Wednesday, November 24, 2021

Invite him to the White House and say "please".

"India has agreed to release 5 million barrels of crude oil from its Strategic Petroleum Reserves. This release will happen in parallel and in consultation with other major global energy consumers including the USA, People's Republic of China, Japan and the Republic of Korea," the oil ministry said. The US will release 50 million barrels. "India has three strategic petroleum reserves with combined storage capacity of 5.33 million tonnes (about 38 million barrels), sufficient to meet country's crude oil requirements for about 9.5 days," HT. "China confirmed on Wednesday that it would join the United States and other major energy-consuming nations in releasing strategic oil reserves to try to cool high prices and tame inflation," CNN. "President Biden's move to tap the US Strategic Petroleum Reserve is expected to supply Chinese and Indian oil needs as gas demands have led to global shortages," Fox News. Biden shutdown development of the Keystone XL pipeline which "was set to carry oil 1,200 miles (1,900km) from the Canadian province of Alberta down to Nebraska", BBC. "Benchmark US crude prices are already trading over $70 a barrel and retail gasoline prices averaging more than $3 a gallon at the pump. And the situation will only get worse as the economy continues to improve in the coming months," predicted Forbes in June. "It means more power over the oil market is shifting towards Saudi Arabia and Russia, the leaders of the OPEC-plus group." "Building on past US leadership, including efforts by states, cities, tribes, and territories, the new target aims at 50-52 percent reduction in US greenhouse gas pollution from 2005 levels in 2030," The White House on April 22, 2021. "The United States has set a goal to reach 100 percent carbon pollution-free electricity by 2035, which can be achieved through multiple cost-effective pathways each resulting in meaningful emissions reductions in this decade." Unfortunately, hubris gets in the way. "What proof that President Biden is just another 'limousine liberal'? Check out his 85-vehicle motorcade through Rome this weekend ahead of Sunday's COP26 UN Climate Change Conference, says Fox News Contributor Lisa Boothe." "First in private and later more publicly, American envoys had spent weeks trying to convince the Saudis to pump more crude -- and quickly according to officials on both sides," NDTV. "But the kingdom's day-to-day ruler (Saudi Crown Prince Mohammed bin Salman) didn't budge despite overtures from American diplomats." "But if Biden wanted cheaper gasoline, the prince had his own wish list, including something he hasn't yet got from the current White House -- access." Biden may want more oil, but OPEC+ can't pump any more than it is doing already, Reuters. "Production by OPEC+ was 700,000 bpd less than planned in both September and October, according to the International Energy Agency (IEA), raising the prospect of a tight market and high oil prices for longer." "As of Wednesday, his (Biden's) aggregated approval rating stands at 42.9%, according to FiveThirtyEight -- down from 53% when he entered the White House in January," Fortune. "History suggests Democrats' chances at midterms rebound have already gone up in smoke," BI. If you want a gift from MBS, invite him and say "please". He is unlikely to respond to a woke 'limousine liberal'.                 

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