Biden's Subsidies Don't Work: Rare-Earth Slump Boosts China --- Overproduction keeps prices low, challenging Western efforts to cut reliance on Chinese supplies

 

"The U.S. and Europe would love to cut their dependence on China for rare earths. Standing in the way are low prices and Beijing's willingness to throw its weight around to keep the market down.

Rare-earth prices plummeted this year and are hovering at roughly three-year lows. The spot price of neodymium-praseodymium, a silver-gray alloy and the most profitable chunk of the market, fell almost 20% since the start of January to about $50,000 a metric ton, according to data provider Argus Media. Other rare earths are down more.

Today, the minerals are mainly used in permanent magnets for a range of household items such as TVs, refrigerators and headphones. Increasingly, the magnets help turn motors in electric vehicles, wind turbines and robots. By 2030, such high-tech products are expected to account for roughly two-thirds of demand for neodymium permanent magnets, according to Adamas Intelligence, a consulting firm focused on strategic metals and minerals.

Yet despite the promise of soaring demand driven by the energy transition, prices of rare earths spiraled downward since the start of 2022. A glut of Chinese supply is one problem. In recent years, Beijing boosted production of rare earths using mining quotas, leaving the industry to digest the excess. In its first quota of 2024, China ordered its state-owned miners to produce 135,000 metric tons of rare earths, up nearly 13% from the comparable quota in 2023, according to Fastmarkets, another data provider.

At the same time, demand for rare earths hasn't lived up to expectations. The market for permanent magnets hinges on the strength of the Chinese economy, which faces a deepening property slump. June data showed China's manufacturing sector contracting for a second consecutive month. EV sales slowed amid wavering consumer sentiment.

China's overproduction, with its increasingly negative impact on industry profits, only makes sense as part of a broader economic strategy. The country produces roughly 60% of the world's mined rare-earth minerals. In recent years, it tightened its grip on the magnet supply chain: It controls 91% of refining activity, 87% of oxide separation and 94% of magnet production, according to the Centre for European Policy Studies. That gives it considerable sway over what happens to rare-earth prices.

One theory is China deliberately pushed prices lower to help buttress its green-energy industries. The country is willing to be a loss leader in parts of the value chain to help downstream ambitions such as exporting EVs into international markets, says Ryan Castilloux, managing director of Adamas Intelligence. Lithium, a key input in EV batteries, is another market that China stands accused of keeping depressed with uneconomic mining operations.

A more cynical argument is Chinese overproduction is designed to stymie efforts to develop alternative sources of supply. Low prices of rare earths squeezed margins for Western producers. The shares of MP Materials and Lynas Rare Earths, the two biggest rare-earth miners outside of China, are down by about 38% and 13%, respectively, over the past year.

There is a historical precedent for this kind of strategy in the geopolitically sensitive energy business. In 2014, the Organization of the Petroleum Exporting Countries allowed oil prices to nosedive from more than $100 a barrel in 2014 to less than $30 a barrel two years later, in an apparent attempt to force U.S. shale drillers out of business.

Beijing seems eager to maintain its grip on rare earths. In late June, the Chinese government unveiled new regulations that tightened its control of domestic production. That followed an export ban on rare-earth processing technologies last year.

China hasn't been shy about using its dominance of supply chains to apply political pressure. Moves in 2023 to restrict exports of gallium and germanium, which go into electronics and fiber optics, and some graphite products, used in EV batteries, are the latest examples.

This situation has long worried Western politicians. The U.S., European Union, U.K., Canada and Australia drafted "critical mineral" strategies. 

The Biden administration created new subsidies for mining and processing as part of the 2022 Inflation Reduction Act, and in May expanded Trump-era tariffs on permanent magnets, with a 25% tariff set to take effect in 2026.

To stand a chance of loosening China's grip on rare earths, the West will need to deploy the country's own tactics: unprofitable production and long-term thinking. Otherwise, the risk that Beijing could turn off the taps for geopolitical leverage will continue to loom." [1]

Biden's subsidies are just pork for prefered Western companies.

1.  Rare-Earth Slump Boosts China --- Overproduction keeps prices low, challenging Western efforts to cut reliance on Chinese supplies. Morina, Enes.  Wall Street Journal, Eastern edition; New York, N.Y.. 16 July 2024: B.12.

