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IPFS News Link • Oil

Here's Why the World Will Slowly Wake Up to the Oil Deficit…

• https://internationalman.com, by Chris MacIntosh

Funded by subsidies from the taxpayer (misallocation of capital, here we come).

Panasonic broke ground on the facility last year. The Japanese company was slated to receive $6.8 billion from the Inflation Reduction Act, which has been pouring billions into electric vehicles and battery factories as part of its effort to transition America away from fossil fuels.

Here are some realities:

A 15-pound lithium-ion battery holds about the same amount of energy as a pound of oil. To make that battery requires 7,000 pounds of rock and dirt to get the minerals that go into that battery. The average EV battery weighs around 1,000 pounds.

We truly live in a clown world. The thing with circuses is that they're not for serious people. They're for show. Jovial events to distract one from the mundane but real.

Unfortunately, we're all going to walk out of the circus here and need to confront the mundane but real. And that world doesn't care about virtue signaling, how much diversity you've got, whether your ESG score, or whether your car is vegan. It promises to be a harsh but lucrative (for us) awakening.

EV Economic Awakening

It would seem that economics does prevail over ideology when left up to the market to decide.

"Rental car company Hertz said it will be selling approximately 20,000 of its electric vehicles.

According to Hertz, electric vehicles depreciate more and have higher costs associated with damages.

Hertz will be dumping nearly one-third of its total E.V. fleet and will be using the money from those sales to buy more gas-powered vehicles."

No comment here. I just can't stop laughing.


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