Gasoline is now at the highest price ever recorded. The average cost of a retail gallon of unleaded gasoline hit $4.173, according to the American Automobile Association, with many regions now far exceeding that price. It is not uncommon to see $5/gal gasoline in many areas.
Against this backdrop, Joe Biden announced today that his administration is banning the import of oil, liquified natural gas (LNG) and coal from Russia. [We do not import LNG or coal from Russia, so that political point is moot.] You can read the executive order HERE.
The executive order also bans any U.S. entity from investing or facilitating the investment of Russian energy development. That section explains why there were earlier reports of Oil companies withdrawing from Russia. They were obviously given a heads up.
The way the order is currently written, and a lot of it has to do with extremely generous interpretations by the U.S. Treasury Dept., it would appear that any energy company currently operating in the U.S. cannot simultaneously be operating in Russia (or be part of the subsidizing and insurance network that supports energy development in Russia). The Treasury interpretations here are fraught with complexity.
The part that matters is boiled down in this section:
(i) the importation into the United States of the following products of Russian Federation origin: crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal products;
(ii) new investment in the energy sector in the Russian Federation by a United States person, wherever located; and
(iii) any approval, financing, facilitation, or guarantee by a United States person, wherever located, of a transaction by a foreign person where the transaction by that foreign person would be prohibited by this section if performed by a United States person or within the United States.
(b) The prohibitions in subsection (a) of this section apply except to the extent provided by statutes, or in regulations, orders, directives, or licenses that may be issued pursuant to this order, and notwithstanding any contract entered into or license or permit granted prior to the date of this order. (LINK)
The European Union cannot cut themselves off from Russian oil and natural gas. Europe relies on imports for 90% of its gas and 97% of its oil products. Russia supplies 40% of Europe’s gas and a quarter of its oil. {source} Essentially, China and the EU will continue to be the largest purchasers of Russian energy.
The White House is looking to replace Russian oil by purchasing from Venezuela, Iran and, to a lesser extent, Saudi Arabia. In some ways, you can look at this oil purchase shift as a continuation of President Obama’s intent to exfiltrate American wealth. Iran and Venezuela become the favored nations again, as they were in the Obama-Biden administration 2009-2017.
Ideologues who have always operated in the background of Biden are working on the same program to consign the U.S. economy as a permanent “service driven economy.” The difference now is the rapid speed of their policy outcomes, because Biden is disposable.
Biden-Obama, and all that come with them, are working through an ideological plan. All of these consequences and outcomes are features, not flaws.
$7/gal gas is likely this summer (if not sooner), that’s around $180 to $200 barrel oil price.
$10/gal gas appears to be their ‘Build Back Better‘ target price with oil around $250/barrel.
The Russia-Ukraine ‘crisis’ just helps them justify and speed up the process they already had underway. I would argue the speed of their action is driven by their concern of a mid-term election outcome that might impede the bigger objective.
This takes cutting off your nose to spite your face to FJB levels of stupid.
I expect anyday now Pete Buttigehgeh to announce a generous taxpayer giveaway to anyone purchasing an electric car. Their answer is always to spend others peoples money foolishly.
Cash for clunkers 2.0 ?
That would be Bootyjudge, I guess. At least that is a name that can be pronounced. 🙂
Saudi Arabia and and the UAE have declined to even speak to Biden.
What a humiliation.
Bets, Can’t imagine why…. S/
Saudi Arabia’s and and the UAE’s governments know Xi Den Zhou’s a common thief. ( Of 2020’s presidential election and of Millions of Criminally-acquired Dollars) And would rather chop off the barsteward’s hands than deign to call him, “president.”
Smart move. You can choose your friends, remember.
And I wouldn’t talk to him either.
WHY WOULD THE PRESIDENT OF THE UNITED STATES OF AMERICA DELIBERATELY SABOTAGE THE COUNTRY HE IS THE “LEADER” OF?
Cause that’s what is happening,
We have huge oil and gas reserves.
NONE of this would be happening if we were utilizing our natural resources.
BUT WE DON’T HAVE A
PRESIDENT ❗️❗️❗️
Election Fraud put Joe Biden in the White House.
The Economic Policy of Democrat politicians will economically
cripple the USA and demolish the Supply Chain.
Inflation will obliterate the buying power of the Middle & Lower Class.
The 2022 Home Foreclosure rate and crash of the Stock Market
Bubble will dwarf the collapse of the 2008 Housing Bubble.
Many Real Estate websites are hiding the vast amount of
Pre-Foreclosure, Foreclosure, Auction, and Bank Owned
Homes. It’s a Home Foreclosure tidal wave.
https://pbs.twimg.com/media/FIxZYgyUYAAeK_4?format=jpg&name=900×900
“You will keep paying higher and higher prices for gasoline until you swear off fossil fuels.”
Then you can declare bankruptcy, sign up for welfare, and become a slave to WashingtonDC.
and people are letting him do it!!!!!
Onward! Oh, onward, oh time in thy flight!
Get these trolls out of here fast as thy might!
In cold winters New England’s power grid has been running on 37% natural gas, 22% oil, 22% nuclear, 11% renewable, 6% hydroelectric, and less than 1% coal.
“…because of a law called Jones Act (which requires ships carrying cargo from one US port to another to be US owned and flagged), gas that landed in Boston has historically been obtained from farms Trinidad & Tobago, Norway and Russia.”
https://businesshala.com/why-is-new-england-paying-the-equivalent-of-180-oil-for-natural-gas/
Will people pay more if he gets Venzuela Gas!!! Then we would be supporting Madura!!! All Biden’s people want are electric cars, that’s it!!!! No one is fighting them. Where are the Republicans suing Biden left and right, just like the dems sued Trump left and right! It’s so infuriating!!!
We can drive our electric cars into the wars that besiege us, crying “Global Warming,” while the diesel & gasoline powered vehicles of the enemy crush us!
And our electric powered fighter jets can burn on the runways while fuel powered jets bomb the hell out of them!
Sounds like a really well-thought out plan, morons!
Well Biden couldn’t pass the Green New Deal, but this war he indirectly started and is funding is getting him the same results.
I cannot understand US Policy escalating rather than de-escalating Russia-Ukraine War?
I further cannot understand US asking NATO allies to take on initiatives in this war it is unwilling to do itself?
It’s mind boggling US Policy is not to unleash all of our own resources (gas and oil production) to aid US citizens and reduce the Russian money supply for this war.
We learned thru Obama years, when US Policy don’t make sense, it’s to achieve a desired end result. Obama did at any cost.
History repeats itself so quickly these days!
Nice…
Remember, Biden is a sock puppet. Anyone wonder why Biden never has an opinion until several days after a crisis starts? Obama and the Chicago Communist gang are in charge of the Presidency. Whatever Biden does has to be approved by the Obama Politburo first. Elections have consequences al right!
My dad told me years ago that to function and survive in combat, during WWII, you had to assume you were already dead. In order to function and survive what is going on today, you must accept the fact that everything is being done on purpose as a means to an evil end. These people are all part of the same sick play and they don’t care about you or me. Their ideology is all that matters because we are expendable.
uhh, I’m one of those”boomers” some of you are sniveling about! And the whiny blame may sound true to you and your indolent x’er -“sophists” but it’s no less whiny blame that belongs to the presstitutes and politiwhores we ALL expect our votes to be honored by
Don’t consider Brandon President of the USA, based on the facts of election fraud.
And he’s not said anything good about our Country, but caters to, & kisses up to those who’d like to see us disappear.
He chides, yells, & threatens those here, much like a drunken parent. I avoid listening to him but those sound bites get sneaked in!