Pasaulis "stumia" švarią energiją. Naftos įmonės klesti

 

 

NATO bandė priimti Ukrainą. Ši idėja nepatinka, Kryme ir Donbase gyvenantiems, rusams. Bandydami palaužti tą rusų pasipriešinimą, Vakarai įvedė sankcijas vienai iš pagrindinių energijos gamintojų – Rusijai. Todėl Vakarai apribojo energijos pirkimą iš Rusijos. Energijos ir visko, kam reikia energijos, kainos Vakaruose stipriai pašoko į viršų. Vakarų lyderiai (Bidenas, Macronas ir Scholzas) dėl to praranda valdžią. Pasauliniai Pietai dabar perka Rusijos energiją. Taigi, sankcijos Rusijos nesustabdė. Sankcijos sustabdė Bideną, Macroną ir Scholzą. Tačiau kai kurie žmonės JAV praturtėjo.

 

 „Aukštos kainos ir auganti paklausa padėjo JAV naftos gamintojams gauti rekordinį pelną, nepaisant pasaulinių pastangų paskatinti daugiau naudoti atsinaujinančią energiją ir elektromobilius.

 

 Visą dėmesį skiriant energijos perėjimui, Amerikos naftos pramonė klesti ir išgauna daugiau, nei bet kada anksčiau žalios skalūnų uolienų naftos, tekančios po žeme Vakarų Teksase.

 

 Po daugelio metų nuostolių dėl horizontalaus gręžimo ir hidraulinio ardymo įmonės, padėjusios Jungtinėms Valstijoms tapti pirmaujančia pasaulio naftos gamintoja, pasuko už finansinio kampo ir uždirba didelį pelną. Kai kurių naftos ir dujų kompanijų, tokių, kaip „Exxon Mobil“ ir „Diamondback Energy“, akcijos yra rekordinėse aukštumose arba beveik šalia jų.

 

 Pramonės atgimimą po didelių nuostolių per Covid-19 pandemiją daugiausia lėmė rinkos jėgos, nors įvykiai Ukrainoje padėjo.

 

 JAV naftos kainos nuo 2021 m. pradžios buvo vidutiniškai apie 80 dolerių už barelį, palyginti su maždaug 53 dolerių per ketverius metus prieš tai.

 

 Tai, kad naftos kaina ir paklausa buvo tokia didelė, rodo, kad perėjimas prie atsinaujinančios energijos ir elektrinių transporto priemonių užtruks ilgiau ir bus sudėtingesnis, nei kadaise tikėjosi kai kurie klimato aktyvistai ir pasaulio lyderiai.

 

 Naftos kompanijų sėkmę lemia ne tik didesnės kainos. Spaudžiamos Volstryto pagerinti finansinę grąžą, 2020 m. naftos kainų krizę išgyvenusios, bendrovės paprastai atsisakė skolų skatinamos augimo strategijos, kuri paskatino Amerikos skalūnų bumą.

 

 Daugelis sumažino išlaidas, atleisdamos darbuotojus ir automatizuodamos daugiau jų operacijų.

 

 Remiantis tyrimų ir konsultacijų įmonės „Rystad Energy“ skaičiavimais, nuo 2021 m. naftos ir dujų gręžiniai žemesnėse 48 valstijose sukūrė daugiau, nei 485 mlrd. dolerių. Praėjusį dešimtmetį pramonė išleido beveik 140 milijardų dolerių daugiau, nei gavo iš verslo.

 

 „Žmonės mus vadino girtais jūrininkais“, – sakė Steve'as Pruettas, naftos ir dujų gamintojos „Elevation Resources“, įsikūrusios Midlande, Teksase, pramonės centre Permės baseine, generalinis direktorius. „Tikimės, kad dabar nusikratome šios reputacijos“.

 

 Keistas posūkis – Amerikos naftos kompanijų finansinė sėkmė buvo politinė našlaitė, nei prezidentas Bidenas, nei buvęs prezidentas Donaldas J. Trumpas nešventė pastarųjų šios pramonės pergalių.

 

 Bidenas nelinkęs džiuginti naftos kompanijų, atsižvelgiant į tai, kokią svarbą jis skyrė kovai su klimato kaita. 

 

Tačiau prezidentas ir jo padėjėjai prisiėmė nuopelnus už benzino kainų nuosmukį po to, kai 2022 m. prasidėjo įvykiai Ukrainoje.

