Posted on 01/14/2022 11:31:57 AM PST by Oldeconomybuyer
NEW YORK (Reuters) - Two months after U.S. President Joe Biden announced an unprecedented effort among major oil consuming economies to work together to bring down rising fuel prices, prices are again approaching multi-year highs. And Biden has few options to stop the rally.
Global benchmark Brent crude passed $84 a barrel on Wednesday and leading analysts are forecasting that oil could pass $100 a barrel in the first quarter.
Biden spearheaded a coordinated release of oil from strategic reserves with Japan, India, South Korea, Britain and China in November that helped quell prices - even though, in the end, China did not take part.
Brent briefly dropped below $70 a barrel, but the effects were short-lived.
Republicans are pointing fingers at climate-focused policies supported by Biden, a Democrat, for rising prices, but the reality is that oil market is linked to global factors beyond any U.S. political party's control.
(Excerpt) Read more at news.yahoo.com ...
Well, the Keystone Pipeline is dead. Even the company said they will not restart if it gets reapproved.
Biden has no one to blame but himself..........which he won’t. He’ll blame Big Oil................Nobody’s gonna buy that lame old excuse any more................
“Limited options” — what a farce. What idiots. “...the oil market is linked to global factors beyond any U.S. political party’s control”
Yeah, then why were we a net exporter until the devil was inaugurated and stopped pipelines, drilling, and leases all over the country? Why does his party constantly say they are going to bankrupt fossil fuel companies? Does that perhaps create disincentives to invest in fossil fuel production?
“Limited options” my ass.
Not when they can blame Big Meat this week.
Reuters via Yahoo! There’s a double trustworthy source:) They must be funded by the CCP.
Until January 2021, the entire ME could have blown up and the US would still be pumping gas at the corner gas station.
Joke?
America is still by far the biggest consumer of oil. And Dementia Joe gutted our oil production.
“Limited options” is defined as reversing everything the dumbass has done since Day 1...
There is little financial upside to heavy investments in new exploration let alone expanding exploitation of existing reserves. What capital management group in their right mind and more importantly due diligence to their investors would back a multi billion dollar investment in fossil fuels when the entire plant’s governments have said via treaty and accords that fossil fuels will be carbon taxed or cap and traded. The heavy investments are going to SWB as in solar wind batteries there are at least two battery technologies at the near term price of $75 cents per kWh or less crossing that price point puts the round trip cost under 5 cents kWh in storage that’s competitive to gas turbines anywhere in the world and three times cheaper than what Europe pays for wholesale power. It’s not a matter of if but when that price point is crossed. Tesla is close their gigafactory I’m Austin Texas will be putting out $100 kWh packs later this year and they expect to.drop 20% when they scale up again.
The Brandon administration is not granting leases or permits for exploration and/or drilling.
This drives the futures markets. And hence the ppb.
They are causing inflation on purpose.
They are not incompetent, they are evil.
5.56mm
Everything we do depends on oil at some level. You can’t make plastics from sunshine.
Quickly, now, let’s choke the supply oil so the price will go down.
Sounds good on paper and the experts say it works that way.
Uh, huh.
Well the Russians are busy pumping out as much natural gas as they can and selling it at high prices to an increasingly power hungry, cash rich Western Europe.
And Dementia Dementia Joe’s pathetic attempts to stop the Russian gas pipeline has met with total failure.
Actually yes you can make plastics from sunshine. PLA plastics are made with corn, you can turn ethanol from however you want to make ethanol (sugars,waste gasses, starches, electricity<<power to ethanol at 90% efficiency has been done in China) into ethylene via a catalyst with that C2 alkene being the base for every conventional HDPE and LDPE plastic.
Oil will be used for lubricants and medications as petrochemicals the actual cost of oil in those products is a small percentage of the total retail price. Oil could be and will be at some point $200 bbl and it would not have a huge effect on the high end petrochemicals. The world governments have said you cannot burn oil to the sky they haven’t said you cannot use it for petrochemicals provided you don’t burn it before the landfill. I’m a former and sometimes still active petroleum geologist so I’m acutely aware of what oil is used for. I also hold degrees in hydrogeology, engineering, and finance with a PhD in hydrology different from hydrogeology.
Oil will be used for petrochemicals at elevated prices for a few more decades with a carbon tax on top of those petrochemical production. PLA plastics and ethanol to plastics is already price competitive with fossil fuels where a carbon tax is in force like the EU. The world is transitioning to a low carbon economy every major government in the world has signed on for that transition including the current US admin. Oil can be $200+ a bbl and petrochemicals still viable that’s the point to be made if we are not burning that valuable resource to the sky we have hundreds of years worth of petrochemical industry use. If it’s burnt at the current rates plus the growing global middle classes in India and particularly China it will all be home in under 40. You simply cannot add 3 billion more people in the next 3 decades with another billion moving into the middle class probably more in India and China in that time frame. The planet doesn’t have the resources to sustain 3 billion at USA middle class levels of energy consumption as the global middle classes grow the total energy consumption must drop per capita this can via increased efficiency and moving to energy sources that don’t deplete with time.
