Reposted from NOT A LOT OF PEOPLE KNOW
OCTOBER 17, 2021
By Paul Homewood
Want proof that the Biden administration is absolutely the second incarnation of the Carter administration? We have runaway inflation, Americans trapped abroad, a member of the primary household who tried to do enterprise with Libya and a president begging the Organization of the Petroleum Exporting Countries and allies (OPEC Plus) to extend oil manufacturing. It’s just like the Seventies once more.
Gas costs have risen $1 a gallon since Joe Biden’s election, whereas crude oil costs have doubled since November to $83 per barrel — and some analysts predict they might rise by one other $10 earlier than the top of the 12 months. Natural fuel costs have shot up greater than 150 % in the identical interval, which suggests winter heating payments for the half of American houses that use pure fuel are projected to be 30 % greater than final 12 months — 49 % greater within the Midwest.
This is the results of deliberate coverage selections. Biden has made clear his intention to tax and regulate the fossil gas trade out of existence. During the 2020 marketing campaign, he declared, “I guarantee you. We’re going to end fossil fuel.”
Well, these threats have penalties. Today, the variety of rigs producing oil throughout the United States is 528, roughly half its 2019 peak beneath President Donald Trump. When you inform oil producers you propose to place them out of enterprise, they aren't going to bolster manufacturing or drill extra wells. When your $3.5 trillion “Build Back Better” plan would impose punitive taxes oil and fuel, the producers are going to get the image that constructing again higher doesn’t embody them.
And once you clarify you propose to destroy an trade, banks and funding companies cease investing in it. The New York Times experiences that the “flow of capital from Wall Street has slowed to a trickle after a decade in which investors poured over $1.4 trillion into North American oil and gas producers through stock and bond issues and loans” as woke capitalists “pare their exposure to fossil fuels to meet the commitments they have made to fight climate change.” BlackRock, the world’s largest asset supervisor, has introduced that it intends to have “net zero emissions across our entire assets under management by 2050.”
The end result? Less fossil gas manufacturing and better costs — with lower-income Americans who can afford it the least penalized essentially the most on the pump.
Full story right here.
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