We have no evidence Chevron and others are doing what they need to do (lower emissions).
John Kerry at the Dubai Climate Summit
U.S. coal emissions are half what they were in 2015. The problem is not the U.S. but China and India. It requires a new word to describe the dimension. China emissions will climb 0.5 gigatons (a billion tons) while India’s will grow 0.3 gigatons. China and India have concluded solar and wind have to be backed up by fossil fuel reality. Mr. Kerry (who flies on jet airplanes) has yet to grasp this.
Electric vehicle inventories now run to about 50 days on the lot. This has prompted 3,900 car dealers to write to Team Biden that their idea on EVs is not selling. The hybrid idea of both a gasoline and an electric motor seems to provide higher mileage and lower cost than an EV.
The stock market measured by the Dow Industrials has double topped reaching the November 12, 2021, high of 36,100. It is now trading at 36,117. Bank stocks have lost considerable value and remain a worry. It appears that the markets will hold up through December enjoying what is termed a Santa Claus rally. Interest rates are falling after the big move up from March 2020. Look for the ten year note to approach a 3.5% yield.
Media featured a photo of Russia’s Putin and Saudi’s Salman shaking hands this week. Their cuts of production saw the oil price fall $3.00 last Wednesday to below $70. But as of Friday prices have bounced back to $71.91. For the time being that looks like support at $68-70.
Social mood can trend in different directions at the same time. Taylor Swift is Time’s Person of the Year bringing economic cheer to every city she visits. On the other hand, Washington Post employees strike for a day. FedEx warns contractors to be aware of thefts and carjacking this Christmas. Teamsters strike at DHL cargo hubs.
The mercenary Wagner Group preferred prisoners who had committed more than one murder for its army for hire. Now those former prisoners are returning home spreading havoc and crime across Russia.
Team Biden and the Republican Senate are in lock down. No more money for Ukraine unless Biden reigns in southern border crossings. The Netherlands elects a new PM promising to stop migrants flooding into that small country.
The year ends with an optimistic stock market amid two wars with others in the wings waiting for signs of U.S. weakness.
