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Hydraulic Spacking
b'In this month\\u2019s note, we look first at the SPAC capital raising boom. Our main focus: returns to date for SPAC sponsors and investors, and the large wealth transfers taking place among SPAC participants. Second topic: Biden\\u2019s early stage energy policies (ban on new oil & gas leases on Federal lands, Keystone XL pipeline termination and conversion of Federal fleet to EVs) will probably end up increasing US oil & gas imports more than they reduce emissions.'