 

 D. Trumpas iš esmės ignoravo pramonės sėkmę ir pavertė ją auka, kurią reikia tausoti. Jis pažadėjo, jei bus išrinktas, panaikinti Bideno klimato politiką ir paskatinti naftos kompanijas „gręžti, kūdiki, gręžti“, o tai gali sumažinti naftos kainas ir įmonių pelną.

 

 Naftos pramonės finansinio posūkio pasekmės aplinkai yra įvairios. Gaminant ir deginant iškastinį kurą išsiskiria šiltnamio efektą sukeliančios dujos, kurios perkaitina planetą. 

 

Tačiau dėl aukštesnių naftos kainų švaresnės energijos rūšys tampa patrauklesnės, sakė Samantha Gross, nešališkos tyrimų grupės Brookings Institution direktorė.

 

 "Mes nesiruošiame išeiti iš šio verslo, nes pasiūla bus apribota, nes jos yra daug", - sakė M. Gross. „Mes pasitrauksime iš verslo, nes paklausa sumažės“.

 

 To iki šiol nebuvo. Nors nafta sudaro mažesnę pasaulinės energijos dalies dalį, nei prieš pandemiją, iš dalies dėl elektrinių transporto priemonių augimo, degalų troškulys ir toliau auga. Pasaulinė paklausa pasiekė rekordinę daugiau, nei 100 milijonų barelių per dieną 2023 m., ty 2,6 procento daugiau, nei 2022 m., rodo Pasaulio energetikos statistikos apžvalga.

 

 Permės baseinas, didžiulis naftos siurblių lizdų ir meskitų krūmų plotas, besitęsiantis nuo Vakarų Teksaso iki Naujosios Meksikos rytinės dalies, tiekia maždaug 6,4 mln. barelių žalios naftos per dieną arba beveik pusę visos JAV produkcijos.

 

 Bumai ir nuosmukiai čia yra norma, ekonomika įkvepia ir iškvepia su žaliavos kaina.

 

 Kai nafta prekiaujama apie 80 dolerių už barelį, viešbučiai pildosi, greitkeliai užkimšti sunkvežimiais, o nedarbo lygis žemas – gegužę Midlande 2,4 proc. Šalies nedarbo lygis birželį buvo 4,1 proc.

 

 Remiantis federaliniais skaičiavimais, šiais metais, palyginti su 2023 m., vidutinė naftos gavyba regione turėtų padidėti 8 proc.

 

 „Tokius gręžinius gręšime ateinančius 40 metų“, – sakė Kyle'as Hammondas, „Permian Deep Rock Oil Company“, nedidelės operatorės, gręžiančios ir ardančios dešimtis horizontalių gręžinių po Midlando miestu, generalinis direktorius. Aukšti garso barjerai apsaugo aplinkinius rajonus nuo generatoriaus ūžesio ir atbuline eiga judančių sunkvežimių pypsėjimo.

 

 Daugelis naftos kompanijų labai lažinasi dėl Permės. „Exxon“, dabar didžiausia regiono gamintoja, siekia iki 2027 m. pabaigos čia padidinti naftos ir dujų gavybą maždaug 50 procentų.

 

 „Tai atspindi faktą, kad ten yra paklausa“, – sakė Bartas Cahiras, vadovaujantis bendrovės skalūnų padaliniui.

 

 Tačiau tie patys fiskaliniai apribojimai ir technologiniai patobulinimai, dėl kurių daugelis naftos gamintojų tapo pelningesni, taip pat paveikė daugybę juos aptarnaujančių rangovų ir pardavėjų.

 

 Remiantis federaliniais duomenimis, 2018 m. pabaigoje įmonės naudojo maždaug 490 gręžimo įrenginių Perme ir per dieną pumpuodavo apie keturis milijonus barelių naftos. Šiandien jie išleidžia daugiau, nei šešis milijonus, barelių su maždaug 310 aktyvių įrenginių.

 

 Tai reiškia, kad įmonėms, kurios eksploatuoja gręžimo įrangą ir apgyvendina darbuotojus, kurie keliauja į naftos telkinį, bus mažiau verslo.

