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Climate Activists vs The Poor

While virtue signaling politicians and the climate activist industry celebrates reducing the supply of fossil fuel energy, it’s the world’s poor who suffer as prices skyrocket amidst massive inflation.

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This 26-year-old Canadian CEO is taking his autonomous truck company public in US$5B deal

Alex Rodrigues knows all about automation.

It’s a fascination that began back when he was a kid in suburban Alberta, building his own working robot in the seventh grade.

Just under a decade later in 2016, after several software stints and dropping out of the engineering program at University of Waterloo, he founded his own automation company that specializes in self-driving trucks.

On Thursday, that company — Embark Trucks Inc., based out of San Francisco — started trading on the Nasdaq. It’s now made the 26-year-old Canadian one of the youngest heads of a publicly-held business, valued at about US$5 billion.

The company went public after a merger with special purpose firm Northern Genesis Acquisition Corp II., run by a team of multiple former executives from Canadian utility companies.

Palo Alto-based venture capital firm DCVC Management LLC holds an almost 17 per cent stake in Embark — worth about US$630 million. And that firm has kept upping their money towards Embark round after round with every proceeding series of funding. Other major investors include Sequoia Capital, Tiger Global and Y Combinator…read more.

U.S. predicts oil market will be oversupplied by early next year

The U.S. government projected that the global oil market will become oversupplied and prices will fall by early next year, cooling expectations that the White House may tap the nation’s emergency reserves.

Supply increases next year from OPEC nations as well as U.S. drillers will ultimately pressure prices lower. The U.S. benchmark crude will fall below US$80 a barrel by December and reach as low as US$62 by the end of next year and its global counterpart Brent will average US$72 a barrel in 2022, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. U.S. pump prices will drop below US$3 a gallon by February, the data show.

“We forecast that global oil stocks will begin building in 2022, driven by rising production from OPEC+ and the United States, along with slowing growth in global oil demand,” the EIA said.

The Biden administration has been under pressure to act to suppress rising gasoline prices that are now at the highest levels since 2014. But the report may weaken the argument for a release of oil from the U.S. Strategic Petroleum Reserve, a move that had been seen as the most direct action U.S. President Biden could take to drive down prices, especially after OPEC and its allies resisted Biden’s calls to bring more crude supplies into the global market…read more.

Opinion: During COVID, the charter has been useless

Ten days ago the Manitoba Court of Queen’s Bench was the latest court to rebuff a constitutional challenge to COVID restrictions on civil liberties. Chief Justice Glenn Joyal ruled that provincial public health orders were constitutionally justifiable, joining courts from around the country in embracing the official COVID narrative and defending the authority of the pandemic state. Over the past 19 months, lockdowns, masking rules, traveller quarantines, closed borders, business restrictions and now vaccine mandates have made Canadians less free than they have ever been. Yet so far charter challenges to COVID rules have been spectacularly unsuccessful. During COVID, the charter has been useless.

How can this be? Contrary to common belief, the charter is not the foundational document upon which our legal system is built. Enacted in 1982, it was designed merely as a gloss on what legislatures and governments can do. In fact, not even the original 1867 Constitution, formerly known as the British North America Act, established the law’s first principles. Instead, the preamble of that 1867 Constitution includes an innocuous sounding but significant phrase, acknowledging “a Constitution similar in Principle to that of the United Kingdom.” Essentially, Canada received the British common law system and its legal architecture.

That system is built upon a few core ideas, among them the principle of legislative supremacy: with few exceptions, legislatures can enact any law within their jurisdiction as they wish. Those laws need not be fair, just or reasonable. They do not have to make sense or be justified by evidence. Almost 75 years before the charter, Judge William Riddell of the Ontario High Court wrote that a legislature “can do everything that is not naturally impossible, and is restrained by no rule human or divine. If it be that the plaintiffs acquired any rights … the Legislature had the power to take them away. The prohibition, ‘Thou shalt not steal,’ has no legal force upon the sovereign body.”…read more.