33,000 were in Egypt. This year is because they’re saying that they’re not going fast enough in cutting emissions at cop after cop28 countries will have until 2025 to submit new national plans to fight climate change. Here’s where it’s going to get dicey. Nobody can afford to keep this problem going. This year’s cop let me quote the article This year’s cop will be crucial for climate finance. Rich countries have now delivered on their promise to mobilize 100 billion a year to help poor, poor countries deal with the worst impacts of climate change. That’s only a tiny bit. And the 2.5 trillion that is needed by 2030, there is no way that the world can fund 2030. That is just simply a way to redistribute wealth. Don’t kid yourself. And I’m getting shut down by all of the social media and Google has an honor to mention it that way. [00:04:36][161.7]

Stuart Turley: [00:04:36] So when you sit back and take a look, Faith Bristol in the next article comes up and he is saying oil firms face the moment of truth in climate crisis. If my producer would fly in this one article from one post, now is the time to climate proof Europe’s economy. This is talking about really what’s coming up with Cop 28 ahead of Cop 28 EIA Faith Bristol’s and Christine. Laggard in EIB, Werner Hoyer underscore why it’s essential for Europe to accelerate its in energy transition. They are doubling down and saying that we have to increase our energy transition when it’s not working. Why are they saying that? It’s a power play. The only way that they can get everything electrified in everything, all the wealth distribution going on is flat out by forcing the energy transition. Let me back up for one second. Again, this is not about whether or not it’s wind or solar. I don’t care. I’m energy agnostic. I am energy agnostic. Let’s use the lowest cost kilowatt per hour to elevate humanity. I have said that, and I have said that out of poverty. What they’re wanting to do is a wealth transfer from the 1%, which is using one. They’re using more carbon than the bottom 60% of humanity. So again, this ESG hypocrisy is really a problem. This article is a must read. [00:06:28][111.6]

[00:06:29] So let’s go down into the next two articles. ESG investing has hit a brick wall. I’ve been calling for this for quite a while. And this is Deutsche Bank. Big oil stocks should be included in ESG offerings because investors want them. Investors want to have a return. You have orsted losing billions. You have wind farms not getting investments. All of this has been coming out in the last several months and it’s really seeing an end to the end of financing of renewable energy. The IEA’s faith riddle called for a present day momentum of truth. The oil and gas industry. This is a quote. When we think about clean energy, these are business models which are quite new and sensitive to answer straight. Deutsche Bank Marcus Miller, Chief investment officer, ESG Twitter, told Reuters. As we say on this podcast, investors are looking for traditional energy companies that have cash backs and renewables. They prefer the transition than the end exclusions, he explained. Well, here’s what’s going on with the big oil. They are using their oil and gas to fund what they can and what they can afford to lose. Now you’re taking a look at this complex problem. Shell is backing away from the renewables. Totalenergies is backing away from the renewables. Oxy is going to carbon capture so they can get the funding. Brilliant move by Occidental Petroleum. Warren Buffett loves them. So when you take a look at even Deutsche Bank coming up and saying, hey, wait a minute, ESG is flat out got to include especially natural gas. [00:08:19][110.9]

Stuart Turley: [00:08:20] So here we come into the other one in this article, ESG Investment fund liquidation increase in 2023. If we can have Andy, our producer, role in this first graphic here on this article, which is the article, is it ESG, GRift Endgame? Deutsche CEO, CIO now says oil companies have a place in ESG funds. This graphic really shows that in 2021, 21, there is a little there, 2022 now 2023, there is a huge liquidation going on. This liquidation is amazing. So when we think about clean energy, these are the business models. They are incredibly sensitive to the interest rates. Well, they’re also more sensitive to tax subsidies. Tax subsidies are drying up. And the Felix Goltz research director at scientific Media told the Financial Times back in August ESG ratings have little or to no relation to carbon intensity even when considering the environmental pillar of these ratings. It doesn’t seem that people actually looked at the correlations. They’re surprisingly low. So all what the world is clamoring for, that’s less pollution, lower cost energy, renewable energy in its current form in technology cannot meet any of those needs for sustainable. It’s not sustainable because of funding. If you are a energy expert and you are on the wind side or the renewables side, I want to talk to you. I believe in energy storage. We got to have it. I’ve talked. Some energy experts on the grid, the grid facing failure because of the renewables. Here’s where I’m talking about the elite in the in the wealth transfer. The wealth transfer that’s going on because of the renewables is going to be facing a serious backlash in the political worlds. We saw this in Argentina when they’re saying it’s the far right new elected president. However, he’s not far right. He is actually more like a independent, if you would, from the standpoint of. He doesn’t want to have any government. He wants a low government. He’s not a far right guy. He wants no involvement from government and reduce all inner activity like that. So when you take a look at all of the other ones, the left wing green are absolutely in a panic mode. What happens when wolves are in the corner? You’re going to see them do even more dark things as politicians. This is what’s coming around the corner. [00:11:27][186.7]

