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...
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It worked so well for Mexico.
President Executive Order would be dumb enough to do it.
“Under what authority”?
I don’t think it’s anywhere in the Constitution or elsewhere.
Republics can’t nationalize anything.
When has the government ever run anything efficiently?
Of course.
Nothing like government control of something to destroy it fully and cause as much hardship and harm for the general populace as possible.
And no doubt, access to energy hereafter, will be based on your social credit score, which will largely depend on your willingness to comply with the system.
Except they don’t need us to get re-elected, just like biden told us when he said that he didn’t need our votes because they have the best vote fraud system going in place.
Which thought gives me a great deal of satisfaction.
-PJ
How’d that work out in Venezuela?
Can you even imagine a super incompetent regime like Creep Joe’s actually running oil companies?
Gas will disappear in next to no time.
It’s been reported that the refineries are running at full capacity.
If so, other than complete government control what does nationalizing the industry do? Nothing but slow it down.
We become Mexico, Venezuela, and other country that owns the industry.
And unlike some of these other countries, where you work, you get paid and/or they import workers to do it, the US will have unions dictating everything. Holy moly.
“Go for it..Just as republicans take over and make a slew of new laws PROTECTING OIL industry”
That will all be vetoed by Biden.
I assume since there will be a diesel shortage a food shortage will also hit as groceries stores can’t get deliveries which is why I’m stocking up. Maybe this needs to happen, maybe it’s time democrat/RINO voters feel it in the gut and people are pushed to finally say enough is enough with them and their BS.
Marxists.
Jenifer Granholm says “yes, yes! All mine. If we cut out the Robber Barons, I will run everything the way it should be run. I’m the smartest person in the room. Minus that old Dating Game video...”
At this point I am less and less concerned about the wild eyed calls from Democrats for Communism.
They’re about to lose both houses of Congress which means they won’t have the power to do any of the crazy crap they want.
If they nationalize the oil industry, two things are guaranteed. Gasoline will quadruple in price. And it will become scarce.
Democrats couldn’t drill a water well no less an oil or gas well. Perhaps they could shove a funnel up their collective butts and save the gas within. However they would probably suffer unrepairable brain damage.
RE: How’d that work out in Venezuela?
Well, for one, we’re going hat in hand to their government begging them to increase oil production.
So a dictatorship in energy to go along with the one in medicine?
Bookends of control.
The deliberate 25 day diesel crisis will be the nationalize banner and will be the answer. The oil industry will be blamed and the government will claim they have no other choice due to national security. It is then that they can shut it down completely
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