Green Lights June 26: Top stories
Don't miss a single story from the best of Callaway Climate Insights.
. . . . Welcome back to Green Lights. Here’s our roundup of the best of Callaway Climate Insights. This week, David Callaway explains why gasoline prices won’t come down anytime soon. Plus, Mark Hulbert says President Donald Trump is leading a global clean energy revolution despite himself. Have a good weekend and please subscribe to support our climate finance reporting.
. . . . President Donald Trump’s call this week for a Department of Justice probe into oil-price gouging at the pump follows a well-worn political path of the president blaming oil companies for higher gas prices when oil prices suddenly fall. It might actually work this time, writes David Callaway, since Trump often determines in advance what his DOJ might find. But as anyone in the business will tell you, oil companies pay higher prices during the spike but typically buy a lot in case prices go even higher. So when prices suddenly fall they still have to sell all their high-priced inventory.
. . . . No wonder tech companies are suddenly up in arms defending energy and water usage for their data centers. Public controversy has swirled for months about overuse of water to cool the processors and energy that might drive up prices for consumers. But this week, Virginia — which houses the most data centers in the nation — imposed a monetary penalty. The fact that state governments have moved from ineffective moratoriums on building data centers to actual taxes is significant. A tax of $600 million split by dozens of tech companies may seem small but imagine if all Democratic states followed suit. Pretty soon it becomes real money, as they say.
. . . . The Iran war is forcing a global adoption of renewable power to offset oil prices. While it may be going a bit too far to say President Donald Trump has been a blessing to the renewable energy industry, Mark Hulbert writes, it’s recently become clear that the industry has benefitted in several significant ways from his policies. Another unexpected effect of the U.S. president’s antipathy toward renewable energy is showing the world that, even without government subsidies, it can not only survive but even thrive.
. . . . Even the Saudis have limits on how much money they’re willing to lose. And now, Lucid Motors LCID 0.00%↑ is finding that out. Lucid has enjoyed protection from the turmoil faced by other EV makers because it was more than half owned by the Saudi Public Investment Fund. But Lucid stock has dropped 92% over the past three years and more than 50% this year alone. What’s next? Maybe the new CEO. Silvio Napoli fired the interim CEO, eliminated the COO position, and this week laid off 18% of the workforce, or close to 1,200 people. What’s next?
. . . . A 17-year investment project in wind power by Pattern Energy came to fruition this spring with the opening of the largest U.S. wind power operation, and it is already sending electricity to California, signaling a new era in power generation and transmission in the American West. David Callaway writes that it’s one of the first major renewable infrastructure projects to begin operating and will allow electric grid operators to really begin experimenting with power coming in at all times, between wind at night and solar during the day.
More greenery . . . .
Europe’s deadly heat wave: Blame it on climate change? Yes, researchers say. (New York Times)
But not ice cream: Paris officials ban most alcohol sales during extreme hot weather (CBS News)
Under your skin: How a warming world puts pressure on every system in your body (Grist)
Striking out: Lightning-related wildfires surge in Washington state (The Daily Dispatch)