Guest “The man is dumber than a shoe” by David Middleton
OPINION REVIEW & OUTLOOK
OPEC, Biden and Gas Prices
The President wants the cartel to pump more oil, but the U.S. to pump less.By The Editorial Board
July 6, 2021As cognitive dissonance goes, this is a classic. President Biden’s explicit policy goal is to reduce U.S. oil and gas production, limiting the global supply of fossil fuels in the name of fighting climate change. Yet his Administration is now imploring the OPEC oil cartel to pump more oil so U.S. gasoline prices don’t rise more than they already have on Mr. Biden’s watch.
Oil prices climbed to a six-year high on Tuesday after the Organization of the Petroleum Exporting Countries and Russia failed to agree on increasing production quotas. Last spring OPEC slashed production quotas after crude prices plunged to $20 per barrel amid economic lockdowns and a price war between Saudi Arabia and Russia.
But energy demand has snapped back in much of the world as Covid-19 vaccines roll out, governments ease lockdowns, and freight shipments surge. U.S. petroleum consumption is now roughly where it was at this time in 2019. OPEC estimates that oil demand in industrialized countries will increase by 2.7 million barrels a day this year.
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Wall Street Journal
A subscription is required to read the entire article… But the first three paragraphs tell the story. The Oil Price Dot Com version doesn’t require a subscription:
Biden Urges OPEC+ To Raise Output Amid Soaring Crude Prices
By Irina Slav – Jul 06, 2021Saudi Aramco has raised the August official selling prices of crude to Asia, as the oil market tightens, sparking fears of another oil price war and prompting the Biden administration to call on OPEC to settle its internal differences and start bringing more oil to markets, Bloomberg has reported, citing administration insiders.
Aramco has set the August OSP for Arab light at $2.70/barrel, up 80 cents per barrel from July’s price, Reuters reports, while the OSP to the United States was set up 20 cents a barrel for August.
Rising oil prices and pain at American gas pumps have prompted Biden to step into the fray.
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Oil Price Dot Com
About that Russia collusion thingy…
As Biden seeks to limit U.S. oil production, reliance on Russian imports rises
Bethany Blankley | The Center Square contributor Jun 18, 2021(The Center Square) – Within months of President Joe Biden halting the Keystone Pipeline, pausing new oil and gas leases on federal lands, and imposing further restrictions on U.S. oil companies, U.S. oil imports from Russia set a new record in March.
According to International Energy Agency, U.S. imports of crude oil and petroleum products from Russia reached 22.9 million barrels in March, the highest level since August 2010. They had reached over 25 million barrels in April 2009.
Crude oil imports from Russia in March stood at 6.1 million barrels, making Russia the third-largest oil exporter to the United States.
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The Center Square
In just six months, the occupier of the White House, has delivered energy dominance… Russian energy dominance:
OPINION Updated on June 14
Russia’s Putin counts Biden as oil friend as US falls behind
Russia’s exports of oil to U.S. are hovering at all-time highBy Phil Flynn FOXBusiness
President Joe Biden has been great for Russian oil and gas producers, and for Russian President Vladamir Putin, energy dominance and political dominance go hand in hand.
All policies implemented by the Biden administration have created jobs, prosperity and influence for Russia’s energy sector. This has come at the expense of U.S. producers and consumers who are now paying on average over $3 per gallon at the pump, per AAA.
While Biden talks tough ahead of a June 16 summit with Putin, calling on him to act against the Russian ransomware criminals that have attacked our energy and food chain, via Colonial Pipeline and JBS Foods, his policy actions have only rewarded Russia.
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Phil Flynn is senior energy analyst at The PRICE Futures Group and a Fox Business Network contributor. He is one of the world’s leading market analysts, providing individual investors, professional traders, and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline, and energy markets. His precise and timely forecasts have come to be in great demand by industry and media worldwide and his impressive career goes back almost three decades, gaining attention with his market calls and energetic personality as writer of The Energy Report. You can contact Phil by phone at (888) 264-5665 or by email at pflynn@pricegroup.com.
Fox Business
Of course… While the US oil & gas industry isn’t thrilled with Biden’s moronic policies… >$70/bbl oil and >$3.50/mcf natural gas prices are a decent consolation prize… Thanks Joe!
And welcome your brothers the Taliban.
OPEC can’t believe their luck. Americans elected a “leader” who can’t tie his own shoes, a “leader” who thinks energy independence is a sin, a “leader” who wants Americans to enter the global economic contest with both hands an one leg tied behind their back, a “leader” whose greatest accomplishment is choosing ice cream, a “leader” who invites ridicule by foreign enemies and even his own friendly press, a “leader” who, once his neck is firmly in the grip of America’s most rabid enemies, tells those same enemies where his weakest points are and then begs pathetically not to be hit there.
And now that same “leader” is witlessly inviting foreign powers and enemies to enslave America again through the mighty sword of energy dependence. In less than a half year he took the US from energy dominance to a country that begs its enemies for favors.
Not only that but totally lacks a sole.
Let me see if I understand this. Biden kills the Keystone pipeline, ending thousands of jobs to create lower paying solar jobs. Then he kills drilling on federal lands, reducing natural gas production, and coal production and prices shoot up, to replace the gas. Now he is on his knees begging Russia and Saudi Arabia to increase oil production, after killing oil production at home.
I just wanted to make sure I had that right.
It’s called leadership, he is saving the Planet and at the same time publicly shaming Xi-Jing and Putin and the various Ayatollah’s in the Middle East. They will all soon realize their folly and fall in line behind Biden’s extraordinary leadership example. Make the Planet Great Again (MAPA)
I was being somewhat sarcastic here, and then I saw this just right now on DailyMail:
John Kerry will travel to Russia next week to discuss ‘global climate ambition,’ the State Department announced.
https://www.dailymail.co.uk/news/article-9773557/John-Kerry-fly-Russia-discuss-climate-change.html
Hope and Change you can believe in is back!
Kerry is a grade A moron.
I like to think, that as he is Biden’s ‘sole-mate’, his Grade A is with Honours, so he should be referred to as an ‘Ah Sole’.
Any sane climate true believer that actually cared about the country and the environment would push to block oil from middle eastern and Russian sources, since they don’t have the same level, any level, of environmental protection, and in fact block all oil imported by tanker as to risky for the environment. That would prop up oil production inside the country, creating a high level of employment and keeping the money in the country, which would go a long way to subsidizing the hurt from the unreliable not-really-renewable energy sources the clim-unists want to force on us. But Biden and company look like they are just in the back pocket of foreign oil companies, bought and paid for to remove the US as a significant oil producer.
Every action Biden takes harms the United States and others.
He’s taking money out of poor people’s pockets with the increased price of gasoline, and the increased price of gasoline will cause increased prices in everything transported, which is just about everything.
It’s Bizarro world at the White House. They do the opposite of what they should be doing.
And the worst part is that we have to hope that this demented old coot can hang on another 3-1/2 years until January 2025, so that we don’t end up with an even worse situation.
That’s too funny – Biden has managed to unite Dems and the GOP – all praying for the health and safety of Biden so that the US doesn’t end up with President Harris.
Yep. At least China Joe used to have a brain.
<b>Notice the missing context and how it totally changes the meaning?<b/>
Aramco has set the August OSP for Arab light at $2.70/barrel, up 80 cents per barrel from July’s price, Reuters reports, while the OSP to the United States was set up 20 cents a barrel for August.
It [Aramco] set the August OSP for the flagship Arab light crude at $2.70 a barrel <b>above the Oman/Dubai average for Asia<b/>, up 80 cents from July.