Friday, July 1, 2022

German Economic Minister Announces Restart of Coal Power Plants for Electricity Due to NATO Sanctions and German Dependence on Russian Oil and Gas

from The Conservative Treehouse:

To say the recent remarks from German Economic and Climate Minister Robert Habeck showcase the stupidity of the western sanctions would be an understatement.  In a broad energy policy announcement to the German people, Minister Habeck has announced that natural gas is now urgently being stored and built up in order to survive next winter.

ENERGY IS LIFE, SO JOE BIDEN IS A MASS MURDERER — LIOR GANTZ

from SGT Report:

GET YOUR *FREE* 11 MAJOR GOLD CATALYSTS REPORT HERE:
https://www.wealthresearchgroup.com/11gold/?id=14

Lior Gantz from Wealth Research Group returns to SGT Report and he says the everything bubble is over, and the new normal will be very dire for those who unprepared. Thanks for tuning in.

Rolling Blackouts To Leave Tens Of Millions Without Power As Fuel Prices Hit Record Highs Making Gas-Powered Generators Unaffordable For Prolonged Outages

by Susan Duclos, All News Pipeline:

Before getting to the meat and potatoes of this article, I would like to clarify that I do not believe that “green” energy should replace the energy sources we use now, but rather be used as a supplement for those that choose to do so.

Say what you will about our main sources of energy, they are still more reliable than wind, or solar, or anything else that is completely dependent on the weather.

Reliable to a point, but getting more and more expensive thanks to the polices of the Biden regime.

Biden, Threats And Energy

by Karl Denninger, Market Ticker:

I spat my espresso when I read this…… 

“No more subsidies for the fossil fuel industry. No more drilling on federal land. No more drilling including offshore. No ability for the oil industry to continue to drill.  Period.  End.”

That’s what candidate Biden said, and he made good on his promise as soon as he was inaugurated.

Such a position also means nobody will invest in refining capacity, particularly when you have states such as California which have banned the sale of vehicles using petroleum-based fuels starting in 2035 and all trucks, where possible, in ten more years.  Why does that shut down refining now?

Russian Oil Boycott Fails

by Martin Armstrong, Armstrong Economics:

The West thought they’d cripple Russia’s economy when they stopped buying Russian oil. Gas prices in the West are on the rise and at unsustainable levels. Meanwhile, Putin is having the last laugh as he is now selling more oil at a higher price point.

In April, Russian oil exports rose by 620,000 b/d to 8.1 million b/d. India (+730,000 b/d) and Turkey (+180,000 b/d) helped to offset the international embargo, while the EU remained the largest importer despite a sharp reduction in shipments. The IEA reported that Russian oil exports rose over 50% YoY during the first four months of the year.

Russia’s Gazprom throttles gas supplies to Germany again.

GAS PUMP PRICES A LOT HIGHER THAN THEY SHOULD BE

by Dave Allen, The International Forecaster:

Stubborn, persistent, historically high inflation continues to make a splash as we approach another, otherwise relaxing weekend.

Earlier this week, Pam and Russ Martens at Wall Street on Parade featured Schlafer’s Auto Body & Repair in Mendocino, California, which was making headlines in quite the inauspicious way.

Schlafer’s, you see, is home to an independent Chevron gas station and as of last weekend, it was charging what the Martens say is the highest regular gas price in the country – at $9.60 a gallon.

That’s 50% higher than the average price for regular in all of California ($6.37), according to the American Automobile Association’s gas tracker, and essentially twice the national average ($4.91).

Buy an EV to Solve America’s Problems with John Rubino

by Kerry Lutz, Financial Survival Network:

There are numerous negative trends surfacing in the economy, so I sit down with John Rubino to discuss some of the greater issues that need to be addressed, and have yet to be solved by the government. Some of the most pressing problems at the moment lie in energy; we are tight on resources and, as a result, other industries (such as agriculture) are suffering. In this episode we cover resources, public policy, and crises taking place around the country—all of which necessitate awareness and a plan for improvement.

“So what’s charging the batteries right now? What’s the source of electricity?” … wait for it …

Biden’s America: 16 States Have Average Price of Gas over $5.00

by Hannah Bleau, Breitbart:

Sixteen states currently have an average price of gas that is over $5.00 as the national average broke yet another record on Tuesday.

The national average price of gas is now $4.955, reflecting an over three-cent jump overnight, 28-cent rise in the last week, and nearly 64-cent rise in the last month. Diesel also hit another record on Tuesday, reaching $5.719. 

Russia Uses Chinese Ships and Indian Refiners to Stay Ahead of Oil Sanctions

by Mish Shedlock, Mish Talk:

As the US and EU pile on sanctions, Russia finds more ways to avoid them.

Toughest Sanctions Yet 

The week, the EU Sets Harshest Russian Sanctions, Targeting Oil and Insurance, with exemptions to Hungary.

The European Union is set to impose its toughest sanctions yet on Russia, banning imports of its oil and blocking insurers from covering its cargoes of crude, officials and diplomats say, as the West seeks to deprive Moscow of cash it needs to fund the war on Ukraine and keep its economy functioning.

The sanctions, which are expected to be completed in the coming days, are harsher than expected. The ban on insurers will cover tankers carrying Russian oil anywhere in the world. These sanctions could undercut Russia’s efforts to sell its oil in Asia. European companies insure most of the world’s oil trade.

Price of Crude Jumps as EU Foolishly Doubles Down On Sanctions

by Mish Shedlock, Mish Talk:

The EU reached a deal with Hungary and moved forward with more sanctions on Russian oil imports. As expected in this corner, the price of crude jumped.

The Wall Street Journal reports European Union Pledges to Curb Oil Purchases From Russia

The results were as expected in this corner: Oil Jumps as EU Commits to Partial Russian Crude Ban

Crude prices rallied after EU leaders said for the first time that they would impose an oil embargo on Russia over its invasion of Ukraine. The embargo would include an exemption for oil delivered from Russia via pipelines, an amount that makes up one-third of EU oil purchases from Russia.