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...
* * *
First of all, on Twitter, the coward is already backing off his call to start a war over energy. Typical cowardice, probably helped along by his colleagues reminding him that his computer service guy, his Uber Black driver, his import service guy, his pool cleaner, his landscaper, the guy who poured his water at Le Jardinier at MFAH, his pizza delivery guy, his Amazon delivery dude, and his airline pilot, all voted for Trump. Twice.
Yo, Jason — 5% of all Trump voters exceed every standing Army in the world. Go clean the shit out of your pants.
Jason Bordoff sould just look south to Venezuela for a blue print of what he recommends.
5.56mm
They are not morons. They are evil. They WANT totalitarian socialism here.
Apparently, he is well connected to the Biden administration and to the WEF (WEF calls for the "GREAT RESET"), but he lacks historical knowledge and awareness.
If government nationalizing the petroleum industry would be so successful, why then are we no further along on a probable railroad strike (?), or coastal supply chain issues (?)
or replacing our petroleum reserves with doubly more expensive costly replacements, so that Biden might save his political party from tsunami mid-term elections ?
There is nothing 'National', nor even 'Strategic' to save an ideological administration that ignores meritocracy and proven experience.
Any administration needs to work for the benefit of the nation, and not just look good because it has LGBQCTrans identity.
The shortage of petroleum, diesel, gasoline, and home heating oil is intentional and a purposeful sabotage coming from this administration and their stiff-necked mindset.
The Strategic Petroleum Reserve is there in case we need it; it is not there for the temporary benefit to save an idiot administration based on ignorant policy.
Buyden needs "to grow a pair", and quit sucking off the National teat to save his a**whole party
“We WERE the men from Texaco. We WORKED from Maine to Mexico.”
November 8th can’t come soon enough!
If not stranding assets was so important to Buyden,
he wouldn't have kept 'Butt-a-judge' in charge of the West Coast supply chain.
What a FUBAR administration !
Their motto should be :" I'm from the government and I am here to Scr*w you up !
Who thought that we would become Venezuela in only two years.
If this happens, we need to head to Washington and have a REAL insurrection.
Under the authority of 18 U.S. Code § 911, titled: Screw You, DO something about it, pussy!
No.
Especially since just two years ago we were energy independent. That shows that we need government to get out of the oil business, not to take it over.
This is their ultimate goal.
The government doesn’t belong in any private business. Get your hands off, Uncle Joe!
The democRATs know all about that.
These Democrats are morons.
NO! They are not stupid. They are EVIL. They know exactly what they're doing.
As an FYI, maybe best to realize the largest and most effective oil companies in the world are nationalized.
Saudi Aramco. Rosneft. Equinor. Several others.
Geology doesn’t care about politics. Sorry.
Stupid and evil are not mutually exclusive.
THAT is totally against the Constitution!!!
Never thought I’d see this many ignorant people in one party. Astounding...
True. But: They aren’t stupid. They know, for example, that “nationalizing” the petroleum industry would be highly destructive. That’s what they want. For them, destroying it is a good thing; it’s the desired effect. It would increase their power over YOU.
Excellent!
Oh! That will be a FReaking winner!
The same Federal Government which was NOT ABLE to profitably sell “loose” women and whiskey in Nevada a few years ago now wants to take over the oil industry!
Fer Shure! Fer Shure! They can’t run the oil industry any better than it is being run today!
All they have to do is GET OUT OF THE FRICKING WAY!
AND LETEM DRILL, REFINE AND TRANSPORT OIL WITHOUT BUTTING IN!
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