Author: Author1

Assessment: while not even the Biden admin is dumb enough to consider it, some have speculated that once the SPR release is shown to be a total disaster, Biden may implement an oil export ban …

When commenting on yesterday’s SPR (Strategic Petroleum Reserve is ) release announcement by the Biden admin and several assorted hanger-on nations – which has backfired spectacularly sending the price of oil soaring now that the rumor can no longer be sold so the news has to be bought in line with every single SPR release in the past…

… we said that not only was the release far to smmal, but that in retaliation for the SPR release, “OPEC could easily consider halting its production hikes to offset the detrimental SPR impact of lower oil prices on the needed recovery in global oil capex, likely justifying such action as prudent in the face of COVID demand risks.”

“Fools, how long will you love being ignorant? How long will you make fun of wisdom? How long will you hate knowledge?” Proverbs 1:22

Well, fast forward just a few hours when moments ago the WSJ reported that the leaders of OPEC+ and the world’s two top oil producers Saudi Arabia and Russia, are considering a pause to their recent efforts to provide the world with more crude, citing to people familiar with those discussions. The move, as expected, is in retaliation to Washington releasing tens of millions of barrels of oil in an effort to lower prices.

As a reminder, OPEC+ is meeting next week to review the long-term deal they reached earlier this year to boost their collective oil output – the deal involves boosting output by 400,000 barrels a day each month through next year, until the group hits its pre-pandemic pumping level and follows a sharp cut in output in 2020 as demand evaporated amid Covid-19 lockdowns.

However, it now appears that OPEC+ may change its mind and not raise output at all; and while Biden is quick to note that oil prices have hovered near multiyear highs, OPEC and other forecasting agencies have struggled to predict demand amid the on-again-off-again nature of Covid-19 restrictions. Several countries in Europe, for instance, are moving ahead with, or considering, fresh restrictions that could sap economic activity—and by extension demand for oil.

Meanwhile, the elephant in the room – the Biden-led crude release of up to 70 million barrels threatens to further scramble the supply-demand balance

Read More @ Zero Hedge HERE

Assessment: Leveraging the family name to secure high profile meetings for foreign clients was not just a good deal for Hunter and Jim Biden …

American natural gas to Chinese energy company CEFC, through a prospective 2017 deal by Hunter and Jim Biden, according to newly uncovered documents — as the Biden administration now massively scales back United States energy production.

“Like a muddied spring or a polluted well are the righteous who give way to the wicked.” Proverbs 25:26

Documents never previously reported on, from the infamous “laptop from hell” belonging to Hunter, show the Biden scion was working on a deal in 2017 to transfer liquid natural gas from Louisiana to CEFC — the same Chinese firm with which Hunter also discussed a business venture that would have “10 [percent] held by H for the big guy” — but the deal never materialized.

That wouldn’t stop the Chinese players in the deal, however, from going on to push Hunter to help his father mount a bid for president years after.

In an email from October 23, 2017, an intermediary by the name of JiaQi Bao, between Hunter Biden and his Chinese business associates, sent an email thanking Hunter and Joe Biden’s brother, Jim, for arranging a meeting with Greg Michaels, the president of a natural gas liquefaction facility in Louisiana called Monkey Island LNG, and detailing plans for what will be discussed.

“We have a 10:30 meeting tomorrow @ 3CC with Greg Michaels, the president of Monkey Island LNG Terminal project in Louisiana. Thank you for Jim and Hunter for bringing the owner to talk to us directly,” she writes in an email received by Hunter, Jim, and Gongwen Dong, a Chinese investor involved in multiple deals linked to the Bidens.

It has been previously reported by the New York Post that Hunter was responsible for family expenses — with Hunter once telling his daughter that he has to “pay for everything for this entire family.”

Read More @ Breitbart HERE

Assessment: “More oil now, less oil later,” is the headline in The Post. It boggles the mind how transparently idiotic this policy is …

Oil prices rose above $82 a barrel on Tuesday morning after the Biden administration announced the U.S. and other nations would release tens of millions of barrels of oil from reserves in a ploy to lower prices.

There is more hope for a fool than for him.’ 

The price of Brent Sweet Crude, the global benchmark, rose by more than 3.3 percent following the announcement that the U.S. would be releasing 50 million barrels from the Strategic Petroleum Reserves. China, India, South Korea, Japan, and Britain are also planning to release reserves, the White House said.

The price of West Texas Intermediate jumped more than 2.5 percent to $78.47.

The Biden administration hopes the reserve release will tamp down the price of gasoline and combat inflation, which has become a major economic and political headache for the administration. The White House and the Federal Reserve earlier this year said that inflation was transitory and would remain confined to just a few areas of the economy, predictions that proved wildly offbase as inflation became widespread, rose to its fastest pace in decades, and appears to be accelerating further.

Assessment: In making the decision, Biden praised the Powell Fed for its “decisive” action in the early days of the pandemic …

Jerome Powell, who guided the Federal Reserve and the nation’s economy through the staggering and sudden Covid-19 recession by implementing unprecedented monetary stimulus, is being nominated for a second term as chairman of the U.S. central bank.

 And I heard a voice in the midst of the four living creatures saying, “A ^[a]quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Rev. 6:6

President Joe Biden made the announcement Monday morning following weeks of speculation that a push from progressives might see Fed Governor Lael Brainard get the spot.

Acknowledging the political pressure he faced to nominate a more progressive Democrat than the Republican Powell, Biden said Monday afternoon he settled on Powell because the current economic circumstances present “enormous potential and enormous uncertainty” and require “stability and independence.”

Brainard was designated as vice chair of the board of governors; she had been widely expected to get a separate vice chair for supervision post, which oversees the nation’s banking system. As vice chair for monetary policy, she would succeed Richard Clarida, whose term expires Jan. 31, 2022, and will oversee a wider swath of policy decisions. Read More @CNBC HERE