Oil, Oil Everywhere And Not A Drop To Put In Your Tank
1) Oil, Oil Everywhere And Not A Drop To Put In Your Tank
In case you missed it, Biden sounded utterly and alarming clueless last night on CNN about what to do about rising gas prices.
Just as we predicted, gas prices at the pump have hit more than $7 a gallon in some parts of California and over $5 a gallon in New York. We think the price will continue to rise, hitting the rest of the country soon. Supply and demand. No getting around it.
Meanwhile, the oil price is now above $80 a barrel and hit $85 yesterday.
Why? As the chart shows, thanks to Biden policies, the increased demand for oil is coming at a time when our domestic production is way down, We are 2 million barrels a day lower than peak Trump. Alaska drilling is being curtailed. The rich ANWR oil fields have been locked up by order of this president. Chevron and Exxon have both announced they are withdrawing from new drilling operations even with prices very high.
The United States has at least 200 years of supply of oil. All we need to do is drill for it. Instead, we plead with the Saudis to produce more. This is economic suicide.
2) Meanwhile, China Doubles Down On Coal
Don’t tell John Kerry. America’s Climate Czar He still thinks the Chinese are all in on reducing their CO2 emissions.
The international climate change conference should be a real hoot – if they can find a place to park all the private jets.