 

 „Tai ne kaip praeities bumas, kai – Katy, užtverk duris – eikime“, – sakė Johnas Odette'as, Crew Support Services, valdančios keliolika mobiliųjų namų kompleksų visame Perme, vyriausiasis pareigūnas. „Žmonės buvo šiek tiek santūresni“.

 

 Bendrovės kompleksai, vadinami vyrų stovyklomis, yra užpildyti maždaug 85 procentais, tačiau rodikliai yra daug mažesni, nei prieš pandemiją, sakė p. Odette. Jis sakė, kad kambarys, kuris 2018 m. būtų kainavęs 100 dolerių už naktį, dabar atneša 50–80 dolerių.

 

 Ir nors naftos kainos yra gerokai didesnės už tai, ko reikia daugumai įmonių, kad gautų sveiką grąžą, gamtinių dujų čia tiek daug, kad kartais nėra kur jas dėti. Dujotiekiuose ne visada yra pakankamai pajėgumų, kad būtų galima išsiųsti jį į valstijas ar šalis, kuriose yra didelė tų degalų paklausa.

 

 Kelias dienas šį mėnesį gamtinių dujų kainos Vakarų Teksase buvo neigiamos ir nukrito iki beveik 4 dolerių žemiau nulio už milijoną Didžiosios Britanijos šiluminių vienetų – standartinio gamtinių dujų matavimo vieneto, skelbia „S&P Global Commodity Insights“. Tai reiškia, kad užuot mokėję už kurą, gamintojai turėjo mokėti kitoms įmonėms, kad jos paimtų.

 

 Slegiančios kainos padidino daugelio vadovų nusivylimą Bidenu, kuris šiemet sustabdė naujų gamtinių dujų eksporto terminalų leidimus. Šį mėnesį teisėjas nurodė Bideno administracijai panaikinti pauzę, nors analitikai teigė, kad sprendimas, greičiausiai, neturės tiesioginio poveikio. Net ir geriausiomis aplinkybėmis naujiems terminalams planuoti, leisti ir pastatyti prireikia daug metų.

 

 „Šiuo metu mums labai reikia šių terminalų, kad sukurtume rinką dujoms“, – sakė Suzie Boyd, Midlando konsultantė, padedanti gamintojams parduoti naftą ir dujas.

 

 Pramonėje prezidento rinkimų kampanija kursto nerimą dėl ateities. Didžioji dauguma naftos ir dujų vadovų remia respublikonus, tačiau kai kurie iš jų pripažįsta, kad jų pramonė dažnai geriau veikia su demokratu Baltuosiuose rūmuose. Manoma, kad demokratai linkę įvesti griežtesnes taisykles, kurios riboja gamybą, išlaikydamos aukštesnes kainas, nei būtų laisvesnėje aplinkoje.

 

 „Trumpuoju laikotarpiu Bidenas buvo geresnis mūsų pramonei“, – sakė naftos telkinių paslaugų bendrovės „Liberty Energy“ vadovas Chrisas Wrightas.

 

 Tačiau daugelis, kurie užsidirba pragyvenimui, pumpuodami naftą ir dujas, nerimauja dėl Bideno retorikos ir klimato politikos ir nerimauja, kad kita jo ar kito demokrato kadencija ilgainiui gali pakenkti jų verslui.

 

 „Sveikesnis investicinis klimatas, didesnis pasitikėjimas čia klestinčia energetikos ateitimi – tai turės įtakos investiciniams sprendimams, kurie yra ribiniai“, – sakė ponas Wrightas.

 

 Baltųjų rūmų atstovas spaudai Angelo Fernández Hernández sakė, kad rekordinė vidaus energijos gamyba, vadovaujant Bidenui, paskatino ekonomikos augimą. 

 

Jis taip pat pažymėjo, kad JAV šiuo metu yra didžiausia suskystintų gamtinių dujų eksportuotoja pasaulyje. 

 

„Nuo 1-osios dienos prezidentas skatino precedento neturinčią Amerikos švarios energijos gamybos plėtrą ir stengėsi sumažinti kainas amerikiečių šeimoms“, – sakė jis.

 

 Trumpo kampanijos atstovė Karoline Leavitt teigė, kad niekas nepadarė daugiau žalos naftos ir dujų pramonei, kaip tik Bidenas, iš dalies apribodamas leidimus gręžti naftą ir dujas federalinėse žemėse. Jei D. Trumpas būtų išrinktas, jis leis naftos ir dujų bendrovėms „panaudoti skystą auksą, esantį po mūsų kojomis, gaminant švarią energiją Amerikai ir pasauliui“, sakė ji.

