Posted on 10/28/2022 8:44:17 PM PDT by SeekAndFind
Calls for Biden to socialize industry have moved quickly from fringe to mainstream...
The energy crisis is worsening. The U.S. has fewer than 30 days of diesel and other distillate fuels, the lowest level since 1945. Supplies are so low that there will be shortages and price spikes within six months unless the U.S. enters recession, experts warn. In response, the Biden administration is releasing more oil from the Strategic Petroleum Reserve. But the reserves are of crude oil, not refined oil products such as diesel. And the releases are stifling investment in future oil production. “People are depleting their emergency stocks,” warned Saudi Arabia’s energy minister earlier this week. “Losing emergency stocks may become painful in the months to come.”
In response, influential Democrats, including a leading U.S. Senate candidate, a former Department of Energy official, and an influential energy expert, are urging the U.S. government to socialize America’s oil and gas firms.
At a Houston conference last week, Jason Bordoff, Dean of Columbia University’s Climate School, called for the “nationalization” of oil and gas companies. “Government must take an active role in owning assets that will become stranded,” he said, “and plan to strand those assets.” By “strand” Bordoff meant “make financially worthless.” Bordoff made the point at least twice during the confrerence. Bordoff’s call shocked many in the audience. “Jason is smart, well-informed, and well-connected to the Biden Administration,” said someone who was at the conference, “so these comments are scary.”
Democratic U.S. Senate Candidate from Wisconsin Tom Nelson (left) and energy expert Jason Bordoff (right) are urging the Biden administration to nationalize U.S. oil and gas companies.
The calls come on the heels of two other Democrat-led efforts to expand U.S. government control over oil and gas production.
One is a piece of legislation called “NOPEC,” which passed the Senate Judiciary Committee in May.
The bill would change U.S. antitrust law to revoke a policy of sovereign immunity, which protects OPEC+ members from lawsuits. If NOPEC became law, the U.S. attorney general could sue Saudi Arabia and other OPEC members in court. The result could be a disruption of global supplies of oil and other commodities if nations retaliated against the U.S.
The other is an effort led by Treasury Secretary Janet Yellen to cap the price of Russian oil sold on global markets, which I and many other experts have warned since June is unworkable, because China and India have said they would circumvent it, and could backfire, resulting in far higher oil prices.
Last week, analysts with Rapidan Energy told the same Houston conference that the December 5 implementation of the Russian price cap could reduce global supplies of oil by 1.5 million barrels per day. Such an amount would create an oil price shock.
Earlier this month, Bordoff told the World Economic Forum, which has called for a “Great Reset” to quickly move from fossil fuels to renewables, that climate change required a “massive transition” that is “going to be messy, it’s going to be disruptive.”
Said Bordoff, “I think part of the broader macro environment that's happening now is one of more disruptive change because of climate impacts, but also more disruptive change because of geopolitics coming out of the pandemic, coming out of this conflict, completely rethinking what the World Economic Forum is all about.”
Bordoff then sounded an even darker note...
* * *
There is that word again.
And again it is spoken of as if it is a good thing when it is not.
Time to be “Disruptive” to the WEF/UN/Biden regime plans.
presidents don’t have such power. anyplace that i know of.
Scrolling by I had to do a double take on your post! Lol... Man once upon a time I’d be confident on a comment like that! Not so much anymore!!
...And then we have a problem that Establishment and Deep-state Left won’t let voting solve.
Tulsi to AOC: “Sandy, are we the baddies?” ;-)
“If they nationalize the oil industry, two things are guaranteed. Gasoline will quadruple in price. And it will become scarce”
That’s just crazy talk, look how well it is going in Venezuela after Nationalizing the Oil Industry. Just is case /s
Comrade Joe's mighty, all powerful pen..
Who’s John Galt?
There will not be a demon. They will collapse the industry and only a shell will remain
SOP for communists. First, they break things then they want to take over and run the things they’ve broken.
Defund the police is being done so the blue cities demand the federalization of policing.
If you love your motor vehicle department, you’d love your NATIONALIZED Petro company. It comes to mind Penn Central.
I think the gas and oil industry needs to hire an Army. Maybe some Ukrainian units. It looks like they’re going to have a fight on their hands and need some guys to kick some ass.
There! Fixed it!
John Roberts will not lift a finger to stop it...
All opposed will have no standing... including the share holders of the corporations.
Biden's goon have been at war with US energy independence since they took office.
Vote like your country's life depends on it...because it does.
Well, it destroyed Venezuela and turned them into worse than a 3d world nation.
Venezuela nationalized their oil industry. And now,despite having the biggest oil reserves in the world,there are gas lines there.
Here we are Venezuela 2.0
We need to chuck all these commies out of office.
And bring back Rick Perry as Secretary of Energy
Exactly.
Why can’t we admit as a country we have suffered a soft communist takeover?
We used to send our best to fight against this? Now we allow them to take up residence and hold the highest offices in our land.
Why???? Enough is enough!!
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