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...
* * *
Dementia Joe is (President Trump never even came close to doing that), after deliberately reducing our fossil fuel production to please his woke, far left crazies, and after Venezuela had crashed their oil/gas production to far below previous levels and reduced a previously rich country into poverty.
Well, now, that is a sure “fire” way to screw everything up. NO NO NO NO NO!!!!
Walking and cycling when there is 2 feet of snow on the ground (remember, no diesel, no plows) is asinine. They are asinine. All of them are asinine!
Congress will not have a veto proof majority in 2023. Whatever they pass will be vetoed. Stalemate.
“..They can all go suck a gas nozzle.
While holding a lit cigar...”
Make it a pay-per-view event and it would likely solve the energy crisis....in many ways. /s
“..It’s been reported that the refineries are running at full capacity....”
I have a good friend that works as an operator in one of the 3 largest refineries in the USA. He told me yesterday that they’re producing diesel 24/7 at an unprecedented rate like never before.
This is fake FJB administration is nothing but pure communist BS...from it’s core right on down to the local precinct dip-shites.
They have reprobate minds - demonically possessed and therefore unable to think rationally.
See Romans 1
They’re beyond morons
Their IQs have brackets around them
“Authority”? What “authority”?
Like PedoJoe’s “authority” to “forgive” student debt.
The pervert don’t need no stinkin’ “authority”
Oh joy joy…a gallon of gas will be $100 if you can find one…
Absolutely right.
Government takeover of the means of production and distribution....there’s a word for that. But, I’d be called a fascist for saying it.
BS
I believe #32 tried that with the steel companies but the supreme Court stopped them.
#32 = Truman
Who is John Gault?
One of many dark plans that lay ahead two years to go it’s going to get real messy in D.C. for all.
Never let a crisis go to waste. more gov overreach, meddling, and corruption.
They already $uck donkey dick$....$lime ball$
They already $uck donkey dick$....$lime ball$
Thanks for that info.
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