 

 Kad ir kas nutiktų lapkričio rinkimuose, naftos pramonės ateitis priklauso nuo didesnio klausimo: kas atsitiks su pasauline naftos paklausa?

 

 Tarptautinė energijos agentūra, Paryžiuje įsikūrusi daugiašalė organizacija, tikisi, kad pasaulinė naftos paklausa pasieks piką iki dešimtmečio pabaigos, nes vis daugiau žmonių ir įmonių perka elektromobilius ir pasikliauja vėjo bei saulės energija. Tačiau daugelis naftos vadovų ir Naftą eksportuojančių šalių organizacijos teigia, kad suvartojimas gerokai augs iki 2030 m., jei ne vėliau.

 

 Jei energetikos agentūros prognozės išsipildys, 2030 m. pasaulis bus užlietas žaliavomis, o gamybos pajėgumai viršys paklausą maždaug aštuoniais milijonais barelių per dieną.

 

 Midlande daugelis pritaria Michaelo Oestmanno, naftos ir dujų bendrovės „Tall City Exploration IV“ partnerio nuomonei, kuris lažinasi, kad naftos paklausa bus atspari, o investuotojų ir vyriausybių taikomi suvaržymai padidins kainas.

 

 „Matau, kad ilgalaikė paklausa auga, o pasiūla yra ribota“, – sakė J. Oestmannas. „Tikimės būti to žaidėju.“" [1]

 

Vakarai blokuoja Kinijos gaminamų nebrangių ir aukštos kokybės elektromobilių importą. Tai išlaiko dirbtinai didelę pavojingų angliavandenilių paklausą Vakaruose. Tai rodo, kad Bideno teiginiai apie aplinkos išsaugojimą yra klaidinanti propaganda. Valdžios apsaugotos nuo konkurencijos Vakarų įmonės bus įstrigusios su brangiais ir pasenusiais automobiliais, kurių niekas nenori pirkti. Anksčiau ar vėliau pasaulis vis tiek nustos naudoti angliavandenilius. Kvaila ilgai užsibūti žaidėju angliavandeniliuose.

 

  1. The World Is Pushing Clean Energy. Oil Companies Are Thriving. Elliott, Rebecca F; Rios, Desiree.  New York Times (Online) New York Times Company. Jul 16, 2024.

The World Is "Pushing" Clean Energy. Oil Companies Are Thriving

 

 

NATO tried to take in Ukraine. Russians living in Crimea and Donbas don't like this idea. Trying to break the resistance of the Russians, the West introduced sanctions against the major energy producer - Russia. The West limited purchases of energy from Russia. Prices of energy and everything that needs energy skyrocketed in the West. Leaders of the West (Biden, Macron and Scholz) are losing power because of that. The Global South is buying Russian energy now. Thus the sanctions didn't stop Russia. The sanctions stopped Biden, Macron and Scholz. Some people in the U.S. got rich though.

"High prices and growing demand have helped U.S. oil producers take in record profits despite global efforts to spur greater use of renewable energy and electric cars.

For all of the focus on an energy transition, the American oil industry is booming, extracting more crude than ever from the shale rock that runs beneath the ground in West Texas.

After years of losing money on horizontal drilling and hydraulic fracturing, the companies that have helped the United States become the leading global oil producer have turned a financial corner and are generating robust profits. The stocks of some oil and gas companies, such as Exxon Mobil and Diamondback Energy, are at or near record levels.

The industry’s revival after bruising losses during the Covid-19 pandemic is due largely to market forces, though events in Ukraine has helped. U.S. oil prices have averaged around $80 a barrel since early 2021, compared with roughly $53 in the four years before that.

That the price and demand for oil have been so strong suggests that the shift to renewable energy and electric vehicles will take longer and be more bumpy than some climate activists and world leaders once hoped.

Oil companies’ success is not just the result of higher prices. Under pressure from Wall Street to improve financial returns, the companies that survived the 2020 oil-price crash generally ditched the debt-fueled growth strategy that had propelled the American shale boom.

Many pared spending and cut costs by laying off workers and automating more of their operations.

