Free Republic

CNN is the latest to suffer from the utter humiliation of prophesying Armageddon-level economic catastrophe as a result of President Donald Trump’s military strikes on Iran, only to have their predictions collapse faster than Biden on the steps of Air Force One. CNN writer Auzinea Bacon was adamant June 22 that “America’s economy” would face “a new war shock: Surging oil prices,” after Trump's historic B-2 bomber attack to devastate Iran’s nuclear capabilities. “The American economy faces the unwelcome prospect of reignited inflation after the United States launched strikes on three nuclear facilities in Iran,” Bacon screeched. “High oil and...

Iran’s parliament voted to approve the closure of the Strait of Hormuz in response to last night’s attacks on the country’s nuclear facilities by U.S. forces.The Strait is used as a route for roughly 20% of the world’s oil shipping, which is expected to impact oil prices if the move is approved by Iran’s Supreme Council.India, which reportedly imports about 80% of its oil through the Stair of Hormuz, is expected to be hit hard.President Trump addressed the nation last night, hours after the attack, which he called a “spectacular military success.” He further threatened Iran that “there are many...

Russian President Vladimir Putin and Chinese authorities decided to form the strategic alliance for defense, trade and energy. Russia will deliver oil to China and China will collaborate with Russia in Geopolitical strategic defense of Euresia. Russia's Security Council and the Military Commission of the Chinese Communist Party's Politburo will form a forum and will work closely to make sure both countries can create and maintain the necessary military and political infrastructure as well as coordination. According to some international think tanks, sources close to Russia's Security Council say recommending countermeasures to check the U.S. geopolitical "offensive" in Eurasia...

PEMEX You might say Mexican state-owned petroleum company Pemex had a bad day Thursday. As Reuters reported, there were fires at three different facilities owned by the company — two in Mexico and one in Texas. And while there are still some unknowns, in an update, the wire service gives what details are known:(Reuters) – A Thursday night fire at Pemex’s 312,500 barrel-per-day (bpd) Deer Park, Texas refinery broke out in a crude distillation unit (CDU), said people familiar with plant operations.The sources did not know which of two Deer Park CDUs were hit by fire. The plant has a...

Saudi Arabia’s Crown Prince Mohammed Bin Salman (MbS) is no longer worried about pleasing the United States as his relationships with other global superpowers including China and Russia have strengthened. America’s adversaries continue to team up against the United States as President Joe Biden turns a blind eye to the growing macro-economic crisis. On Sunday, Saudi Arabia and other oil rich nations announced that they would be cutting oil production. “The Organization of the Petroleum Exporting Countries (OPEC), a consortium of the world’s largest oil-producing nations, made the announcement Sunday in a preemptive measure against what it perceived as a...

Is Saudi Crown Prince Mohammed bin Salman trying to sabotage Joe Biden’s reelection bid? It’s quite possible. The Saudi leader, known as MBS, has made clear his disdain for President Biden, and his fury over insults lobbed at him by this White House. He is a powerful force behind the current surge in oil prices, which could — if sustained — contribute to Biden’s defeat. Oil prices are soaring — up 19 percent since the start of the year. Since they lag behind crude oil, gasoline prices have only jumped 14 percent so far. But, unless oil markets take a...

President Biden said Thursday that the US is “discussing” the possibility of Israel bombing Iranian oil facilities as payback for a volley of nearly 200 rockets fired at the Jewish state on Tuesday — causing a spike in global crude prices. Biden said the oil strike option was under consideration when asked directly by a reporter as he left the White House. “We’re discussing that. I think that would be a little… anyway,” the retiring 81-year-old president said ... Within 45 minutes of Biden’s remark, crude oil futures spiked to about $74 per barrel from its opening price of $70.10,...

The Trump administration on Tuesday gave Chevron 30 days to stop oil production in Venezuela after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns. President Trump reversed a Biden-era license that allowed the oil giant to operate in Venezuela despite US sanctions – a U-turn from January when the White House appeared to be making progress with Maduro. The Treasury Department gave the US-based oil giant an April 3 deadline to pull up stakes, much quicker than the usual six-month wind-down period. “Closing down Chevron’s operations in a month is an almost impossible...

Norway boosts spending on Ukraine by NOK 50 billion ($4.6 billion) Has benefited from high gas prices Norway lags Nordic neighbours on Ukraine aid OSLO, March 6 (Reuters) - Norway will more than double its financial pledge to Ukraine this year while also hiking its own defence spending, the prime minister said on Thursday, declaring the Nordic country faced its most serious security situation for 80 years. Norway, home to the world's largest sovereign wealth fund with assets of $1.8 trillion, has seen soaring income from gas sales to Europe as a result of Russia's 2022 Ukraine invasion, and faces...

One of the most prominent and politically active left-wing think tanks in the United States, the Center for American Progress, has announced that it will no longer accept funding from the United Arab Emirates, the Guardian reported Friday. “With a rising undemocratic tide around the world, and serious questions about which side of that struggle our own president stands on, it seemed clear that all Americans should take extra steps and leave no doubt where they stand,” a spokesperson for the liberal organization told the Guardian. The spokesperson added, “This funding never impacted any CAP position or policy, but everybody...

