(FREE) PAINE IN THE MORNING: What you need to know this Tuesday – July 12, 2022

Here’s what you need to know today, Tuesday – July 12, 2022.

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Texas Tells Consumers to Conserve Electricity as Wind Energy Falls Short – The Electric Reliability Council of Texas (ERCOT) has warned power consumers in Texas to conserve energy on Monday afternoon and evening because there will not be enough wind power to operate the power grid reliably in peak demand.

Though Texas is known for its role in the oil industry, it is also the nation’s number-one producer of wind energy. During a cold snap in the winter of 2021, however, wind turbines froze and many Texans found themselves without electricity. – READ MORE

Manufacturing Facilities Cutting Back, Shutting Down Over High Power Costs – We know that high gas prices are a complex matter, but we also know that the Biden administration has played a key role in rising fuel costs. The price of gas doesn’t just affect Americans at the pump; there are other ripple effects throughout the economy. And we’re starting to see those ripples reach U.S. manufacturing.

Bloomberg reported on Thursday that manufacturing plants across the country are scaling back production or shutting down for the long-to-medium term because power costs have gotten so high. And this isn’t some temporary blip on the radar screen. Instead, it has major implications for our economy. – READ MORE

Biden Admin Sold Nearly 1 Million Barrels Of Oil To Chinese State-Owned Company Tied To Hunter Biden – The Biden administration sold close to one million barrels of oil from the United States’ strategic reserve to a Chinese company that one of his son’s equity companies once bought a $1.7 billion stake in.

In March, the Energy Department announced that it was releasing 30 million barrels of crude oil out of the U.S. Strategic Petroleum Reserve. The “emergency sale” was conducted to “provide a wartime bridge that will support American consumers and the global economy in response to Vladimir Putin’s war of choice against Ukraine.” – READ MORE

World Economic Forum: Gas Prices Must Go Even Higher — to Save Democracy –The World Economic Forum (WEF) released a position paper Monday that inexorably links two claimed global crises as one – “climate change” and the “decline of democracy.”

It says fighting the former can save the latter as long as consumers stop burning coal, oil, and gas in exchange for green renewables. – READ MORE

Corporate Media Insists Eating Insects Is “Really Delicious” – The World Economic Forum (WEF) has, for years, promoted the idea that “healthy diets” and “sustainable” foods, such as insects, should be introduced into the global food system to save the planet.

These self-proclaimed designers of the future are calling for a reset of the food system to lessen the environmental impact of current food production and solve world hunger. They’re trying to convince people to eat bugs. – READ MORE

UN Deletes Weird ‘Satirical’ Article Celebrating Benefits Of World Hunger After Backlash – The United Nations was forced to delete a weird ‘satirical’ article which celebrated the ‘benefits’ of world hunger after an online backlash.

Originally published in 2008, the article, titled ‘The Benefits of World Hunger’, was recently reposted to the UN’s Chronicle magazine. – READ MORE

Biden takes aim directly at Americans’ right to travel – The Biden administration proposed a rule that would require the states to track greenhouse gas emissions and set declining emission targets for highway traffic on Thursday.

The Department of Transportation’s Federal Highway Administration (FHWA) announced a Notice of Proposed Rulemaking (NPRM) for states and municipalities to “track and reduce greenhouse gas emissions on their highways.” The proposed plan would establish declining carbon dioxide targets statewide and create a method for the monitoring and reporting of greenhouse gas emissions. – READ MORE

Journalists Tow Camper Behind Electric Truck, End in Stunning Failure When They Only Make it 85 Miles – Maybe you’ve seen the bumper sticker on a truck that says “Yes, this is my pickup. No, I won’t help you move.”

If you have an electric pickup, you may want to think about reversing the idea of that bumper sticker. Because helping someone make a short-distance local move may be about all you can do. – READ MORE

9,000-Pound Hummer EV Pollutes More Than a Gas-Powered Chevy Malibu – The hype says electric vehicles are much better for the environment than their gas-powered counterparts.

But the truth is more nuanced, as evidenced by the Hummer EV, according to a report from the American Council for an Energy-Efficient Economy. – READ MORE

Firefighters warn: Electric-car fires require 10 times more water to put out, up to 10,000 gallons – As electric vehicles continue to be pushed on the nation by the Biden administration, certain facts are coming to light about them, and this time we are hearing warnings from the nation’s firefighters.

As the number of electric car owners grows, so too are the problems peculiar to EV ownership. From lack of charging stations, to unexpected expenses for repairs and now to water waste. – READ MORE

California law may backfire terribly as 70,000 independent truckers could be forced out of work, unleashing ‘devastating’ supply chain misery – A California law threatens to unleash more supply chain misery and inflation on residents of the Golden State by forcing independent truckers out of the workforce.

California Assembly Bill 5 was introduced by former state Assemblywoman Lorena Gonzalez, a Democrat, and signed into law in September 2019 by California Gov. Gavin Newsom. – READ MORE

There’s Still Over $40BN In Cargo On Container Ships Waiting Offshore – Anchorages continue to fill with waiting container ships off East and Gulf Coast ports, where vessel queues have now far outgrown those off the West Coast. Along all three coasts combined, the number of waiting container vessels remains exceptionally high.

There were 125 container ships waiting off North American ports on Friday morning, according to an analysis of ship-tracking data from MarineTraffic and queue numbers from California. – READ MORE

Chinese Bank Run Turns Violent After Angry Crowd Storms Bank of China Branch Over Frozen Deposits – While the world of high, and not so high finance, is obsessing over the volatility of cryptos and recent painful losses for overlevered players who – much to the amazement of plain vanilla equity investors – were not bailed out by a magnanimous Fed (which however only rescues stock markets, not cryptos), things in China with its $54 trillion financial system, or more than double the size of assets across US commercial banks, are once again getting heated.

As Reuters reports, a large crowd of angry Chinese bank depositors faced off with police Sunday in the city of Zhengzhou, and many were injured as they were taken away, amid the freezing of their deposits by some rural-based banks. – READ MORE

US spending to counter Russian war effort exceeds first 5 years of war costs in Afghanistan – The Biden administration and lawmakers on both sides of the aisle have pledged to counter Russia’s war in Ukraine and the threat it poses to European security, and the funds so far committed to Kyiv already exceed U.S. costs for the first five years in Afghanistan.

The Biden administration on Friday announced another $400 million military drawdown package to Ukraine as it attempts to fend off Russian advances. – READ MORE