Since 2021, oil and gas wells in the lower 48 states have generated more than $485 billion in free cash flow, the money left over after spending on operations and new projects, according to estimates by Rystad Energy, a research and consulting firm. In the decade prior, the industry spent nearly $140 billion more than it took in.

“People used to call us drunken sailors,” said Steve Pruett, chief executive of the oil and gas producer Elevation Resources, which is based in Midland, Texas, an industry hub in the Permian Basin. “Hopefully we’re shaking off that reputation now.”

In an odd twist, the financial success of American oil companies has been a political orphan, with neither President Biden nor former President Donald J. Trump celebrating the industry’s recent wins.

Mr. Biden has been reluctant to cheer oil companies given the importance he has placed on addressing climate change. The president and his aides have, however, taken credit for the decline in gasoline prices after they spiked in 2022 when events in Ukraine started.

Mr. Trump has largely ignored the industry’s success and has cast it as a victim in need of saving. He has promised, if elected, to undo Mr. Biden’s climate policies and to encourage oil companies to “drill, baby, drill,” which could drive down oil prices and corporate profits.

The environmental consequences of the oil industry’s financial turnaround are mixed. Producing and burning fossil fuels releases greenhouse gases that are warming the planet. But higher oil prices are also making cleaner forms of energy more attractive, said Samantha Gross, a director at the Brookings Institution, a nonpartisan research group.

“We’re not going to get out of this business because supply was squeezed, because there’s plenty of it,” Ms. Gross said. “We’re going to get out of the business because demand went down.”

That hasn’t happened so far. While oil makes up a smaller portion of the global energy mix than it did before the pandemic, partly because of the growth of electric vehicles, thirst for the fuel has continued to climb. Global demand reached a record of more than 100 million barrels a day in 2023, up 2.6 percent from 2022, according to the Statistical Review of World Energy.

The Permian Basin, a vast expanse of oil pump jacks and mesquite shrubs that stretches from West Texas into eastern New Mexico, supplies roughly 6.4 million barrels a day of crude, or nearly half of all U.S. production.

Booms and busts are the norm here, the economy inhaling and exhaling with the price of crude.

With oil trading around $80 a barrel, hotels are filling up, highways are jammed with trucks and unemployment is low — 2.4 percent as of May in the Midland area. The national unemployment rate in June was 4.1 percent.

Average oil production in the region is expected to rise 8 percent this year from 2023, according to federal estimates.

“We’re going to be drilling wells like this for the next 40 years,” said Kyle Hammond, general manager of Permian Deep Rock Oil Company, a small operator that is drilling and fracking dozens of horizontal wells beneath the city of Midland. Towering sound barriers shield the surrounding neighborhoods from the hum of a generator and the beeping of trucks moving in reverse.

Many oil companies are betting big on the Permian. Exxon, now the largest producer in the region, is aiming to increase oil and gas production here by some 50 percent by the end of 2027.

“That’s reflective of the fact that there’s demand out there,” said Bart Cahir, who leads the company’s shale division.

Yet the same fiscal restraint and technological improvements that have made many oil producers more profitable have also weighed on the many contractors and vendors that serve them.

In late 2018, companies were running roughly 490 drilling rigs in the Permian and pumping around four million barrels of oil per day, federal data shows. Today, they are cranking out more than six million barrels with around 310 active rigs.

That means less business for the companies that operate drilling equipment and provide housing to the workers who commute into the oil field.

“It’s not like booms of the past where — Katy, bar the door — let’s just go,” said John Odette, chief operating officer of Crew Support Services, which operates a dozen mobile-home complexes throughout the Permian. “People have been a little more reserved.”

The company’s complexes, known as man camps, are around 85 percent full, but rates are much lower than they were before the pandemic, Mr. Odette said. A room that would have fetched $100 a night in 2018 now brings in $50 to $80, he said.

And while oil prices are well above what most companies need to generate a healthy return, natural gas is so plentiful here that at times there has been nowhere to put it. There isn’t always sufficient capacity on pipelines to send it to states or countries where there is strong demand for that fuel.

For several days this month, natural gas prices in West Texas were negative, dropping to almost $4 below zero per million British thermal units, a standard unit of measurement for natural gas, according to S&P Global Commodity Insights. That means that instead of being paid for the fuel, producers had to pay other businesses to take it.

