Within the past few hours, multiple OPEC nations have announced oil production cuts, total is over 1 million bpd. Russia has also announced 500,000 bpd cut.
Biden has already sold about half of our emergency oil supply reserve. He can’t counter this situation.
It will be very interesting to see where commodity futures open Sunday evening.
Bumped for update: Japan has broken the pact with the US and its Allies and has bought Russian oil above the price cap
Nobody saw that coming.
Biden was installed for a reason.
Please see above.
This is OPEC’s version of the Inflation Reduction Act. It may actually reduce inflation after the initial price increases whereas Biden’s IRA which would pump billions into the economy to reduce inflation is not grounded in common sense. OPEC and Russia are pricing in a drop in demand due to an impending recession.
The inflated gas prices aren’t going anywhere any time soon, I’m afraid.
The emergency supply reserve was meant for military action, there was never enough there to run America for more than a month, maybe. I am sure someone out there has the accurate numbers, how much was there and how long it would last at the average daily consumption of the U S. It was about 18 to 19 billion barrels a day. That means there would have to have been over 570 billion barrels in the reserve???
Change the billion to million then you’ll be in the ballpark.
Yes. my mistake.
Exactly Osumachi, it explains the pattern of weak woke leaders across the west since 2015. This is shock #3. Covid revealed so much
What will the next winter bring?
These “weak” leaders were weak for a reason.
Bidinh couldn’t be happier as the Saudi’s accelerate his *ahem* … transition … from fossil fuels to a “clean, green, sustainable, energy future. Happy as a little girl getting rubbed by a creepy old man dressed in drag
” It all makes sense when you realize the primary goal of those in power is to dramatically reduce the consumption of earth’s resources.
They are waging war on consumption and taking no prisoners. Nothing will be spared. Truth, freedom, progress, life, society itself- none escape. ”
” What they really want is all the resources to belong only to themselves. Ultimate power. ”
https://twitter.com/Raytional/status/1609686113547071489?cxt=HHwWgsDR3by_4NYsAAAA
Looks like gold is going up.
Keep following CNN and CBC, puppet
Boomer, you and Dagmar are both correct. The commentary here has been filled with Putin supporters in the past year.
“Boomer, you and Dagmar are both correct. The commentary here has been filled with Putin supporters in the past year.”
Oh, please. You think everyone who recognizes (and admits) reality is a “Putin supporter”? Then you must also think that everyone who questions the efficacy of the Covid-19 ‘vaccines’ is an “anti-vaxxer” and everyone who doesn’t believe that a man wearing a dress is a woman is “transphobic”. What color is the sky in your world?
The bottom line on ending the Ukraine conflict: there is ZERO chance that the Russians will be ‘driven out’ of Ukraine by continuing the farce of delivering more and more weaponry to the Ukrainian government, we will be proven right when peace negotiations are *inevitably* entered into, and you will slink away with your tail between your legs.
And just whose ideology does the the IEA align with? If you said Climate change alarmists and Paris Accord propagandists you guessed right!
Not exactly a neutral player.
OPEC are not our friends and we are 100 years away from any realistic transition away from oil and gas.. So we are left with our rear ends flapping in the wind.. A complete lack of responsible leadership on our end of this debacle.. Already in recession we will be heading deeper into it..
How many progressive crash and burns can we sustain before we understand that vital interests have nothing to do with climate change, skin color or gender?.. Our leaders doing the job they would rather do than the job they were hired to do.. I don’t imagine they or we have much time left before reality hits the reset button.. As usual.. Its not the button they think it is..
Without the white man and the white western world the arabs would still be sitting on the sand covering that oil and having to live in tents and ride camels out of necessity. I often wonder when the white man lost his mind.
Neither crazy or stupid. Those in power making these decisions are malicious traitors.
He points out the truth.
Watch Lawrence of Arabia or read the book .
The book and movie are based on facts.
Truth is now dangerous to ones health , if spoken.
“Another reason why this site consistently gets cited for racist comments. Keep it up, idiot and this site will be gone.”
Please point out the ‘racist’ part of the comment.
“SHE gone!”
Nothing racist about that. Just the unvarnished truth.
But the white man just STOLE the oil and exploited Arabia. Wait. What? Nope. Never happened.
The productive, industrious, educated white man will be forever scapegoated
When ‘the Pill’ went mainstream.