The U.S. has confiscated Venezuelan President Nicolas Maduro‘s $13 billion plane in the Dominican Republic due to violations of sanctions, as reported by CNN. Earlier this year, the United States reinstated sanctions on Venezuela’s oil and gas industry due to the Maduro administration’s refusal to facilitate “an inclusive and competitive election.” According to U.S. officials, the aircraft was flown to Florida on Monday, underscoring escalating tensions between the two nations.

U.S. stocks fell sharply on Monday as part of a global market sell-off centered around U.S. recession fears. Japan’s Nikkei 225 plunged 12% in its worst day since the 1987 Black Monday crash for Wall Street. The Dow Jones Industrial Average dropped 1,068 points, or 2.7%. The Nasdaq Composite lost 6%, and the S&P 500 slid 4.2%. Fears of a U.S. recession were the main culprit for the global market meltdown after Friday’s disappointing July jobs report. Investors are also concerned that the Federal Reserve is behind in cutting interest rates to bolster an economic slowdown, with the central bank...

Remember how China drew praise for extending all that influence throughout Africa, and not just Africa, but in Latin America and Asia, too?  Investing in development where wicked private investors just wouldn't?  Telling everyone that its gentle message worldwide was "Let's get rich together"?  Showing America how it's done? This propaganda has been in the news pipeline for years and drawn a lot of praise, or at least subtle accolades, from the pundits.  But now it turns out that that aid and those "investments" weren't quite as free and altruistic as promoted. China is now putting the squeeze on the countries it made its "investments" in.  Not...

President Joe Biden said Wednesday that he has not implemented policies to halt domestic oil production; however, the Biden administration has enacted policies that are hampering the nation’s energy output. “Biden’s green policies have created a hostile environment for investment in oil and gas, which has hurt production,” Phil Flynn, an energy market analyst with the PRICE Futures Group, told the Daily Caller News Foundation. “If the president wants to debunk some myths, let’s start with the fact that he’s leased fewer acres of federal and offshore land than any other president since the end of WWII,” Republican Rep. Bruce...

Democrats’ electoral fortunes have improved significantly in recent months. And while it appears the Supreme Court’s decision to overturn Roe v. Wade is the biggest reason, the coinciding drop in gas prices surely didn’t hurt. But just as the party appeared primed to take advantage of that in the midterm elections, which are just a month away, the problem rears its ugly head again. And Democrats are clearly quite concerned. Just how concerned should they be? Gas prices had already been rising for the past two weeks, after 98 days of consecutive declines over the summer, to a national average...

John Catsimatidis argued that crude oil prices would drop by half if Biden turned to North American oil vs Saudi Arabia... New York City billionaire and oil refiner John Catsimatidis said President Biden should "open up the spigots" as Americans feel the wrath of soaring costs at the pump and in the food store. Reacting to the national average price of a gallon of gas reaching a new all-time high of $4.86, Catsimatidis told FOX Business' Dagen McDowell that "it will get worse" and lamented that neither the exacerbation nor an economic recession has to happen, but leaders refuse to...

White House praises King Salman and Crown Prince Mohammed bin Salman for their roles in the ceasefire extension in Yemen's war, ahead of Joe Biden's expected visit to Riyadh The White House has taken a rare step of recognizing the role played by Saudi Arabia's Crown Prince Mohammed bin Salman in extending a ceasefire in Yemen ahead of what is expected to be a trip to Riyadh by President Joe Biden. White House Press Secretary Karine Jean-Pierre told reporters on Thursday that bin Salman and Saudi King Salman deserved credit for their roles in the truce extension in Yemen's war...

herapists advise against making major decisions when you’re highly emotional. Democrats should heed that advice and stop proposing rash ways to lower gasoline prices. With pump prices now averaging $4.33 per gallon, President Biden and his fellow Democrats in Congress clearly worry that motorist pain could doom them in the November midterm elections. Biden’s Energy Secretary, Jennifer Granholm, practically begged U.S. energy firms to produce more oil at an industry conference on March 9. Biden officials are pleading with Middle East drillers and even pariah nation Venezuela to boost supply. Some Democrats in Congress want to impose a new “windfall...

“It’s simply not true that my administration or policies are holding back domestic energy production. That’s simply not true.” — President Biden, remarks while announcing a ban on Russian oil and gas exports, March 8 “Democrats want to blame surging prices on Russia. But the truth is, their out-of-touch policies are why we are here in the first place.” In a moment of national unity against Russia’s attack on Ukraine, Democrats and Republicans are fighting passionately over the steep increase in the cost of gasoline. Prices have already risen sharply since Biden became president — and he acknowledged that his...

The highest oil prices since the 2008 financial crisis are dealing a heavy blow to the global economy, slowing Europe’s pandemic recovery to a near stall and complicating the fight against inflation in the United States. China, the world’s largest oil importer, will probably strain to reach this year’s economic growth target, while developing countries in North Africa and the Middle East confront the danger of social unrest over rising energy and food costs, economists said. The interruption of Russian oil shipments, including the U.S. import ban that President Biden announced Tuesday, represents one of the largest supply disruptions since...