Languishing prices have amplified the frustration of many executives with Mr. Biden, who this year suspended approvals of new natural-gas export terminals. This month, a judge ordered the Biden administration to lift the pause, though analysts said the ruling would most likely have little immediate effect. Even in the best of circumstances, new terminals take many years to plan, permit and build.

“We need these terminals desperately right now to make a market for the gas,” said Suzie Boyd, a Midland-based consultant who helps producers sell their oil and gas.

Within the industry, the presidential campaign is stoking a simmering anxiety about the future. A large majority of oil and gas executives support Republicans, but some of them acknowledge that their industry often performs better with a Democrat in the White House. Democrats tend to impose tighter regulations, which limit production, keeping prices higher than they would be in a more laissez-faire environment, the thinking goes.

“In the short run, Biden has been better for our industry,” said Chris Wright, chief executive of Liberty Energy, an oil field services company.

Yet many who make a living pumping oil and gas bristle at Mr. Biden’s rhetoric and climate policies and worry that another term for him or another Democrat could hurt their businesses in the long run.

“A more welcoming investment climate, more confidence in the future of energy thriving here — that’s going to impact investment decisions at the margin,” Mr. Wright said.

A White House spokesman, Angelo Fernández Hernández, said record domestic energy production under Mr. Biden had powered economic growth. He also noted that the United States was currently the world’s largest exporter of liquefied natural gas. “Since Day 1, the president has driven an unprecedented expansion of American clean energy production while working to lower prices for American families,” he said.

Karoline Leavitt, a Trump campaign spokeswoman, said no one had done more to damage the oil and gas industry than Mr. Biden, in part by restricting permits to drill for oil and gas on federal lands. If elected, Mr. Trump would clear the way for oil and gas companies to “utilize the liquid gold under our feet to produce clean energy for America and the world,” she said.

Whatever happens in the November election, the oil industry’s future hinges on a larger question: What will happen to global demand for crude?

The International Energy Agency, a Paris-based multilateral organization, expects global oil demand to peak before the end of the decade as more people and businesses buy electric cars and rely on wind and solar energy. But many oil executives and the Organization of the Petroleum Exporting Countries say consumption will grow well into the 2030s, if not beyond.

If the energy agency’s predictions come to pass, the world will be awash in crude come 2030, with production capacity exceeding demand by roughly eight million barrels a day.

In Midland, many share the views of Michael Oestmann, a partner in an oil and gas company, Tall City Exploration IV, who is betting that oil demand will be resilient — and that the constraints being imposed by investors and governments will drive prices higher.

“I see long-term demand going up and supply being limited,” Mr. Oestmann said. “We hope to be a player in that.”" [1]

The West is blocking imports of inexpensive and high quality electric cars produced by China. This keeps the demand for dangerous hydrocarbons artificially high in the West.  It shows that Biden's statements about saving the environment is a false propaganda. Protected by the government from competition Western companies will be stuck with expensive and obsolete cars that nobody wants to buy. Sooner rather than later the world will stop using hydrocarbons anyway. It is foolish to stay in hydrocarbons for long.

 
  1. The World Is Pushing Clean Energy. Oil Companies Are Thriving. Elliott, Rebecca F; Rios, Desiree.  New York Times (Online) New York Times Company. Jul 16, 2024.

 

How to Charter a Boat: travel 101

"If you want to sail off into the sunset, at least temporarily, you need to understand how to get aboard first.

This time of year, it’s an inevitable thought: Life would be that much better out on the water. Specifically, on a boat.

Even if you have neither a boat nor boating experience, it’s never been easier to make your nautical dreams come true — whether you want a day trip on your local lake or a fully staffed multiday voyage in a far-flung locale. Here are the initial questions that will help you plan an adventure on the water.

Whom are you traveling with?

Thinking about the size and dynamic of your group is an important first step, even if you are simply going on a day trip. Will children be on board? How old? What about elderly parents?

Dan Lockyer, the chief commercial officer of Dream Yacht Worldwide, strongly encourages travelers to determine group size — and, ideally, get people committed — before booking.

“The location that you want to go to, the time of year that you want to go, the type of boat that you want will entirely depend on the makeup of the group that you’re sailing with,” Mr. Lockyer said.

Do you want to captain, or do you want a captain?