Learn some history NG.
“OPEC are not our friends and we are 100 years away from any realistic transition away from oil and gas….”
Very good point, John.
And we have over 400 hundred years of known ethical oil reserves in North America as we speak.
So I ask the naysayers above. And the problem is?
I wonder whether anyone in canada is smart enough to jump into the gap? Oh hell what did I just say? I know they won’t.
We used to be.. In ordinary times the industry would be gearing up for it, we used to call it an oil boom.. workers would head out to the fields, work their asses off, party their asses off and spend like drunken sailors, we had an economy. Then there would be a downturn and you’d see the bumper stickers: “Please God, let there be another oil boom, I promise not to piss it all away this time!” Boom and bust cycles. Now, with the way the world is, especially with our current ‘leadership’, it’s bust after bust after bust. Canadians have become good at failing, or at least allowing failure to take hold!
Sad, really..
North America’s main competitive advantage is “relatively” cheap and reliable energy. The oversupply of oil and gas from 2015 to 2021 spoiled us, with cheap energy and coincided with both QE, and ZIRP. As North America’s elected sociopaths pursuing climate hysteria based economic suicide, the powers aligning against the US and us by default are likely attempting to exacerbate the reckoning. WTI, up until a few weeks ago, was below the ten year average while gas was at the bottom of all the chart troughs of the last 30 years.. Stagflation is the best case scenario over the next decade. After or if Biden continues to drain the SR, perhaps the ChiComs could be considering it favourable strategic timing to take Taiwan on the heels of the imminent Ukrainian (US) defeat.
It would not be a surprise for Bidihn and his corrupt regime to continue draining the SR for political reasons.
Once drained, and if a military action was acted upon, it would not be a surprise for this corrupt regime to then seize/order ExxonMobil etc to direct their product directly to the military, and place the nation on fuel rations, further exacerbating the energy situation.
The Bidihn puppet regime continue to portray themselves as ideological fools and have no bounds to their stupidity or the damage they cause.
Did UnMe change his name. No matter, they are all the same.
See also:
“coulda had a pipeline” … or they can wait until the next President approves of it pronto on 20 Feb. 2025
Provinces need to sequester all energy asap.
I’m now against pipelines. Why make energy available to people that don’t want it? Let those that want it come get it.
I am an Albertan – and I say Go OPEC/Russia go! $200 oil would be great for us and salutary for central Canada -may they freeze their asses off in the dark.
Gosh, that’s scary. How many oil companies do you own?
He was making a joke
Safety First.
The Experts have spoken..our pipelines are unsafe and vulnerable to terrorist attack..
We must shut them all down until “proper precautions” and “All Safety issues” are dealt with..
Especially any going East.
The concept of “more refining” in Alberta could be a fine weapon,yet if controlled by the Bureaus,it would turn against our interests almost immediately.
I know,lets reduce the Bureaus..to smoking ashes.
https://tass.com/old-economy/1598195
TASS LOL
Japan buying Russian oil?
Too bad there isn’t another large northern hemisphere country with adequate supplies that had political leaders that would willingly provide the world with the needed oil and gas…………………….
The Biden administration would turn it back at the border.
Another analysis suggests that this event represents a cleavage between OPEC+ and the Build Back Better (BBB) countries – basically Europe, Australia, Japan, the US and Canada. It goes on to say that BBB group is committing economic suicide with its windmills and solar panels. BRIC was formed to counter the corporatist WEF. If Saudi Arabia joins BRIC look out . The US ability to influence events will be greatly diminished with the loss of the petrodollar.
Could also be they see a recession ahead and don’t want an oversupply as countries pull back.
Will Trudeau announce a cut too?
Biden will likely announce plans to bomb Japan next week for its failure to participate in the economic blockade of Russia. He really wants a signature war, as part of his presidential legacy.
When i hear TRANS,
I see Klinger inna dress.
Now that’s a catch, U22.
Let’s get real – we have vacuous leadership bent on self destruction in both Canada and the U.S. – and yet we are somehow surprised when other countries don’t wish to participate ? Not to mention the list of countries that have been interfered with and left in totally disastrous situations . A bird never flies so far it’s feathers don’t follow!
Dag
Putin sympathizers and useful idiots here.
********************
What drugs are you on? Yeah we have a few Putin lovers, but that’s it.