Stuart Turley: [00:11:28] Pfizer sues Poland for bailing on Covid 19 vaccine, citing shady EU mega deal. The EU is really actually in a real break on right now because of Naito, because of all the other things they’re trying to do. They’re a wolf in the corner and you’re about to see some even more things. Pfizer, Pfizer’s now suing Poland, which under the EU deal struck between Wanda’s land and Ball, obligated the Polish government to purchase 60 million more doses than it did. They banned them. They realized that they weren’t working and that they were actually harmful. Poland is actually trying to take care of their people, so Poland is now being considered an enemy of the EU. And in the political environment, you’re going to see more and more countries stand up to the EU. I’m going to call it right here. Is there going to be other countries, other countries that are absolutely going to have Brexit? Are they going to be poll exit? Are they going to have these other ones? I’m not sure. But what’s going to happen to this is it’s going to be flat, pretty wild to see what’s coming around the corner. And so it’s going to be interesting. So in summary on this thread, you can tell that the Pfizer story did not actually mean a lot as far as energy, but it’s systemic of the wolf in the corner and what’s going to be happening with the EU. The EU’s knuckling down on a harder push to renewable for the wealth transfer. So this one. David Blackmon you’ve got to subscribe, you’ve got to support David Blackmon. He is absolutely a phenomenal writer. And so when you come in, the CNN ran on Thanksgiving dealing with the revolt in Germany, protesting the country’s increasingly authoritarian government, latest mandates that will require consumers to ultimately replace their cheap and efficient gas or oil furnaces with costly and less effective heat pumps in the coming years. Why do you ask that? They’re wanting to do it so they can control you with electricity. If they can control you with electricity, they can say no heat for you. If you have social footprints, if you eat too much steak, you can’t have any heat. It’s all about control and wealth transfer. This is pretty crazy. I didn’t believe all this kind of stuff. [00:14:14][166.0]

Stuart Turley: [00:14:14] And it’s now being coming around the corner. This was on The Daily Caller. I want to read the last paragraph in here from David Blackmon. Vigilance is one of the most important keys to the maintenance of all real freedom, real village. It’s in the advance of the 24 elections in the US reveals how one path lies and inevitable in the evolution of an increasingly authoritarian government in the name of climate change. Down the other path lies a return to policies that promote the energy security America enjoyed from 2017 to 2020. This election’s important. It’s whether or not you want to be treated like the EU. David brings up some great points. Fortunately, the U.S. is a few years behind. Let’s take a look at Germany. California has followed Germany and both have incredibly high. High energy costs. The energy hypocrisy of California is disgusting when it’s considering that they are going to be importing in. And then it is my prediction Russian oil that is been shipped to China, refined and then being brought in from the new refineries. Watch it. You heard it here. Second, because I said it a few days ago as well. [00:15:39][84.9]

Stuart Turley: [00:15:40] So listen, subscribe. I’ve got some fantastic guests coming around the corner. We are finishing up a couple of them. And I mean, Mark Masters is a media mogul and I cannot wait to have this one go out. He and I are. We’re cooking up on some other things. Got some other executives. I’ve got George McMillan. He is a we’ve got a series coming up on energy and geopolitical issues around the world. Listen to Tom Kirkman. It was a wonderful podcast. It is an absolute brotherhood of the nut. I am in the nerdy category, so it’s kind of fun. And when you sit back and take a look at Ronald Stein, you take a look at Sean Strawbridge, who’s an industry world leader. Steve Reese and all of these other ones. And Dr. Robert Brooks, you take a look at all of these really good leaders had some great ones. I’ve got some great thought leaders coming around the corner. If you are an industry leader, I don’t care if you’re nuclear, wind, solar like Grace Stanke our Miss America. I just released. If you were a thought leader, I want to talk to you and thank you so much. Have a great day. Energy news meeting.com and I will talk to everybody soon. [00:15:40][0.0][920.0]

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EU states raise red flag over planned sanctions on Russia – Bloomberg

Energy News Beat

A proposed ban on the re-export of key goods could put the bloc’s businesses at a disadvantage, several nations reportedly warn

Several EU member states are seeking to soften proposals by the European Commission, aimed at preventing sanctions on Russia being circumvented via third nations, Bloomberg reported on Saturday, citing people familiar with the matter.

The bloc’s executive arm recently proposed curtailing exports to nations currently able to re-export goods from the bloc to Russia – thus helping the sanctions-hit country bypass penalties imposed by Brussels over the Ukraine conflict.

The measure, which could be included in a 12th package of sanctions on Russia, targets the sale of what the European Commission considers to be high-priority items, like semiconductors that can be used in weapons production. It reportedly obliges the buyer to deposit a sum in an escrow account to ensure compliance with the requirements.

According to documents seen by the news agency, at least half of the deposited amount would be transferred to a trust fund for Ukraine, while contracts would be terminated if the sanctions were breached.

However, diplomats from some large EU countries – which were not named by Bloomberg – have reportedly expressed concerns about the measures, raising doubts about their legality, and whether the insistence on guarantees and clauses from importers is viable.

According to the agency’s sources, the member states are also pushing to narrow the scope of the proposed clauses and the list of items targeted by the measures that, according to them, could put EU businesses at a competitive disadvantage.

Other members, including the Baltic countries, back the proposals, the unnamed people told the agency.

Brussels has so far imposed eleven rounds of penalties on Russia in response to Moscow’s military operation in Ukraine.

The latest proposals reportedly include measures to cut off Moscow’s access to commercial revenues by restricting exports to Russia, including a ban on the sale of certain chemicals, lithium batteries, thermostats and motors for drones, as well as machine tools and machinery parts that can be used to produce weapons. The package may also impose a complete ban on the sale of Russian diamonds and jewelry.

For more stories on economy & finance visit RT’s business section

 

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