Different charter companies specialize in certain locations, types of boats, itineraries and services. Some companies offer the opportunity for a “bareboat” charter, in which you rent the boat and take on the navigation and provisioning yourself, while others exclusively offer fully staffed options, including a captain and a cook.

If you want to captain the boat yourself, almost all outfits require some kind of proof of sailing or boating experience, often in line with local regulations.

Edward King, 45, an executive at a streaming company based in San Francisco, is experienced in sailing the city’s waterways. But on vacation, he said he would prefer to let a captain and crew take the lead.

Mr. King said he appreciates a captain who is familiar with both the local waters — “they’ll know how to avoid sailing into a certain sandbar,” he said, — as well as the local attractions.

In contrast, Matt Blake, 38, a software engineer based in Oakland, Calif., was eager to grow his sailing experience during a recent trip to La Paz, Mexico, with his fiancée. He hired a captain but made clear that the captain was there to help and teach.

Where do you want to go?

“Do you want something that’s more culturally oriented? Nature oriented? An adventure trip?” asked Mary Curry, the voyage product director of Adventure Life, which offers small group tours and private trips on land and on water around the world.

That answer can determine your destination. Popular cruising grounds include the Caribbean, Croatia, Alaska and French Polynesia, but the sky — or the sea — is really the limit. For help narrowing your focus, travel advisers often have relationships with charter companies or outfits around the world, and sailing publications offer recommendations.

Kyla Malkani, who has had experience with charters working as a destination wedding planner, recommends consulting the concierge of waterfront hotels, particularly for short-term or day rentals.

“A lot of times they will have either their own fleet or they will have some sort of connection at a dock,” said Ms. Malkani, 37, who is based in Washington, D.C., and is currently working as a content creator and freelance event planner.

What kind of boat?

Where you want to travel and for how long will likely determine the kinds of boats that are available to you. Crucial at this point, too, is an understanding of the boat’s layout and amenities.

“You definitely want to choose the right kind of boat,” said Ms. Malkani. “If you want more adventure, a sailboat is nice. If you’re looking for a luxury party environment, a yacht is best. And if you’re looking for something smooth, for older people or with kids, a catamaran is great.”

David Barclay is a luxury travel adviser who has also chartered boats for his own vacations.

“You want to match what the travelers want to what the boat offers,” he said.

Perhaps a group of friends might not mind a catamaran with functional but not luxurious marine bathrooms, but a multigenerational group might prefer more high-touch amenities.

When should I book?

Often, charter trips are once-in-a-lifetime experiences that require a great deal of advanced planning.

“You may have a specific place you want to go, or a specific time of year you want to travel,” said Mr. Barclay. “And some places just aren’t good at certain times of year.”

Naturally, you don’t want to be at sea in the Caribbean during hurricane season, or in the Mediterranean during winter storms. But you also might want to avoid peak cruising seasons, too.

The first three weeks of August are quite popular, said Mr. Lockyer. “If you have some flexibility and can travel in early July, you’ll get the same sort of great weather, a greater selection of boats and the anchorages won’t be as crowded.”

How much does it cost?

Charter costs are incredibly variable, dependent on all of the factors coming into play: your boat type and size, your destination, your group size, the amount of crew you’d like and the amenities on board.

That said, costs could range anywhere from $2,000 for a day on a sailboat to hundreds of thousands of dollars for a multiday mega-yacht charter.

Have a budget in mind when beginning your research process.

What if I didn’t plan far in advance?

While advanced planning is encouraged, and often necessary for bigger boat trips, it’s possible to book a boat last-minute.

Boatsetter, an Airbnb-like platform for boats, is a good resource for last-minute bookings, especially for day trips, and even has an Instant Book option for down-to-the-wire bookings.

“If it’s for a special event, or around major holidays, you may want to book a month or two in advance. But for general bookings, you can find options within a week or two,” said Kim Koditek, Boatsetter’s head of brand strategy and communications, of the company’s overnight offerings, which appear on their platform under the luxury yacht charters category.

Ms. Malkani has used Boatsetter for some of her charters, most of which have been booked with a specific goal in mind.

“I’m a sunset chaser,” she said. “My husband and I just really love being on the water, and we always try to squeeze in some sort of boat day activity when we’re traveling.”" [1]

 

1. How to Charter a Boat: travel 101. Sloss, Lauren.  New York Times (Online) New York Times Company. Jul 16, 2024.