Posted on 06/16/2022 6:17:06 PM PDT by blam
American energy is suffering from a lack of longterm investment, which temporary fixes cannot alleviate, global head of commodities at Goldman Sachs Jeff Currie said on Thursday.
Downplaying the Ukrainian war’s impact on oil prices, Currie said soaring energy prices are due to a lack of U.S. investment in the fossil fuel sector.
“The global slowdown, let’s say it’s FED induced,” Currie said about the Federal Reserve increasing rates to combat inflation, “it may create a pullback in [oil] prices, but it’s not a longterm fix.”
“I want to emphasize demand destruction or demand slowdowns is not a fix to this problem,” Currie stated.
Currie said for a decade the U.S. has not invested into oil refineries and oil production capacity to properly mitigate price shocks.
“There is only one longterm fix to this problem and that is investment, harnessing large amounts of capital into this space to debottleneck it,” Currie said.
“What are the reasons for the lack of capital investment?” Currie asked. Naming ESG, Environmental, social, and corporate governance, Currie explained too much focus on leftwing investment strategies is one of the main reasons the U.S. is unprepared for energy price shocks produced by a variety of factors.
In 2020, then-candidate Joe Biden promised to wage a war on the American oil industry by terminating subsidies and drilling feasibility.
He has made good on his promise. Into Biden’s second year in office, his administration has driven up private and public financing costs of oil drilling, halted drilling on public lands, and canceled the Keystone pipeline.
Gas prices reflect his policies. On Thursday, the national average gas price remained above $5 per gallon. Diesel fuel also reached a record high, driving up transit costs, food costs, and construction costs.
(snip)
(Excerpt) Read more at breitbart.com ...
There's a warning right here too:
Why Have The Obamas Installed A 2,500-Gallon Commercial Propane Tank In Their Martha's Home?
“due to a lack of U.S. investment in the fossil fuel sector.”
Yeah we stopped drilling.
The ruling elite have declared war on the poor and middle class.
More like "Revenge of Reality," but I don't like to stick my neck out.
ANY such focus is TOO MUCH! This "ESG" governance is absolutely insane.
For giant BBQ parties?
The Left is at war with Reality.
Looks like they may be losing.
What a shock. But they will double down.
That’s a good way to define this disaster we are living.
When Biden becomes an advocate of fossil fuel production the economy will normalize back to 2019. This won’t happen, we have to wait until 2025. So hunker down.
The Keystone pipeline that Biden and the democrat party shutdown would have been delivering 830,000 barrels of oil per day.
One pipeline. The democrats have been shutting down oil production since at least 2009 when obama and biden were in office.
I read or heard that dozens of oil companies went bankrupt under Carter. I don’t know if that’s true but if they needed credit and couldn’t get it, that would explain it.
I was a gas pump jockey in the 70’s. I have some stories.
Hey! Me too!
And real good stories :)
Gas jockeys pump it by the gallon!
Chump change for the Øbamas but that tank will be at least $10,000.00 per fill-up.
OLD economy? No.
The ONLY economy. As Rush said so eloquently, “ oil fuels the engine of freedom.”
It takes a long time to turn oil production around. I’ve participated in that work three times in my 42 years of the oilfield.
What these buffoons have done is to throw away the oars to the boat without any other means of propulsion.
Kill oil without a ready replacement. The height of insanity or treason.
Treason would suggest that they only wanted to destroy the US economy, but this woke madness is in the process of destroying economies all over the world.
The Western plutocrats are traitors to dozens of countries.
This is important because the Biden administration has been blaming the damage Americans are experiencing at the pump on a variety of scapegoats such as Putin, Covid and even Donald Trump. Jeff Curry of Goldman Sachs explicitly contradicts these lies told by Biden and Democrats.
The oil price rise is caused by lack of supply and the lack of supply is not caused by the war in Ukraine but by lack of US investment. This is powerful stuff and the very potent stuff that Republicans need to mobilize and deliver to the suburbs where white suburban women who are somewhat hypersensitive Democrats might be convinced of this truth in a way that does not turn them off and, indeed, can act as a model for the entire Republican campaign to this demographic.
“What are the reasons for the lack of capital investment?” Currie asked. Naming ESG, Environmental, social, and corporate governance, Currie explained too much focus on leftwing investment strategies is one of the main reasons the U.S. is unprepared for energy price shocks produced by a variety of factors." So the reason for lack of investment are explicitly named, ESG (environmental social governance) and our even identified as " left wing strategies," all contrary to Biden's lies and excuses.
At the very pinnacle of the American financial world, Goldman Sachs puts the blame for this mess squarely on Biden and Democrats.
It is the way of the world that Democrats have policy problems and message rather well but Republicans have generally, ( or at least relatively), good policies but inept messaging.
Now is the time for Republicans to combine a fact based indictment of Biden with clever messaging. If Republicans want to win white suburban women they have got to at least appear cognitively sophisticated as well as well spoken. Here is the opportunity for Republicans to run with the prestige of Goldman Sachs to make their point, to indict Biden, without appearing ultra partisan or mean-spirited.
Ladies of suburbia, if you are distressed at the gas pump, the esteemed Goldman Sachs, not Republicans, tells you whom to blame. The men in their pickup trucks have already made this calculation.
Now we wait to see how Mitch McConnell and the rest of them fumble this opportunity away.
Yes. Simple enough to understand. Especially the incredibly hostile policy environment Bidone and his GND clones have created. It’s not just monetary policy driving inflation. Lack of supply and long term forecast for capacity plus ESG garbage/forcing banks not to lend/ executive orders on exploration… all of it couldn’t be more hostilely planned. I think I payed 40% more at the grocery store yesterday and $100 to fill the car. That equates to almost double from when DJT was running things. This 17% bs is just that.
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