Solar is the big one more energy strikes just the land surface of the earth in a day for fuel all of humanity for a year all 7+ billion of us at Western energy levels. The Sahara desert alone could power the entire world with less than 5% of its area, this says nothing of the deserts in Australia,South America, or the desert southeast in America.
Solar is already the cheapest energy humans have EVER created as verified by the IEA
https://mobile.twitter.com/martinvars/status/590220317848645633
That little square is the amount to power all of humanity. The issue has never been the amount of energy the sun rains down on us it’s how to move it to where it’s needed and store it for night time. This is why SWB is the path forward the money as in giant capital groups knows this and is fueling that transition. China is also all in on nuclear power which makes sense as well in a carbon constrained world. They can and do build nukes for cheaper than coal power they have 150 new nukes coming.
https://www.reuters.com/article/china-energy-nuclear-idUSL3N21J12S
Russia also knows the window to sell that gas without massive taxes on it is closing rapidly they see it as a sell now or be stuck with it in the ground later. The EU has a progressive carbon tax already and it raises over time. The cost to pull a tonne of CO2 out of the sky and put it back underground is between $94 and $600+ tonne a couple if companies have tech that can and will be scaled up to the million tonne per year level. There will be a point soon where if you want to burn a fossil fuel you will have to pay a surcharge to remove the same amount of co2 from the atmosphere the Europeans already have laws ready for this as do the Asians of the USA doesn’t follow suit massive tarrifs the USA can’t economically fight the EU, Russia, China and Latin America all at the same time. It’s not all gloom and doom at $100 a tonne is 4.53 cents per lb of CO2 put back underground a gallon of petrol releases 18.6 lb when burnt so 84.2 cents per gallon in offset surcharges then you can burn all you want into the sky and someone else will suck it out and put it in an old oil well for you. It’s semantics to argue over co2 the world’s governments have decided the low carbon economy is the way forward there’s lots of money to be made in any economy you just have to read the signals and position yourself to profit.
Time for Sleepy Joe to point the finger at Big Oil again... America has too many enemies! Big Meat, Big Crypto, Big Cake Designers, Big Parents, ... the list goes on and on!
Actually it's the Germans and the Western Europeans who are hard at work pushing the Russian Nord Stream 2 gas pipeline. They don't want their people to freeze in winter. Nobody does.
Nobody wants Dementia Joe's terrible poll numbers.
Listen to the German Defense Minister just today:
Don't Drag Nord Stream 2 Into Conflict Over Ukraine, German Defmin Says
www.usnews.com ^ | Jan. 13, 2022 | By Reuters
Posted on 13/01/2022, 21:16:13 by RomanSoldier19
German Defence Minister Christine Lambrecht on Thursday warned against drawing a link between the Nord Stream 2 pipeline, meant to transport natural gas from Russia to Germany, and the differences with Moscow over Ukraine.
Short term they have to use Russian gas they shut down half their nukes in fear over fukashima. Long term the Germans also have a carbon tax and it doesn’t matter if it’s Russian gas or German gas the consumer will pay that ever rising carbon tax. Heat pumps are already more efficient than gas heat this has been proven ad nausium Mitsubishi has heat pumps that have COP above one down to negative 14F and positive COP down to minus 21F. Got really cold climates ground source heat pumps are the most efficient heat source on the planet bar none. One trip over to Google Scholar will yield all the hard science one could ever want to know about the subject. The thing with heat pumps is they can be designed to be able to store heat for long periods of time or cold for that matter. You can have a heat pump that is making hot water while also air conditioning the air or running flat out off peak or on demand putting hot water into an insulated tank with ice in the other tank then when peak.demand or higher process you draw from the tanks not run the compressors. Large systems would be grid controlled so when the wind is blowing hard all the heat pumps everywhere turn on and start storing heat in their local on-site tanks when the wind drops off you now have gigawatts worth of heat energy stored all over where it is needed most right next to its users. Same for AC when the sun is out and or the wind is blowing you run your heat pumps full bore making ice and hot water in those same tables when the sun sets you now have days worth of cold in the form of ice that’s melting and hot water for local use. This is the future. Heat pumps can have COPs above 7 which for the scientifically challenged means for every kilowatt of electricity they consume they produce seven kilowatts worth of output heat or cold or both. This is due to the phase charge latent heat of a gas to liquid and liquid to gas heat cycle thank you Mr Carnot and your utter genius.
It is why inflation is so high....a lot of products are made from oil....30$ now 83$
Adhesive
Air mattresses Ammonia
Antifreeze Antihistamines Antiseptics
Artificial limbs Artificial turf
Asphalt
Aspirin
Awnings
Backpacks
Balloons
Ballpoint pens B
andages
Beach umbrellas Boats
Cameras
Candies and gum Candles
Car battery cases Car enamel Cassettes
Caulking CDs/computer disks Cell phones
Clothes
Clothesline
Clothing
Coffee makers
Cold cream
Combs
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