Story of the Week: June 2022

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June 25, 2022 - Fossil fuel divestment bill dies in California Legislature
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June 25, 2022 - Fossil fuel divestment bill dies in California Legislature

Fossil fuel divestment bill dies in California Legislature by Chastity Hale Appeared in the San Francisco Chronicle on June 22, 2022 Gina's Thoughts "At a time when there is so much financial uncertainty and people are struggling to make ends meet, now is not the time to consider political divestment proposals that hurt the financial security of California's pension systems." A bill that would have forced both the California Public Employees' Retirement System (CalPERS) and the California State Teachers' Retirement System (CalSTRS) to divest from fossil fuel companies died in the Assembly on Wednesday after it was pulled by the Committee chairman. InvestNow would argue that it is never a good time to consider political divestment proposals that hurt the financial security of university endowment funds, pension funds, investment funds and everyday Canadians.
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June 18, 2022 - Is $6 a Gallon Gasoline Next?
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June 18, 2022 - Is $6 a Gallon Gasoline Next?

Is $6 a Gallon Gasoline Next? by The Editorial Board Appeared in the Wall Street Journal on June 15, 2022 Gina's Thoughts Perhaps the subheading of this article is more telling than the headline. It reads, "The assault on fossil fuels has shrunk US refining capacity." The decade-long divestment movement has indeed been an assault on fossil fuels and has led to a chronic undersupply issue due to lack of investment in the sector. A major culprit is US government policy and this applies equally to Canadian government policy. "Refineries are shutting down or being repurposed for renewable fuels because the stated policy of the US government is to reduce demand for the products that refiners produce." Trying to force a shift away from fossil fuels is not helping the supply issue. The US, Canada and the world still need oil and gas and as demand continues to rise, investment in the sector needs to rise with it.
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June 11, 2022 - How Woke Economics Accelerates Energy Poverty
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June 11, 2022 - How Woke Economics Accelerates Energy Poverty

How Woke Economics Accelerates Energy Poverty by David Yager Appeared in EnergyNow on June 4, 2022 Gina's Thoughts "One of the primary target of "wokeness" is fossil fuels." David Yager writes that "unencumbered by facts or global market size, opposing fossil fuels and reciting the appropriate mantra about getting rid of them became a moral crusade." The decade-long divestment movement has indeed demonized fossil fuels and has led to a chronic undersupply issue due to lack of investment in the sector. "When societal pressures cause a reduction in energy supplies or renders them unaffordable, the consequences are extremely serious. Using capital markets to restrict fossil fuel supplies in the absence of suitable substitutes has proven to be disastrous. The result is shortages and skyrocketing prices." This is exactly what we are witnessing now. And, what we need now is investment, not divestment.
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June 4, 2022 - The unjust transition: Canada's energy sacrifice is hurting the world, not helping it
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June 4, 2022 - The unjust transition: Canada's energy sacrifice is hurting the world, not helping it

The unjust transition: Canada's energy sacrifice is hurting the world, not helping it by Bill Bewick Appeared in The Hub on May 26, 2022 Gina's Thoughts "The world needs Canadian energy more than ever, but by prioritizing our emission reduction over energy production we are leaving most of our resources in the ground -- and leaving the world dependent on the likes of Russia." The decade-long divestment movement, the failure to build pipelines, onerous emission taxes and regulations and the "unjust" focus on the "just transition" has led to a 30 percent drop in Canada's share of global investment from 2010 to 2018. As Mr. Bewick notes, "compromising the prosperity of future generations of Canadians to enrich and empower autocratic leaders is not just." The focus needs to return to energy production, energy security and enriching Canada and Canadians over "the enrichment of unjust regimes".
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