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Happy Independence Day

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In a 3 July 1776, Founding Father John Adams wrote a letter to his wife, Abigail: "I am apt to believe that it will be celebrated, by succeeding Generations, as the great anniversary Festival. It ought to be commemorated, as the Day of Deliverance by solemn Acts of Devotion to God Almighty. It ought to be solemnized with Pomp and Parade, with Shews, Games, Sports, Guns, Bells, Bonfires and Illuminations from one End of this Continent to the other from this Time forward forever more. You will think me transported with Enthusiasm but I am not. -- I am well aware of the Toil and Blood and … [Read more...]

Is China Prepared to Dominate the EV Market?

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Western governments have incited a global push for electric vehicles, and China has answered that call. Now China could dominate the industry the West had hoped to foster at home. Greg Ip reports for The Wall Street Journal: China rocked the auto world twice this year. First, its electric vehicles stunned Western rivals at the Shanghai auto show with their quality, features and price. Then came reports that in the first quarter of 2023 it dethroned Japan as the world’s largest auto exporter. How is China in contention to lead the world’s most lucrative and prestigious consumer goods … [Read more...]

Does AI Need More Time to Cook?

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In the Financial Times, Delphine Strauss suggests that artificial intelligence (AI) could need more time before it really boosts productivity. She writes: “Very little of this stuff is plug and play . . . companies have to invest a lot of resources to reconfigure their business model for this new thing,” Syverson said. “New software, regulatory issues, all that stuff has to be figured out. There is a period where the technology is around and you can see the benefits but for lots of reasons . . . productivity goes down.” John Haltiwanger, professor at the University of Maryland, agreed that … [Read more...]

While America Cuts Out Coal, China Digs Faster

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While America continues to weaken its electric grid by shutting down coal power to cut emissions, China is ramping up coal use. Reuters reports: China plans to accelerate the approval of new coal mines and fast track the construction of already approved mines to support its baseload energy supply during demand spikes, Liang Changxin, an official from the National Energy Administration (NEA), said on Wednesday. Peak energy demand is expected to exceed 1.36 billion kilowatts this summer, representing a "significant increase on last year", Liang added. Some provinces could face power cuts … [Read more...]

India Cranks Up Coal-Fired Power Production

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Increasing demand in India is driving growth in the country's coal-fired power production. Matthew Chye and Carman Chew report for Reuters: India's power generation grew at the fastest pace in over three decades in the just-ended fiscal year, a Reuters analysis of government data showed, fuelling a sharp surge in emissions as output from both coal-fired and renewable plants hit records. Intense summer heatwaves, a colder-than-usual winter in northern India and an economic recovery led to a jump in electricity demand, forcing India to crank up output from coal plants and solar farms as it … [Read more...]

OPEC+ Announces Surprise Oil Production Cut

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The group of oil producing countries known as OPEC+ has announced an unexpected 1.16 million barrel per day cut to its target production. Maha El Dahan and Ahmed Rasheed of Reuters report: Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. The pledges bring the total volume of cuts by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, to 3.66 … [Read more...]