The Oakland Bulk and Oversized Terminal has been an idea in the eye of Oakland business people since 1990.
But even with that, the Oakland Bulk and Oversized Terminal project nicknamed “OBOT” has been the focus of a lot of what’s now called “fake news” since coal investor Tom Steyer worked to shift views about the energy industry to favor his new solar investments, and disfavor traditional sources of energy. (I removed the word “former” because Mr. Steyer’s still an investor in the Maules Creek Coal Mine).
The Giant Impact Of Tom Steyer And Farallon Capital Management
To many, Tom Steyer is a hero. The billionaire former hedge fund manager and current co-founder of Beneficial State Bank gained star speaking status at the recent California Democratic Party Convention.
The fuel that launched Tom Steyer to political star status was the money he gained via his Farallon Capital Management company. Steyer’s contribution of approximately $100 million to Democratic candidates has given the left a financial player to rival the Koch Brothers on the right.
Steyer even invested $500,000 in the Oakland Promise, the non-profit to help Oakland kids attend college that was started by Oakland Mayor Libby Schaaf. The Dally Caller News Blog spotted a controversy, reporting and alleging that Steyer contributed to Schaaf’s Oakland Promise in turn for having the City file a lawsuit against energy companies.
(An aside: this is not an attack on the Oakland Promise, which is the latest form of a concern that the Mayor of Oakland has had over the 32 years I have known her. But to ignore this information about Tom Steyer’s involvement would be like paying no attention to a tornado warning in The South.)
But what’s not understood about Tom Steyer, can be once explained: he’s simply offsetting his investments in coal and traditional energy with those in alternative energy simply as a hedge. In other words, Tom Steyer, the former hedge fund manager, is still acting like a hedge fund manager: he’s essentially betting futures against the companies he put money in.
If you understand, then it comes as no surprise that Mr. Steyer has not completely backed out of investing in heavy industry in the guise of the Maules Creek Coal Mine.
Steyer’s investments have not stopped at traditional and alternative energy: he also invested in a real estate firm that spent millions to buy homes in West Oakland, is alleged to have caused the eviction of many African American families. In other words, Steyer’s also helping to cause Oakland’s gentrification, then appearing to take a position to profit from it.
Tom Steyer’s Money Has Driven The Opposition To The Oakland Bulk and Oversized Terminal
The Oakland Bulk and Oversized Terminal Project Was Established To Create Basic Jobs, Export Commodities Overseas
The image “climate” that Tom Steyer’s money built, has many not understanding that, first, the Oakland Bulk and Oversized Terminal Project was part of an overall effort to replace the jobs lost due to the closure of the Oakland Army Base in 1994. Second, the critics of the Oakland Bulk and Oversized Terminal Project have never, not once, advanced their own job-creating development project ideas and plans. Thirds, the critics of the Oakland Bulk And Oversized Terminal Project don’t understand that it’s designed to export commodities.
The song that OBOT project opponents sing is that coal production is on the decline and the coal industry is shrinking. Then, they point to U.S. Government statistics, which describe the American coal industry. The trouble is, the Oakland Bulk and Oversized Terminal Project is designed to safely get commodities like coal and iron ore from American coal mines to buyers representing businesses overseas, primarily in China. In short, the Oakland Bulk and Oversized Terminal Project is designed to export commodities to overseas markets.
In the case of coal, the worldwide demand is expected to continue to increase. In fact, the World Economic Forum reported in 2019 that…
A recent analysis of the global coal industry by the International Energy Agency highlights the growing number of countries adopting climate policy goals that facilitate the move away from coal. But despite growing awareness of the impact of climate change and a number of high-profile divestments away from fossil fuels, global demand for coal remains strong.Following two years of decline, expanding economic growth resulted in coal demand rising by 1% in 2017 and this trend is expected to continue, the report says. Elsewhere in Asia, coal is seen as an affordable and abundant resource and the report forecasts growing demand in Pakistan and Southeast Asian nations like Indonesia, Vietnam, Philippines and Malaysia.
Also, about 15 percent of coal production goes to make steel. It’s estimated that 71 percent of the urbanized World was built with steel, which was produced by using coal to make it. So, even if worldwide coal demand drops by two percent, or from 27 percent of the World’s energy mix to 25 percent, over two years, then in 10 years it will still hold 17 percent of the World’s energy mix. And then, there’s bauxite.
There’s so much focus on coal that many don’t realize the Oakland Bulk and Oversized Terminal is a commodities handling facility. One of those commodities other than coal is bauxite.
Bauxite Shipping Makes Oakland Bulk and Oversized Terminal Attractive
What is bauxite? Bauxite is…
used in a lot of industries like the chemical industry, refractory, abrasive, cement, steel, and petrol industry amongst others. In chemical, bauxite along with alumina is used in the manufacturing of aluminium chemicals. In refractory, it is used as a raw material for making several products.
The global Bauxite Mining market is projected to grow substantially. It provides another commodity demand area that can be served by ships to and from the Oakland Bulk and Oversized Terminal.