Click here: The Weekly Beacon – July 8 2022

We will be giving some macroeconomic market updates on a weekly basis. No
recommendations will be given in this commentary and we encourage you to contact us
today if you have any questions regarding any observations.

Feel free to send in your pictures of lighthouses to be featured in our weekly commentary.

This weeks issue: California, Gavin Newsom, California Taxation, Lithium Taxation, EV Metals, EV Boom, Mining Pollution, Fossil Fuel Usage in Mining, Oil Goes Splat, Oil Stocks, Bill Ackman, Recession Fears, Oil and Gas Usage, Jerome Powell, EU Goes Nuclear, Nuclear Energy, Uranium Usage, Green Energy, Cleanest Form of Energy, Banks, Warren Buffett, OXY, Goldman, Citi, JP Morgan, Oil Forecasts, Non-Consensus.

 

California Continues to Tax Anything That Moves

The state with the highest gas prices, the highest cost of living, and the highest state tax created a new tax this past week. A lithium miners’ tax was implemented in California that will generate revenue for environmental remediation projects.

There have been many industry concerns and experts have warned that it will harm the sector and delay shipments to automakers. The tax is structured as a flat rate per tonne and will go into effect in January. The tax will be reviewed every year, and state officials have agreed to study potentially switching to a percentage-based tax.

California is home to a giant lithium reserve in the Salton Sea region, east of Los Angeles.

We suppose lawmakers have realized creating numerous lithium mines is not the most “environmentally friendly”. Lithium is a major component in electric vehicles and will be in heavy demand as the world transitions from traditional automobiles to EVs.

 

 

Click here to read the full  July 8 2022 Commentary